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Earn 6% interest with Abbey’s packaged account

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by David Masters
Earn 6% interest with Abbey's packaged account

Abbey is paying a 6% interest rate to its premium current account holders.

The Santander-owned bank is offering the rate on balances up to £2,500 to customers opening the new Abbey Reward Account.

To benefit from the headline rate, customers must deposit at least £1,000 per month into the account.

Other benefits of the £10-per-month packaged current account include annual worldwide travel insurance for two adults and up to four children, Green Flag breakdown cover, a £100 interest-free overdraft, commission free travel money, and identity protection.

Abbey estimates the benefits are worth up to £310 per year if put to full use.

However, price comparison site Moneyfacts.co.uk warned that “packaged accounts do not suit everybody”.

Savers considering a packaged account should make sure they get their “money’s worth from the benefits,” a Moneyfacts spokesperson said.

The Abbey Bank Account, which does not have a monthly fee, also pays 6% interest on balances up to £2,500 when the account is credited with at least £1,000 per month.

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News posted: June 23, 2009

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