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Abbey launches packaged current accounts

November 28, 2008 by admin  
Filed under News, News-Banking

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Abbey has recently joined the long list of banks now offering customers the opportunity to sign up to a packaged current account, and officials from the bank are hoping that on top of the other achievements that Abbey has enjoyed this year, such as the acquisition of Bradford and Bingley and a larger share in the mortgage market, it will also be able to lure customers away from other banks by offering the packaged current account.

Packaged are like standard accounts, but offer a number of additional benefits that may include preferential interest rates, commission free travel money, discounts, free breakdown cover, free , extended protection, and more. However, in order to sign up to one of these accounts the customer must be prepared to pay a monthly fee, which can vary from one account and bank to another. At present, the biggest player when it comes to packaged accounts is Lloyds TSB.

The Abbey packaged account will cost £15 a month, and offers a range of benefits, including a £100 interest free overdraft. There is also a Travel Reward Account service, which could prove useful to those that travel. Commission free travel money, leisure and travel bonuses, and breakdown cover are also included in the account. Abbey is also offering free gifts with the accounts and further discounts and benefits online.

An Abbey official said: ‘The biggest criticism of packaged accounts is people do not want or need the things they get with them. We want to make sure they do by tailoring them to their lifestyle. We will monitor what customers use and make changes where necessary. Abbey wants to be a big player in current accounts and take ourselves beyond being a savings and mortgages institution. By breaking in to this area, it completes the package.’

Tags: current accounts, bradford & bingley, lloyds, Mortgages, abbey, breakdown cover, travel insurance, bradford and bingley

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