Abbey 7.1% 1 year bond

Catzzz

Just been on the phone complaining about my interest rate on my Abbey esaver and I've been offered a 1 year bond with 7.1% interest, which can be paid monthly.

I'm obviously weighing up a few options and thought I'd find more info about this on the Abbey website but there's nothing there.

Anyone know anything about this bond?
Thanks.

isofa

As it's with Abbey, all I can say is avoid - a truly awful company.

Maybe they are offering it to try and keep your business. Some companies offer "exclusive" bonds to good customers only, such as Norwich and Peterborough.

But! There are companies offering similar rates (7%+) for 1 year fixed rates which offer the customer a much better quality of service over Abbey, for example: Kaupthing Edge, Icesave etc.

More are listed here: http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx

Old_Slaphead

Think minimum investment is 30 grand on this one.

Given the abysmal service I've had from Abbey in the past, if I were seriously to consider investing £30k+ with them then I really ought to also arrange an appointment with a psychiatrist at the same time.

LittleVoice

isofa wrote: »

Maybe they are offering it to try and keep your business. Some companies offer "exclusive" bonds to good customers only, such as Norwich and Peterborough.

Any idea of any kind of threshold? I recently withdrew just short of £38K and mentioned the poor interest rate. No inducement to stay with them. (Though I did leave £5K for the time being.) Would they have been interested for £380K but not £38K?

pcyam

its a 1year tactical bond paying 7.01%, minimum £30,000 max £2million. Its a limited offer and available until funds run out, the one previous to this one was paying 6.30% or 6.55% and it depended on the amount you invested

Steve_xx

I have to concur with ISOFA. Abbey are a dogs dinner of an outfit when it comes to administering bond issues

marioo

7.01% tactical bond with Abbey National is great solution for anyone who's got over £30000 to invest for 12 months. You will not find better rate than that on the investment of low risk. Abbey is one of the safest places to put your money into as it is part of Santander (the Spanish tycoon). Although I heard people complaining about the service I never had any problems with them. It is also worth remembering that once you have opened the bond you don't have to do anything for a year so service concerns are not an issue anyway.
Mario

silentfox

is there no way for anybody else to get it?

Steve_xx

silentfox wrote: »

is there no way for anybody else to get it?

What do you mean?

silentfox

Steve_xx wrote: »

What do you mean?

the bond can't see it on the website, is it just for existing customers?

Steve_xx

silentfox wrote: »

the bond can't see it on the website, is it just for existing customers?

It is no longer available for either existing or new customers.