7 February 2007
As switching fever hits Britain, Abbey has praised the high levels of competition in the current accounts arena and has declared that it feels strongly that consumers will choose its market leading 6.30 per cent AER offer.
The bank is clearly a fan of consumers voting with their feet - a fact which is hardly surprising when it has already seen record numbers switch in 2006, with 70% of new customers coming from HSBC, Barclays, Lloyds TSB, the Royal Bank of Scotland and Natwest.
Abbey also offers two separate current accounts which offer the high interest rate, to tailor for both those who tend to use their overdrafts and those who remain in credit throughout the month.
The Preferred Overdraft Rate option account is perfect for consumers who tend to dip into their overdraft at the end of the month and offers a competitive typical overdraft rate of just 10.9 per cent EAR, compared to the Preferred In Credit Rate option which charges consumers 16.9% EAR.