Eight percent current account launched

Bank customers with current accounts can take advantage of a current account that has interest rate similar to some regular savings accounts.

Abbey has launched a special offer of eight per cent interest accrued monthly in an effort to lure switchers to its current account.

Many banks are keen to lure customers through current accounts as they are often a gateway product, with many customers taking out further financial services from their current account provider.

The offer, which tops other rates available for current accounts, becomes available on July 2nd is valid for one year, after which the account reverts to its standard rate.

To qualify for the offer, customers must have an account with less than £2,500 in it and must make monthly deposits into the account of £1,000, in other words, use it as their main current account.

The bank also revealed that almost a quarter of the ‘big four’ customers which it has convinced to switch banked with Barclay’s before. Research showed that 17 per cent banked with NatWest, 16 per cent with HSBC, and 15 per cent switched from Lloyds TSB