Abbey current account to offer 8pc interest

Jonbvn

Abbey current account to offer 8pc interest

In today's torygraph.

Will be available from 2 July 2007.

There is a catch! 8pc only applicable up to 2.5k:-(

empfun

It's about time I say. Thanks!

Biggles

Jonbvn wrote: »

There is a catch! 8pc only applicable up to 2.5k:-(

And it drops to only 2.5% or 1% over £2,500. The other catch is that you must pay in £1,000 per month.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/06/23/cmbank23.xml

KTF

Thats normal for these type of accounts as it stops people using them as a glorified savings account.

Innys

I think I'm going to end up going for this and have the excess over £2.5k either transfered to their e-saver or my ICESAVE account - 8% is too good a rate to ignore...

Jonbvn

Biggles wrote: »

The other catch is that you must pay in £1,000 per month.l

I would guess you can just recycle £1k through the account monthly?

kanchhelskis

i have 4 current accounts, but 8% is to good to miss can i just pay in 1k a month. thanks in advance.

ED

The article refers to Preferred in Credit account + Preferred Overdraft account according to the Telegraph journalist. Any Abbey worker, here, able to confirm whether the 8% rate will automatically be applied to the Abbey accounts of customers who already deposit not less than £1,000 per month? Or will it be a pair of newly launched accounts? I notice the titling used in the Telegraph is the same as options at the time the Abbey account was so-named.

trinidadone

I very much doubt it ED, lauches on high interest current accounts are usually aimed at new customers, because the banks want to attract more money. Banks really dont care about existing customers, because they have already got you. I am with Alliance & Lecister. My current interest on my current account is 5.8% for the first 2500, yet they advertise there current account at 6.1% When i enquired about this, i was advised this rate was for new customers only. when i asked if i could leave and return back on the new rate, A&L said there has to be a minimum of three months, before i could return, although this did not seem to go down too well with customer services, thought i would share this.

bristolleedsfan

Lee_Dunford wrote: »

I very much doubt it ED, lauches on high interest current accounts are usually aimed at new customers, because the banks want to attract more money. Banks really dont care about existing customers, because they have already got you. I am with Alliance & Lecister. My current interest on my current account is 5.8% for the first 2500, yet they advertise there current account at 6.1% When i enquired about this, i was advised this rate was for new customers only. when i asked if i could leave and return back on the new rate, A&L said there has to be a minimum of three months, before i could return, although this did not seem to go down too well with customer services, thought i would share this.

tbh a lot of building societies launch accounts with introductory rates for new customers as well

Jonbvn

From what I understand many bank & BS's offer these attractive high rates to new customers. They expect these new customers to behave like sheep when they pull the high rates.

Fortunately, WE at MSE will pull our accounts and go elsewhere. That is the whole point of this board AFAIK.