Abbey opens up 8% account
Tuesday, 30 Oct 2007 16:58
Abbey is extending its high interest bank account to all new customers – not only those switching bank.
The account offers eight per cent interest on balances up to £1,000 for one year – the rate then reverts to 2.5 per cent.
Customers need to credit their account with £1,000 a month to qualify for the offer.
Steve Shore, Abbey head of banking, said: "Despite this great rate, we know that for a number of reasons there are still some people who don't feel ready to switch - and that is why we're offering the product to all new banking customers who open a 'Preferred In Credit Rate' bank account with Abbey.
"We want to give them the chance to see that changing bank account isn't difficult or a hassle. In fact, with interest on balances that's worth up to £80 in year one then £25 thereafter, they should have no reason to go back to another bank with a paltry interest rate that's worth just £1 a year. It's another example of how we're challenging the banks that are counting on consumer lethargy."