Santander approach to A&L could commence period of consolidation
by Gill Montia
Story link: Santander approach to A&L could commence period of consolidation
Alliance & Leicester (A&L) is reported to have been in takeover talks with Grupo Santander, the owner of Abbey.
Although discussions are not currently taking place, a further approach from the Spanish banking group is a possibility.
Until recently, Santander had let it be known that it had no UK acquisitions planned and would focus on organic […]
Retirement prospects governed by lack of knowledge
by Gill Montia
Story link: Retirement prospects governed by lack of knowledge
New research from Abbey Savings indicates that over one-half of UK adults do not know how much money they need for their retirement.
Even amongst the over 65s, who are most likely already retired, 53% of those surveyed could not answer the question.
According to the research, 16% of respondents believed that they would be able to […]
Abbey abandons covered bonds issue as market closes
by Gill Montia
Story link: Abbey abandons covered bonds issue as market closes
Abbey has been forced to abandon a new issue of bonds, after interbank trading of covered bonds was suspended yesterday.
The covered bond market is currently an important source of liquidity for banks because covered bonds are regarded as very safe securities.
They are not only secured against quality mortgages but also allow the investor a claim […]
Penalty fees survey shocks BBA
by Gill Montia
Story link: Penalty fees survey shocks BBA
uSwitch, the price comparison website, has published the results of a poll in which over 4,000 of its customers were surveyed about the penalty fees charged by leading UK banks.
The research was conducted by YouGov and concluded that UK bank customers who have been charged such fees have paid an average of £742 each, over […]
Abbey launches 5% cash-back
by Gill Montia
Story link: Abbey launches 5% cash-back
Abbey will be providing its credit card customers with a 5% cash-back incentive, from 3rd September until the end of January 2008.
The scheme will apply to the first £1,000 of purchases from major UK supermarkets, bought with an Abbey credit card.
As the average household spends £190.23 per month in large supermarkets, the £1,000 limit could […]
Over 50s need to save more
by Gill Montia
Story link: Over 50s need to save more
Abbey Savings has been researching the savings market and looking in particular at people aged 50 and over. The bank maintains that the average amount saved by someone reaching their fiftieth birthday is £7,179.
This is a surprisingly low sum considering that in the UK, the over-50s hold 91% of savings and current account assets, 43% […]
Abbey has online glitch
by Gill Montia
Story link: Abbey has online glitch
In the latter part of last week, Abbey experienced some difficulties with its online banking, which meant that some of its account holders logged on to see details relating to other customers.
Site users were shown their own name but with the account details of an entirely different customer. Some reported that they could see details […]
Bailiffs May Visit Abbey Branch
by Gill Montia
Story link: Bailiffs May Visit Abbey Branch
Abbey is making local headlines because one of its Manchester branches has failed to repay £2,769 to a customer who has successfully sued the bank for excessive overdraft charges.
The court order has so far been ignored and bailiffs may be visiting the branch as early as next week, if Abbey fails to settle up with […]
Abbey Entices Monthly Savers with 10% AER
by Gill Montia
Story link: Abbey Entices Monthly Savers with 10% AER
Abbey account holders are being offered a Super Monthly Savings account that will pay interest at 10% AER.
The new account, which is already available, is for customers who want to save regularly over a 12 month period.
Participants will need to make fixed payments for 13 consecutive months; the amount of the deposit can be between […]
Abbey Borrowers Face Lengthened Mortgage Terms
by Gill Montia
Story link: Abbey Borrowers Face Lengthened Mortgage Terms
Some homeowners who have mortgages with Abbey may have to face the prospect of paying their mortgages for 15 years longer than expected, as a result of a communications error made by the bank in the late 1980s and early 1990s.
The number of borrowers affected could be in the thousands because the bank routinely extended […]
Abbey Launches 8% Current Account
by Gill Montia
Story link: Abbey Launches 8% Current Account
Abbey has put itself ahead of the market with the introduction of a current account that offers an eight percent rate of interest. The account will be available to new customers from July 2 and will pay eight percent credit interest on balances of up to £2,500, for one year only. This is conditional on […]
