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Abbey National Banking
As you would expect from a major high-street bank, Abbey National banking covers the whole range of financial services, including current and savings accounts, loans, credit cards, mortgages (its original core business) pensions and insurances. Also there is a specialist unit to deal with employee benefits packages, which may be of interest to employers.
There are only two current accounts, though- most banks have launched some form of premium service featuring benefits at a price, but Abbey has not. The first of the two accounts are Instant Plus, which is a basic account featuring no credit facility. Interest is typically low, and applies on balances above £50. You must credit the account with £250 or more each month to qualify.
The second and more likely option for those not new to banking is the standard Abbey current account. Along with the usual facilities (24 hour internet, ATM and telephone banking, an overdraft facility, cashcard etc.) what does make this account impressive is an interest rate of 2.5%; vastly higher than most competitors. Borrowing rates on overdrafts (authorised or unauthorised) are par for the course too. The company is sufficiently keen for you to switch to their products that they offer a "switcher" service too- they will take the hassle out of moving accounts and do all the phone calls for you.
Another advantage is sweeping- if you have an Abbey National banking savings account you can have spare money from your current account "swept" into your savings account each month, ensuring you always get the most interest possible on your cash. (HSBC also provide this service). One last niggle- charges for overdrafts, debits, drafts and other fees do not appear on the website, so be sure to ask what the tariff of charges is before opening an account.
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