Abbey offers 10% monthly saver account
Wednesday, 04 Jul 2007 08:57
Abbey has launched a new Super Monthly Saver account - paying 10% interest.
In order to get the full 10% interest savers have to make 13 fixed monthly payments of between £20 and £250 in a row by standing order.
Additionally, savers have to already have an Abbey bank account or other product and open the account at an Abbey branch to qualify - as well as being over 16.
If you stop holding one of the qualifying accounts while still putting money into the Abbey Super Monthly Saver, the money will be transferred into the Abbey Fixed Rate Monthly Saver.
If you miss a payment, make a withdrawal or pay in less than £20 in any month you only earn 0.10% on the full balance that month. The rate will then revert back to 10% gross p.a./ AER the following month (provided there are no further withdrawals or missed payments for that month). If more than £250 is paid into the Super Monthly Saver, 0.10% interest will be applied to the full balance in the account for the rest of the term.
At the end of the 10% fixed-rate period the balance is transferred automatically into Abbey's Flexible Saver account.
"Abbey is committed to rewarding both loyal and new customers, and this means we now have an excellent offer for both new bank account customers – the 8% current account, and existing bank customers," said Reza Attar-Zadeh, Abbey's head of savings.
"We believe this is a very attractive incentive that will galvanise customers to save more for the future."