Abbey happy that customers are switching

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Abbey happy that customers are switching

Wed 7th Feb 2007

Abbey has spoken of its pleasure at hearing of new research conducted by price comparison website MoneyExpert that shows more than a million people are planning on switching current accounts.

MoneyExpert discovered that 1.38 million people plan to change their account within the next six months - due in no small part to increasing bank charges - and Abbey believes it will benefit from this news.

The Abbey current account comes with a "market leading" rate of 6.3 per cent AER and this applies to accounts that have balances of up to £1,000.

At present, the so-called big four banks, comprising Barclays, HSBC, RBS/NatWest and Lloyds TSB have 73 per cent of the market in terms of current accounts and this group of four is headed by Barclays who hold 21 per cent of the market.

A typical EAR of 10.9 per cent overdraft rate is available on the Abbey current account for customers who spend time languishing in the red.

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