Abbey

By: EconomyWatch Content   Date: 2 November 2009

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Abbey National plc, commonly known as Abbey, was a former building society that converted into a bank. It has been a subsidiary of Grupo Santander since 2004. Come 11th January, 2010, Abbey will be rebranded as Santander. Abbey, through its course of existence, has acquired many financial institutions such as ‘James Hay’, Scottish Mutual, Scottish Provident and National & Provincial Building Society.

Abbey: Products and Services

Abbey offers a complete portfolio of services that includes accounts, credit cards, loans, insurance, mortgages, savings and investments. With a product for almost every need, Abbey caters to students through to big tycoons. Below is the detailed list of its portfolio:

·        Bank accounts:

o       Reward accounts: For a monthly £10 fee, this account offers annual worldwide travel insurance, green flag breakdown cover, identity protection and card loss assistance. The account also offers 6% AER (fixed) on balances up to £2500 for 12 months.

o       Preferred in-credit rate: This account offers interest-free overdraft advances, provided at least £1000 is credited to the account each month. The account also offers 6% AER if the balance is up to £2,500 for the first 12 months.

o       Youth and student accounts: Abbey offers two kinds of youth and student accounts. Both offer 3% AER, Visa electron card and online banking facilities.

·        Credit Cards

o       Santander Zero: This card doesn’t charge any interest on foreign exchange or cash advances. The card comes with a minimum credit limit of £250 and a regular APR of 18.9%.

o       Santander Regular credit: This card offers interest-free periods of 15 months on balance transfers and three months on purchases. Also, there is no annual fee.

·        Insurance

o       Travel: Travel insurance comes with unlimited medical benefits, with no terrorism exclusions. Online buyers are eligible for 10% discount. 

o       Home: Besides 25% discount for online users, home insurance comes with 10% increased flexibility at times of wedding or Christmas.

o       Life and critical illness: The policy covers you for terminal illnesses or critical illnesses during the plan.

o       Mortgage payment protection insurance: This policy ensures that your mortgage payments are made, while you are unable to work, because of any reasons.

The real strength of Abbey is the diversity of its portfolio and its humongous experience in providing the best financial products and services.


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