Abbey tries to beat competition with packaged accounts

High Street lender Abbey has recently launched new packaged bank accounts in a bid to out-do competitors and increase its customer base. The packaged account, like the ones offered by many banks these days, and fee charging accounts that offer the account holder a range of benefits such as breakdown cover, increased protection, travel insurance, and more.

Having already taken a large chunk of the mortgage market this year, Abbey now appears to be focusing on the current account market, and appears to be hopeful of succeeding in enticing new customers in this area. Officials from Abbey hope that the two accounts that it has launched will attract new customers who feel that they will be able to enjoy the benefits that come with the accounts.

An official from Abbey 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.’ He added: ‘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.’

The two new accounts, which are the Family Reward Account and the Travel Rewards Account, offer a number of benefits, and consumers should check whether they will actually use the benefits before signing up as otherwise they could end up paying a fee for nothing.