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Abbey: Big Four offer low rates

17 May 2006
The Big Four banks continue to resist the swathe of high rates being offered in savings products and yet somehow maintain a solid client base, according to a spokesperson from Abbey Building Society.

Tracy North claims that it is only really the rates offered by HSBC, NatWest, Barclays and Lloyds TSB that are not competitive in the current savings marketplace while other banks and building societies are locked in a rates war to offer the best possible value for money.

"It is only really the big four that are not following suit," she said. "We are not quite sure why people put up with such low rates.

"Maybe they don't realise quite how much they are missing out on by having an account with such a low rate," Ms North added.

Along with savings products, the bigger institutions on the high street seem to command a large market share in other financial products, such as loans and mortgages, despite offering similarly less competitive rates.

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