Settling for Second Best is Second Nature to Three in Four Brits

    LONDON, ENGLAND, October 14, 2009 /24-7PressRelease/ -- Three quarters of Britons are currently settling for second best in some part of their lives, according to new research from Abbey Current Accounts. Striving for the best in life has fallen down the priority list for millions of Britons, as they opt for the easier alternative.

Many adults forsake their dream job, with almost a third of Britons (30 per cent) settling for their second choice career instead. Dream homes also remain a fantasy for millions of people as one in four (24 per cent) settling for their second choice of property type.

Other examples of settling for second best include:
• one fifth (22 per cent) are not living in their preferred location
• one in five (19 per cent) settle for a partner or relationship which is second best
• one in ten (11 per cent) settle for second best when it comes to financial products

Gillian Almond, Head of Abbey Bank Accounts explained: "Most people settle for second best in a major area of their life. Some of these can be difficult and time-consuming to put right, other elements of your day-to-day life can easily be put right. This includes changing your second-rate bank account which is not giving you value for money. It is easy to make the change to one which gives you the best rate on the market, so you can make the most of your hard-earned cash."

Almost half (47 per cent) of Britons feel they don't have enough money to attain their first choice in certain areas of their life. A further 15 per cent feel that it is out of their own personal control to get what they really want. Gillian Almond added, "settling for second best is easy when it comes to personal finance, as many current account providers rely on apathy or misplaced loyalty to give you no return on your cash at all. People should vote with their feet, and hot-foot it to an account which gives market-leading interest, at a time when others are reducing the value they provide."

Notes to Editors
1) 28% of Britons have always had their first choice in every part of their lives, therefore 72% of Britons have settled for second best in some area of their lives. 72/100 x 48,778,000 UK adults (ONS population projects) = 35,120,160

2) Opinium Research carried out an online poll of 2,010 British adults from 19th May to 21st May 2009. Results have been weighted to nationally representative criteria.

3) Abbey's Preferred In-Credit Rate: Credit interest of 6.00% AER (fixed) on balances up to GBP2,500 for the first 12 months. After 12 months, 1.00% AER (variable) on balances up to GBP2,500. To benefit from these rates customers must credit the account with a minimum of GBP1000 per month. Balances over GBP2,500 or if the required monthly credits are not made earn 0.10% AER (variable). 0% interest free Advance Overdraft for the first 4 months if you switch via the Account transfer Service, thereafter the interest rate reverts to 19.9% APR.

4) Alliance & Leicester's Premier Direct: Credit interest of 6.00% AER (fixed) on balances up to GBP2,500 for the first 12 months. After 12 months, 1.00% AER (variable) on balances up to GBP2,500. Balances over GBP2,500 earn 0.10% AER (variable). GBP500 monthly funding (or fees may apply). 0% EAR typical overdraft. No usage fees on arranged overdrafts for 12 months from when you open the account (new customers only). A usage fee of 50p a day (up to GBP5 a month) applies after that.

About Us
Santander (SAN.MC, STD.N) is a retail and commercial bank, based in Spain, with operations in more than 40 countries. At the end of 2008, Santander was the largest bank in the euro zone by market capitalization and third in the world by profit. Founded in 1857, Santander had EUR 1,168 billion in managed funds at the end of 2008.

Following the acquisition of Sovereign Bancorp. of the U.S. in January 2009, Santander has 90 million customers, more than 14,000 branches - more than any other international bank - and over 180,000 employees.

Santander is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In 2008, Santander registered EUR8,876 million in net attributable profit, an increase of 9% from the previous year excluding capital gains.

In the UK, Santander operates three retail businesses - Abbey, Alliance & Leicester and the savings business of Bradford & Bingley. Together they have over 1300 branches, around 4,500 cash machines and they provide a full range of retail and corporate banking services to 24 million customers.

Abbey, Alliance & Leicester (A&L) and Bradford & Bingley savings (B&B) will all become known as Santander by the end of 2010. Abbey and B&B savings will be rebranded from the first quarter of 2010 and A&L will follow later in the year. The move will deliver a significant advantage for customers as they will be able to use any of 1,000 Santander branches from early 2010, rising to 1,300 by the end of 2010.


Media Enquiries
Steve Gracey Abbey Press Office Tel: 0116 200 3366 Mob: 07753 712674
Santander Press Office 020 7756 5952
The press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.

Website: http://www.abbey.com

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