Abbey Fixed-Rate Monthly Saver rate to continue

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Abbey Fixed-Rate Monthly Saver rate to continue

Mon 15th May 2006

The six per cent rate on the Abbey Fixed-Rate Monthly Saver is set to continue, the lender has stated today, for customers who switch to Abbey from one of the 'big four' banks – HSBC, Lloyds, Barclays and NatWest.

This rate is also available on Abbey's current account, as well as a four-month zero per cent overdraft – which is guaranteed to be at least £300 for any customer who switches, with the option of matching the overdraft at their old bank up to an amount of £5,000.

Conditions are set on the offered rates, however, as current account customers need to deposit at least £1,000 per month to receive the six per cent offer.

Holders of the Abbey Fixed-Rate Monthly Saver account also have to deposit between £20 and £250 a month and must already be a current account customer to qualify for the package.

Reza Attar-Zadeh, Abbey's head of banking, said: "Abbey pays over 60 times more interest on its standard current account than Barclays, HSBC, Lloyds TSB and NatWest.

"These banks have got away with paying out minimal interest and charging hefty overdraft rates on current accounts for too long."

The Abbey Fixed-Rate Monthly Saver account is a 12-month offer and after this period the balance will be moved into an Abbey Monthly Saver account, with a gross annual rate of 4.75 per cent.

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