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Barclays to Abbey National

Discussion in 'General Discussion' started by masona, 12 Jan 2007.

  1. masona

    masona

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    I've been with Barclays bank for years and the interest in my current account is 0.5% :eek:

    Abbey National current account will offer me 6% interest if I switch to them.

    Now how simple is the transfer, they told me they do it all and I don't have to do anything but you know how it is, any of you done the switch and was there any hassles?

    I've got a sneaking feeling Barclays will be awkward
     
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  3. Steve

    Steve

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    If I were you, i'd open the new account, and make a deposit to cover one month's outgoings. Then, sit down with a list of your direct debits and SO's and monthly automatic debit card transactions, and phone all the companies to change payment details. Then inform your employer of the change. Then close the old account. Sorted.

    IMO, its better to DIY, than to rely on Abbey, what if they balls it up and you end up with bailiffs chasing you, from the likes of O2 because you were one day late etc (speaking from experience, I didnt even get a letter from O2 before the bailiffs, cheeky sods). Do it yourself, then you know its done.

    Its Abbey, without National now ;)
     
  4. BoxBasher

    BoxBasher

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    Without knowing your personal finances, I believe the Abbey account offers 6% on balnces over £1000 (may be 1500) and zero interest on anything less.
     
  5. Steve

    Steve

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    Its worth keeping £1000 in the account then! even my online savings account only pays 5% or so. (A&L)
     
  6. masona

    masona

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    That what I was thinking, it's 6%AER but I don't know what AER is, I'm guessing the interest is only paid once a year(?)


    ps: you only need £1000 just to open the account :confused:
     
  7. libby lou lou

    libby lou lou

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    changed to A&L over six month ago, "We will do it all for you stress free within seven days, sort all DDs everything,".... never again, nearly seven month down the line and IV'E just managed to get it sorted out, screwed my savings account up, my ntl, iv'e had to write letters to all concerned, then had to rewrite them all again with proof of who i am :evil: they eventually offered me £25 as a goodwill gesture,told them where to shove it, i wanted to leave them, but cannot go through all this again
     
  8. masona

    masona

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    This is what worry me, I like crafty idea though.
     
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  10. empip

    empip

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    All that glisters 'nall ;)

    The higher rate applies to a capped balance 6% AER on balances up to £1000 for 12 months. Looks like the high int offer is also 'time capped' at 12 months?

    If I put £1k in that account after one month it would attract 6% aer, the next month the account is over £1000 by the amount of the previously added interest, so only the £1k attracts 6% aer the previous month's interest attracts 0.1%...

    Monthly int at 6% aer.
    {[(1.06)^(1/12)] - 1} x 100 = approx 0.487%
    £1000 x 0.00487 = £4.87 int' earned in 1 month... ah,ha but there is a £1k cap for the higher rate, so the int added to the account earns 0.1% AER interest over the following month (0.00833%), that is a whopping... well, do the sums ! ... £120 earns 1p interest in one month at 0.1% aer.

    :(
     
  11. masona

    masona

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    Hmm, too good to be true!

    The Abbey adviser told me a porky then, you're right, it's up to £1000. They told me 6% on the whole balance :mad:

    [​IMG]

    Have to shop around again, any good one out there?
     
  12. empip

    empip

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  13. securespark

    securespark

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    Does that make it "Abbey Local"?

    That's why I never opened an account with them, the thought of having to drive miles to pay a cheque in...
     
  14. Diyisfun

    Diyisfun

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    I like the fact you can pay a cheque in via an ATM
     
  15. Steve

    Steve

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    You can at most banks ;)

    Our local A&L just had a refurb, part of which involved installing 2 new ATMs. These new ATMs are amazing. You slide your cheque into the slot, and it scans it, shows a picture on the screen with the amount the cheque is for (!) and then prints a reciept with a small picture of the cheque on it!
     
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