BRADFORD, ENGLAND, September 23, 2009
/24-7PressRelease/ -- From 7th September Santander's UK current account brands, Abbey and Alliance & Leicester, are offering a GBP100 cash incentive to those switching to an Abbey Preferred Overdraft Rate (PODR) account or an A&L Premier
Current Account.
At a time when other providers are offering little or no in-credit interest, or increasing their overdraft interest rate, or both, Abbey and A&L are offering even more (or similar) In addition, Abbey is raising the in-credit interest rate on the PODR account to 0.5% gross/AER from 0.1% gross/AER for new customers.
Gillian Almond, Head of Current Accounts for Santander's UK brands said: "This is good news for those looking to switch their current account. The current account market has changed considerably over the last couple of years, with most providers offering little or no incentives. Abbey and A&L are bucking that trend by offering GBP100 to those who switch to us from another provider.
"The majority of current account holders will have been affected by either a cut in their in-credit interest, an increase in their overdraft rate, or both. It is time that people started looking for real value, and beyond the traditional big-name banks."
The GBP100 cash bonus is available on the Abbey PODR bank account and Alliance & Leicester Premier
Bank Account. Product features include:
Abbey Preferred Overdraft Rate Bank Account (Switchers):
• Interest free overdraft for 12 months (12.9% EAR typical thereafter) Continued/...
• 0.5% AER/gross in-credit interest on balances up to GBP2,500 (subject to minimum monthly
credit of GBP1,000)
• Overdraft matching up to GBP5,000 available (depending on circumstances)
Alliance & Leicester Premier Current Account:
• Interest free overdraft for 12 months (50p per day up to GBP5 a month thereafter)
• 0.5% AER/gross in-credit interest on balances up to GBP2,500
• Free annual European travel insurance
For more information on the GBP100 offer and to apply, go online at
www.abbey.com and
www.alliance-leicester.co.uk, in branch or over the phone.
The information contained in Abbey's press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Abbey and the flame logo are registered trademarks.
Notes to Editors
1) The GBP100 bonus will be paid to new customers applying for an Abbey Preferred Overdraft Rate bank account, or Alliance & Leicester Premier Current Account from Monday 7 September 2009. The payment will be made within 11 weeks of the account opening if direct debits and standing orders have been transferred using the Account Transfer Service, and the minimum funding requirements are being adhered to.
2) The minimum funding requirement on the Abbey PODR account is GBP1,000 per month, and GBP500 per month for Alliance & Leicester's Premier Current Account.
3) The GBP100 switching incentive is available to new applicants who do not currently hold any current account with Alliance Leicester, Abbey, Cahoot or Cater Allen, and have not held any current account with them in the three months preceding their application.
About Us
Santander (SAN.MC, STD.N) is a retail and commercial bank, based in Spain, with operations in more than 40 countries. At the end of 2008, Santander was the largest bank in the euro zone by market capitalization and third in the world by profit. Founded in 1857, Santander had EUR 1,168 billion in managed funds at the end of 2008.
Following the acquisition of Sovereign Bancorp of the U.S. in January 2009, Santander has 90 million customers, more than 14,000 branches - more than any other international bank - and over 180,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In 2008, Santander registered EUR8,876 million in net attributable profit, an increase of 9% from the previous year excluding capital gains.
In the UK, Santander operates three retail businesses - Abbey, Alliance & Leicester and the savings business of Bradford & Bingley. Together they have over 1300 branches, around 4,500 cash machines and they provide a full range of retail and corporate banking services to 24 million customers.
Abbey, Alliance & Leicester and the savings business of Bradford & Bingley will all become known as Santander by the end of 2010.
Abbey and the savings business of Bradford & Bingley will be rebranded from the first quarter of 2010 and Alliance & Leicester will follow later in the year. The move will deliver a significant advantage for customers as they will be able to use any of 1,000 Santander branches from early 2010, rising to over 1,300 by the end of 2010.
The Bradford & Bingley logo is a trade mark of Bradford & Bingley plc and is used under licence.
Media Enquiries
Steve Gracey
Press Office
Tel: 0116 200 3366
Mob: 07753 712674
The Abbey press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.
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