Abbey launches Super Monthly Saver Account

From today, Abbey’s customers will be able to benefit from an attractive 10 per cent AER through Abbey’s Super Monthly Saver account. The account is designed for people that want to save regularly to accumulate a lump sum after 12 months. Savers need to make 13 consecutive fixed monthly payments of between £20 and £250 by standing order to earn the full 10.00 per cent gross p.a / AER.

To qualify for the offer, savers need to be existing customers holding a qualifying Abbey bank account or other product, and need to open the account at an Abbey Branch. Savers need to be 16 years or older.

As the Super Monthly Saver account is for a 12-month fixed rate period, the balance is transferred automatically at the end of the term into Abbey's Flexible Saver account. This currently pays a variable rate of 3.60 gross per cent p.a./AER.

If savers make a withdrawal, miss a payment or pay in less than £20 into their Super Monthly Saver during the 12-month period, 0.10 per cent interest will be applied to the account for that month only on the full balance. The rate will then revert back to 10.00 per cent gross p.a./ AER the following month (provided there are no further withdrawals or missed payments for that month). If more than £250 is paid into the Super Monthly Saver, 0.10 per cent interest will be applied to the full balance in the account for the rest of the term.

If customers cease to hold the above qualifying accounts while saving into the Abbey Super Monthly Saver, they will be automatically transferred into the Abbey Fixed Rate Monthly Saver.

Abbey Fixed Rate Monthly Saver

Abbey is also today increasing the rate on its Fixed Rate Monthly Saver by 0.25 per cent to 7.25 per cent. The account is available to new or existing customers, regardless of whether they hold another Abbey product.

Commitment to Savings

Reza Attar-Zadeh, Abbey's Head of Savings said "Abbey is committed to rewarding both loyal and new customers, and this means we now have an excellent offer for both new bank account customers – the 8% current account, and existing bank customers. We believe this is a very attractive incentive that will galvanise customers to save more for the future.”