is located in the United Kingdom and functions as a Grupo Santander subsidiary. After the 1944 merger of the National Building society and the Abbey Road Building Society, the body acquired the name Abbey National Building Society. By the end of 2010, Abbey’s brand will be changed to Santander. The headquarters of the bank are located in London, with Milton Keynes hosting the main corporate centre.
Similar to other major banks
, Abbey National offers a great variety of bank products and services, such as loans, current and savings accounts, mortgages, credit cards, insurances, and pensions. The employees` benefit packages are managed by a special unit. In contrast to some other banks, Abby did not introduce the premium service accounts which benefit the customer. The institution offers two kinds of current accounts. The first and most basic type, Instant Plus represents a low interest rate account. Interest is calculated only on balances of £50 and above.
The next option concerns individuals with little experience in the field of banking. This type is referred to as the standard account. Apart from ATM, 24 hour internet, overdraft facility, telephone banking, and cashcard, this type of account is quite attractive. This fact is explainable with the interest percent, standing higher than the one offered by most banks: 2.5 per cent.
The company allows customers to switch between their products with relative ease, removing the hassle that may be felt elsewhere. At the same time, the bank officials make all necessary phone calls on behalf of their clients.
The bank is now the sixth largest banking institution in Great Britain, with staff numbering well above 28000. The institution has made technological innovations and is known as one of the pioneers in adapting WAP distribution channels and digital TV.
From 2003 onwards, the bank is switching direction, renewing the battle to become the largest bank in the United Kingdom, which offers personal financial services.
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