ABBEY Direct ISA

~Chameleon~

Just cancel the transfer and ask them to close your account! Why on earth would you think of claiming compensation, and for what??? :rolleyes:

Rob_07

I want compensation for the lost interest that i would otherwise of earnt had the account been opened 2 months ago, also for the appauling customer service and the inconvienience i have been caused through having to make numerous phone calls at the premium rate to which i recieved no reply when promised so i think compensation is only fair!

~Chameleon~

Rob_07 wrote: »

I want compensation for the lost interest that i would otherwise of earnt had the account been opened 2 months ago, also for the appauling customer service and the inconvienience i have been caused through having to make numerous phone calls at the premium rate to which i recieved no reply when promised so i think compensation is only fair!

You should have used the 0800 number then

And your money hasn't lost interest if it hasn't been moved out of it's original account. So, you might have lost a couple of pounds potential interest, hardly worth the hassle of sueing them!!!! :rolleyes:

Up to you what you do, I just don't understand all this "claim and compensation" culture that appears to be rife

thor

rdp1980 wrote: »

I have the Easy ISA (as it is now called) which I have had for years but the rates are quite pitiful now I am back in the lowest tier! That pays interest annually on 1 March each year so perhaps the Direct ISA does too.

But as I say, mine is an older product and it may be new accounts are set up differently.

You should get Abbey to move your money from the Easy ISA to the Direct ISA issue 2 - there is a significant increase in interest.

rdp1980

thor wrote: »

You should get Abbey to move your money from the Easy ISA to the Direct ISA issue 2 - there is a significant increase in interest.

I know, I keep looking round for good deals, but at the moment there is so little in there I am just being lazy. I'm talking about not much over £100! I did consider the Direct ISA but then figured the reason my ISA is so under-used is that it is more convenient for me to manage my accounts online, something the Easy ISA does not allow. Sure, you can log into Online Banking and look at the account, but you can't transfer other than to another Abbey account, and my current account is not with Abbey.

I have been looking at the HSBC e-ISA. My theory being that one which you manage exclusively online must make provision for transferring funds out to external accounts.

That will at least give me easy access to my money which will make me more inclined to use the account rather than having what little money I have been saving up get taxed in a regular savings account.

rl1

I wish I had thread this thread before I decided to open an ISA with Abbey. I applied on line and waited several weeks before ringing them find that the application had not gone through so I applied again. To date I have received a card, a pin number but no registration number to access the account. I have also received a lot of forms. I was intending to transfer an old ISA from Halifax into this year's new Abbey but am having second thoughts on that after the delays in even opening an account.

My question is can I cancel this application and still open an ISA elsewhere for this year. I have not yet deposited any cash into this account as I was waiting for the registration number so I could do this on line.

~Chameleon~

rl1 wrote: »

My question is can I cancel this application and still open an ISA elsewhere for this year. I have not yet deposited any cash into this account as I was waiting for the registration number so I could do this on line.

Yes, you can!

After all the hassle I had with Abbey I told KRBS not to transfer any money to them and instead I opened an ISA with Icesave.

The account was opened online on 3rd June and today I received a letter from KRBS to say my ISA has been transferred to Icesave and account closed so has taken less than three weeks to complete!!! :T

Rob_07

I;m still having problems with Abbey, i applied on the 7th April and thr transfer from Barclays stil hasn't gone through! I recieved another letter from them yesterday saying that after 8 weeks they still haven't finished investigating my complaint and that i now have the right to refer this to the financial ombudsman - i feel that doing this would only delay things further, i have read that it is taking around 12 weeks for complaints to be dealt with. I don't want to cancel the transfer as i will probably lose out on any compensation due to me so i will have to wait it out and then transfer the ISA elsewhere when it is all sorted!

Moral of the story - DON'T BANK WITH ABBEY!

magpiesaver

I'd agree with all the grumbles about Abbey. We opened ISAs with them a year ago, and I have the papers in an envelope on which I see I've written in large letters: ADMIN IS A NIGHTMARE - NEVER USE ABBEY AGAIN!

Only trouble is that transferring an ISA out of Abbey is even worse than opening an account. And there was no question of leaving the money there when I realised they'd dropped the interest rate to 3.35% without telling us.

And why shouldn't people claim compensation for delays? If they say they normally process transfers in 5 days, and the maximum allowed is 30 days, and it actually takes 6 weeks, we've lost out on the 3% difference in interest between what they pay and what the money would have earned in the new accounts. If you have a lot of money in an ISA, that's a worthwhile amount of interest that's been lost because of their incompetence (or deliberate delay). Unless we make a fuss every time this sort of thing happens, they'll go on getting away with it.

comdw

In the interests of balance I thought I'd just say that I've not had any such problems with Abbey. I recently transferred from NS&I and although the credit took a while to show up, the transaction date matched exactly the transfer out date from NS&I.

I'm slightly worried reading all this whether I should stay with them as I've not used my allowance this year yet.