Abbey International

M

mike111

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Has anyone opened an account with Abbey Int?
They are offering 10% apr on a regular saver product into which you can lodge €3750 max per month.
They claim to be a subsidiary of Santander Uk PLC
Does anyone have experience of them
 
Sounds like a great rate.

From my reading of the website - they make it sound like you fund it from an income source.
However does anyone see any issue from funding it from an account like Rabo? If that's allowed then I could transfer the max. amount each month a year.

Also how safe are Abbey?
Anyone have experiences with them?
Any account charges / fees?
 
mike111 said:
Has anyone opened an account with Abbey Int?
They are offering 10% apr on a regular saver product into which you can lodge €3750 max per month.
They claim to be a subsidiary of Santander Uk PLC
Does anyone have experience of them
Click to expand...

I know Santander took over the Abbey National bank network last year in the UK. Santander are now thriving in the UK and at one stage I did read somewhere they were poised to take over one of the distressed Irish banks.

http://en.wikipedia.org/wiki/Abbey_National

Also see here
 
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I have only had a brief look over the information on this account. But it looks quite restrictive. In order to become a customer of Abbey International you need to have stg50,000 deposited with them. You have to open a Gold account before you can open the offshore account. You have to have a regular income getting paid into the gold account and then you can only save 20% of that regular income into the offshore account. So in order to earn 10% on €3750 you would have to be depositing €18,750 each month as well as having a minimum balance of stg50,000. I knew 10% sounded too good to be true.

Also their application forms, just to open an account, require more detail of your financial information than my first mortgage application did.
 
I think I read somewhere you have to open a current account to feed the Regular saver a/c.
 
What is the tax treatment of interest earned here in Jersey? Does it become liable to the higher rate of tax in Ireland (anyone meeting their financial conditions would be paying higher rate tax, I imagine). This might largely remove the benefit.

This type of account is really for people working offshore in Dubai or the like.
 
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