Abbey launches 6% reward packaged current account

Abbey has announced the launch of the Reward Bank Account, a new packaged current account giving new and existing Abbey bank account customers a market-leading credit interest rate of 6% AER (fixed for a year), and a package of benefits worth a total of over £400 a year, including exclusive travel insurance worth £150.

Unlike most of its competitors Abbey is adding a current account to its portfolio that doesn't scrimp on value; from the interest it pays on balances, and the quality of benefits it offers, to the overdraft which is interest free for the first £100.

For just £10 a month, customers receive a range of exclusive benefits including specialist worldwide travel insurance, with winter sports cover, for all the whole family and Green Flag motoring assistance. Furthermore, the account's benefits also include assistance in the event of identity theft or the loss of any debit or credit card. With the benefits attached to this account, a customer could save up to £310 per year.

Emma Walkley, Abbey Current Account Manager explains: "This new current account gives those looking to review their banking needs a different option, and one that will give them the highest credit interest rate available on a packaged current account, alongside some very useful benefits, and potentially saving hundreds of pounds."

Emma Walkley continued: "At just £10 per month it is one of the best value for money packaged accounts on the market for the kind of benefits offered, and should encourage those signed up to other packaged accounts, or getting poor value from their current provider, to review their current deal, and ensure they make the most of their money in these difficult economic times."

"We designed the Reward Bank Account around what customers told us they would want from a packaged account. The research we carried out showed that people wanted quality travel insurance for all the family, car breakdown assistance, an impressive credit interest rate, and the account to be keenly priced. We have been able to tick all of those boxes by giving new and existing customers real benefits that they will use, and value for money."

Michelle Slade Moneyfacts says: "Packaged accounts do not suit everybody. In this instance you can get 6% credit interest and an impressive list of benefits, which makes this account stand out from the competition. This account is definitely worth considering, but make sure you get your money's worth from the benefits."

The Abbey Reward Bank Account will offer the following for a monthly fee of £10:

Credit interest rate of 6.00% AER fixed for 12 months on balances up to £2,500 for new and existing bank account customers

£100 interest free overdraft, thereafter an overdraft rate of 12.9% EAR

Annual Worldwide family travel insurance for two adults and up to four children, including winter sports cover

Green Flag motoring assistance with both UK roadside assistance and home call included

Identity protection providing up to £50,000 of legal cover

Card loss assistance

Key protection

Leisure benefits with great savings on days out, dining experiences and hotel accommodation
Commission free travel money

For more information, visit abbey.com