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> The Abbey Bank Account
> Reward Bank Account
> Youth Accounts
> Student, Graduate and Postgraduate Accounts
The Abbey Bank Account
Depending on how you'd like to manage your money, you can choose either a Preferred In-Credit rate or a Preferred Overdraft Rate.
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Year 1 |
After year 1 |
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Minimum amount paid in each |
In-Credit AER (see note 1) |
Overdraft (typical) EAR (see note 2) |
In - Credit AER (variable) |
Overdraft (typical)EAR (see note 2) |
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Preferred |
£1,000 |
6.00% AER/5.84% gross (fixed) on balances up to £2,500 |
19.90% |
1.00% AER/ 1.00% gross (variable) on balances up to £2,500 |
19.90% |
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Preferred Overdraft rate |
£1,000 |
010% AER/0.10% gross (variable) |
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0.10% AER/0.10 gross (variable) |
12.90% |
Apply for a Reward Bank Account
If you do not pay in at least £1000 a month the in-credit interest rate will be 0.1% gross/AER (variable) and the overdraft rate will be 19.9% EAR (variable).
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. The gross rate of interest is the rate of interest payable before the deduction of income tax.
2. EAR stands for Effective Annual Rate and represents the annual cost of an overdraft, which takes into account how often interest is charged to the account, and does not include any other fees or charges.
3. 6% AER (fixed) on balances up to £2,500 for the first 12 months as long as you credit with £1,000 per month)
4. 0% EAR overdraft will apply for the first year if you switch using our Account Transfer Service. If you choose not to switch to Abbey you will receive 12.9% EAR overdraft
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Year 1 |
After year 1 |
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Minimum monthly credit* |
In-Credit AER (see note 1) |
Overdraft (typical) EAR (see note 2) |
In-Credit AER (see note 1) |
Overdraft (typical) EAR (see note 2) |
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Reward Bank Account |
£1,000 |
6% AER/ 5.84% gross (fixed) on balances up to £2,500 and 0.10% AER gross on balances |
12.90% |
1.00% AER/gross (variable) on balances |
12.90% |
Apply for a Reward Bank Account
If minimum monthly credit not credited in a calendar month, in-credit interest rate is 0.1% AER and overdraft (typical) rate is 19.9% EAR applies.
Youth Accounts
Rates for new accounts opened from 17 December 2007
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Minimum monthly credit (see note 5) |
In-Credit AER (variable) (see note 6) |
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11-15 Account |
1 credit of any value |
3.00% on balances up to £500 |
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11-15 Youth Plus Account |
1 credit of any value |
5.00% on balances up to £500 |
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16-18 Account |
£50 |
3.00% on balances up to £500 |
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16-18 Youth Plus Account |
£50 |
5.00% on balances up to £500 |
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5. If minimum monthly credit not credited in a calendar month, 0.1% AER** applies.
6. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. The gross rate of interest is the rate of interest payable before the deduction of income tax.
7. To be eligible for this rate, customer's parent or guardian must hold a primary Abbey bank account.
Student, Graduate and Postgraduate Accounts
(Under 18 Accounts opened before 17 December 2007)
| In-credit interest rate AER (see note 8) (variable) | On balances up to £500 | On balances over £500 |
| Student Account | 2.00% AER (1.98% gross) | 0.10% gross/ AER |
| Santander University Account | 5.00% AER (4.98% gross) | 0.10% gross/ AER |
| International Student Account | 3.00% AER (2.96% gross) | 0.10% gross/ AER |
| Graduate & Postgraduate | 0.10% AER | 0.10% AER |
| Advance overdraft interest rates EAR (see note 9) for Student Accounts, Santander University Accounts and Postgraduate Accounts | ||
| When you open your account you will automatically get an Advance overdraft limit of £250. Once you have credited your account with £500 you will receive the allowances below. We will automatically withdraw 0% overdraft allowances at the end of your course or, on taking an Abbey Overdraft Manager. We can reduce the yearly interest-free overdraft allowance as shown, if we are not satisfied with how you have managed your account. | ||
| Year 1 allowance up to £1,000 | 0% | |
| Year 2 allowance up to £1,250 | 0% | |
| Year 3 allowance up to £1,500 | 0% | |
| Year 4 and over allowance up to £1,800 | 0% | |
| Year 5 allowance up to £2,000 (not available to postgraduates) | 0% | |
| Advance Overdraft agreed above the allowance | 9.90% EAR (variable) | |
| Advance Overdraft interest rates for graduates | ||
| Year 1 allowance up to £2,000 Year 2 allowance up to £1,000 Year 3 allowance up to £500 Advance overdraft agreed above the allowance |
0% |
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| Instant Overdraft Rate for all current accounts | 28.70% EAR (variable) | |
Apply for a Student Account
Apply for a Graduate Account
8. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. The gross rate of interest is the rate of interest payable before the deduction of income tax.
9. EAR stands for Effective Annual Rate and represents the annual cost of an overdraft, which takes into account how often interest is charged to the account, and does not include any other fees or charges.
Rates correct as at 9 November 2009
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