Advantages high interest rate, can link to checking account
Disadvantages cannot deposit/withdraw money via branch; have to use ATM
I recently opened an esaver account with Abbey National and was amazed at the high rate of interest (7% gross) with instant access to your money - one of the best deals around at the moment with little commitment. I originally heard about the esaver as i opened a student account with them. Abbey National was also the only one of the high street bank who was offering a cash incentive (40 pounds) to students regardless of whether they were a fresher or not. I was able to open the account without a deposit and get an instant 1800 pound overdraft. I still have not put a penny into my account and have a 40 pound balance plus 1800 pound overdraft facility. I was so impressed that i asked whether they offered a high interest account but with easy access to your money as checking accounts currently offer you no interest. The esaver account is therefore a perfect compromise, and if you have a checking account at Abbey National too, you can link up the two accounts and transfer funds between them instantly over the internet. It is therefore a hassle-free account that lets you make the most out of your money.
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