New packaged accounts launched by Abbey
December 27, 2008 by admin
Filed under News, News-Banking
Spanish owned High Street bank, Abbey, has recently launched two new packaged accounts for its customers, and according to reports has started a new packaged current account war amongst banks that are vying for the business of consumers. After taking a 28% share of the mortgage market this year, the ambitious bank is now looking to increase its share of the current account market by offering these packaged accounts, which offer a range of benefits for consumers.
The two new packaged accounts are the Family Rewards account and the Travel Rewards account, and each caters for different needs and circumstances. Customers will pay a fixed monthly fee for each of the accounts, and in return will receive a range of benefits depending on which of the two packaged current accounts they have opted for. The fee on each of the two packaged accounts is £15 a month.
An official from the bank stated: ‘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.’
Consumers are warned, however, to check the benefits packages that come with these accounts to see whether they are likely to actually use the benefits, as if they are only likely to use one or two of the benefits they may find it cheaper to get these services on the open market and avoid the monthly fee
