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Abbey to launch rival to Woolwich Open-Plan

Abbey National is launching Flexible Finance, a banking service which allows customers to switch money between their accounts on-line.

The Abbey&#39s current account will continue to be used for normal bank account services, such as settling bills, paying standing orders and checking balances.

But from April, Flexible Finance will allow customers to access any or all of their accounts to transfer money.

Abbey retail e-commerce director Ambrose McGinn says : “Flexible Finance differs from products such as the VirginOne account or Woolwich&#39s Open Plan in that customers continue to have a variety of accounts.”

Flexible Finance will be launched on Abbey&#39s website and is entirely separate from its standalone internet bank.


Scottish Mutual – Income Bond

Type: Single premium endowment assurance policy designed to provide a monthly or annual income. Growth option also available.Aim: Income or growth by tracking movement of Dow Jones Euro Stoxx 50 Index.Minimum-maximum investment: £10,000-£250,000.Term: 3 years.Guarantee: 40% of initial investment in addition to any income already taken or growth payable.Return: Capital return depends on performance of […]

Nationwide brings web to branch customers

Nationwide Building Society is to install 250 Internet terminals in branches across the country by the end of May.Customers can use the terminals during branch opening hours to connect free to Nationwide&#39s internet banking service.They will be able to carry out transactions such as managing their current and savings accounts, paying bills, setting up standing […]

CGU threatens pull-out of Gartmore race

CGU is threatening to pull out of the race to buy Gartmore because the asking price is too high.The fund manager was originally estimated to be worth about £550m but the valuation has risen dramatically to £900m.Old Mutual, whose bid of around £550 m for Gartmore was thought too low, said this month that it […]

Internet payments to clear immediately

The Association of Payment Clearing Services have agreed that by next year, internet payments will be credited or debited straight away. The new payment system was announced after it met last week to discuss modernising the 200-year-old cheque clearing system. Cheque and debit card payments could also be speeded up under the reforms.At the moment, […]


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