ABBEY SUPER MONTHLY SAVER
What is it?
A new savings account, only for existing Abbey customers, with a 10 per cent interest rate for 12 months.
How does it work?
You’ll need to pay between £20 and £250 a month into the Super Monthly Saver by standing order, for 13 months in a row.
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You will also need to go to a branch to open the account, and set up your standing order between the 1st and the 21st of the month.
And, of course, you will need to bank with Abbey already.
What are the plus points?
There’s no arguing that the interest rate certainly looks impressive, and any Abbey customer with money to spare could do a lot worse than deposit it into this saver for a year.
What are the downsides?
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If you take out some of your cash from the account, or fail to pay enough money in, you will be penalised with a marginal interest rate for a month.
You will also lose the 10 per cent rate if you switch current accounts during the first 12 months.
The verdict
Thumbs down. This new saver rewards Abbey’s loyal customers, but excludes the rest of us.
It’s worth remembering, however, that most banks now have high interest accounts for their banking customers, says Sean Gardner, of Moneyexpert.com .
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“Other banks may well offer an even better deal – they’re just not making a song and dance about it. The only way to be sure is to check online, or pick up the phone and ask,” he says.