Abbey Entices Monthly Savers with 10% AER
by Gill Montia
Story link: Abbey Entices Monthly Savers with 10% AER
Abbey account holders are being offered a Super Monthly Savings account that will pay interest at 10% AER.
The new account, which is already available, is for customers who want to save regularly over a 12 month period.
Participants will need to make fixed payments for 13 consecutive months; the amount of the deposit can be between Â£20 and Â£250 and this must be paid by standing order between the 1st and 21st of the month.
To qualify, customers need to be aged 16 years or older and hold a qualifying Abbey bank account, such as the Abbey Current Account, Abbey Graduate Current Account, Abbey Student and Postgraduate Current Account, Abbey 16-18 Current Account and Abbey Basic Bank Account.
Holders of some other Abbey products may also qualify for the Saver account, which reverts to an interest rate of 0.10% for any month in which a payment is missed or a withdrawal is made.
On the other hand, if the account holder invests over Â£250 in the Super Monthly Saver in any one month, an interest rate of 0.10% will be applied to the total balance of the account for the remainder of the term.
The Super Monthly account has a fixed rate period of 12 months and at the end of that period the balance will be automatically transferred into the bank’s Flexible Saver account, which pays a variable rate of 3.60% gross AER.
Any customers ceasing to hold the qualifying criteria for the Super Monthly Saver will be automatically transferred into the Abbey Fixed Rate Monthly Saver, where savings currently earn 7.25%.
Email This Post Print This Post
Add to Bookmarks:
Related stories to: Abbey Entices Monthly Savers with 10% AER
Prudential Cuts Lifetime Rate Prudential has decreased the interest rate on its Lifetime Mortgage, with immediate effect, from 6.3...Over 50s need to save more Abbey Savings has been researching the savings market and looking in particular at people aged 50 an...
Direct Line misleads savers Direct Line has been embarrassed by press reports that it has been comparing its current interest ra...
Abbey launches 5% cash-back Abbey will be providing its credit card customers with a 5% cash-back incentive, from 3rd September ...
Abbey has online glitch In the latter part of last week, Abbey experienced some difficulties with its online banking, which ...No Comments »
No comments yet.Leave a comment
Previous: « HSBC Appointment Underlines Environmental Policies
Next: Debit Card Growth Outstrips Other Plastics »
Visited 213 times, 3 so far today since July 12th 2007