Money News
Effective immediately, Abbey Banking is offering people who switch to its preferred overdraft rate account (PODR) an interest free overdraft for 12 months. After a year, customers revert to an advance overdraft rate of 12.9%.
Last year Abbey introduced an 8% rate for switchers to its preferred in-credit rate account. This pays 8% on balances of up to £2,500 in the first year to switchers and reverts to the standard PICR rate, which is 2.5%, thereafter.
Meanwhile, the bank is warning people to watch out for restrictive transfer conditions when choosing a new ISA provider.
Its research shows that one in seven ISA accounts don't allow transfers in. And one in 11 accounts has strings attached to transferring money out, raising the possibility of people being hit by further charges or restrictive conditions.
19 March 2008 © Moneyextra.com
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