Abbey announces fantastic rate for current account switchers

Abbey Banking today announces a fantastic new rate for customers who switch to its current account. The 8 per cent headline rate puts Abbey at the top of the market and is available to switchers from 2 July 2007.

Steve Shore, Head of Banking, Abbey, said: "Our customers tell us a great rate is the most important thing when it comes to current accounts and our 8 per cent rate is the best out there. We will pay this rate to switchers on balances of up to £2,500 and the only condition we have is that they pay in at least £1,000 per month - in other words, that they use it as their main current account.”

Abbey has two main types of current account - one for people who prefer to keep their account in credit and one for people who tend to use their overdraft more. Given the average balance of a switcher to the first type of account is £1,749, and to the overdraft option it is £924, for most switchers Abbey’s £2,500 limit will allow the whole of their account balance to earn interest at 8 per cent.

Steve Shore continued: “We want to show customers of the ‘big four’ banks they have a choice and they have no reason to stay with a current account that doesn't offer great value. Our 8 per cent account is a whopping eighty times more valuable than a standard bank account, which typically pays 0.1% on balances.”

Over the last ten years the ‘big four’ have not varied their offering, irrespective of what has happened to base rates.

In 2006, Abbey’s leading current account rates attracted a record number of people to switch their account to Abbey, and figures for 2007 so far show that the migration from the ‘big four’ is continuing.

Abbey’s switching process is simple. Customers only need to sign one form, and Abbey will do the rest, arranging the transfer of all direct debits and standing orders, while keeping customers fully informed of progress.

Steve Shore continued: “You can’t beat the rate and our dedicated switcher service makes sure the process goes smoothly. So with an 8 per cent rate available from the 2 July, there's never been a better time to switch to Abbey."