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 £20 and £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 £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%.