Abbey takes it to the front line

(29-06-07) - The much anticipated current account war has begun. Abbey is set to offer 8 per cent on its current account for new customers from 2 July - far above the nearest contender, Halifax, who offers 6.17 per cent.

Before new customers flock to take advantage of the offer, they should be aware that it only lasts one year, and is only applicable on balances up to £2,500. Those already with Abbey will remain on their paltry 2.5 and 0.1 per cent interest rates.

Chris Eagle, commercial manager at CreditChoices.co.uk said: “Although this deal only lasts a year, it is definitely attractive and will prompt other banks to up their rates, so current Abbey customers - left out of the new deal - could also switch to a more lucrative current account.”

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