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Abbey to offer 8% interest on new current accounts

Abbey is planning to extend the benefits offered by its 8% current account to all new customers, not just those who switch accounts.

Payable on balances of up to GBP1,000 for the first year, the 8% can be worth up to GBP80 to a customer. In year two and beyond, the interest reverts to Abbey’s standard 2.5%, which is worth up to GBP25 over the year.

To qualify for this rate, a customer needs to switch their bank account to Abbey from their existing bank using our dedicated account transfer team, who will transfer their salary mandate, direct debits and standing orders. Abbey will guarantee that a customer will not be worse off as a result of any delays or charges when switching.

Steve Shore, head of banking at Abbey, said: Our 8% bank account, which we launched in the summer for switchers, has proved very popular. But despite this great rate, we know that for a number of reasons there are still some people who don’t feel ready to switch-and that is why we’re offering the product to all new banking customers who open a ‘Preferred In Credit Rate’ bank account with Abbey.