Abbey savings account rate increase

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Abbey savings account rate increase

Fri 1st Feb 2008

From February 4th 2008 Abbey Savings will increase its eSaver Direct account rate to a market leading 6.50 per cent gross.

That includes a bonus of 0.50 per cent for 12 months from the date of opening, with the rate reverting to six per cent after a year.

If customers need to access their savings they can do so at any time but Abbey will reward savers for leaving their money in the bank, as accounts will only receive three per cent interest on the total balance in any month in which money is withdrawn.

The Abbey eSaver Direct account rate is the highest available from a high street bank for an instant access account.

Reza Attar-Zadeh, director of savings and investments at Abbey, said: "Our research shows that increasingly customers are managing their savings accounts online and so we want to make sure that we offer our customers great rates whichever channel they choose to open their account."

Abbey has recently been promoting its online banking sector, announcing earlier this week that it is to issue an eBond and branch bond paying up to 6.71 per cent AER.

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