Incentives begin to switch banks

By JO THORNHILL
Updated: 19:00 EST, 5 October 2000

If you're thinking of switching your bank account Abbey National is offering a range of incentives to people who move to its current account.

If you're already an Abbey account holder if you recommend a friend you could both get £25 from the bank. Abbey says there will be no arrangement fee for switchers and there is also an interest free overdraft on offer for the first four months.

You can register for an Abbey account either by phone on 0800 731 7774, online at abbeynational.co.uk, or in a branch of the bank. And Abbey guarantees it will transfer all your standing orders and direct debits for you. The bank is also promising to match existing overdraft amounts and card facilities.

Abbey's announcement no doubt comes as a result of the recently revised Banking Code, due to come into being in January 2001, which states that banks and building societies must co-operate to ensure customers can switch bank accounts as smoothly as possible. This could start a trend by high street banks trying to entice new customers.

To qualify for the £25 gift, the new Abbey account must be opened between 6 October and 31 December 2000 using the switcher service.