Are Your Savings Safest at Abbey?
Abbey, the Spanish owned bank, has lately seen an increased influx of deposits. Ka-ching!
While many banks are suffering from the financial instability, deposits have increased at Abbey by seventy percent this year, resulting in £4.3 billion deposited compared to the £2.5 Billion deposited last year.
What has been the cause for this increase?
Experts within the bank suggest the increased deposits could stem from the trust that has accrued for the bank as one of the premier financial institutions:
"Lending at Abbey is based on robust risk management combined with aspects of affordability for the customer, with 60% of the banks balance sheets coming from deposits."
Abbey is also backed by one of the largest deposit-taking banks, Santander, which gives additional credibility to the lending and savings institution. Other banks have cut deposit interest rates, which could cause for the heightened popularity in Abbey.
If you open an account with Abbey, don't forget the Abbey Zero credit card, one of the best cards on the market to exchange currency abroad with no loading fees, and decent exchange rates.