UK Money News
30th July 2008
Abbey unveils new one-year bond
Abbey has announced the launch of a new fixed-rate one year bond paying up to 6.75 per cent, amid increasing competition for customer deposits among banks and building societies.
The bond offers a rate of 6.35 per cent for balances of between £1 and £29,999 and 6.75 per cent on balances of between £30,000 and £1 million.
Also available is a monthly option, which pays a maximum of 6.55 per cent and is aimed at savers who require a regular monthly income.
Reza Attar-Zadeh, director of savings and investments at Abbey, said: "Fixed rate savings bonds are proving exceptionally popular in the current market as savers look to lock into the high interest rate environment.
"This bond offers savers not only a highly attractive rate but one that is available on the high street."
News of the launch comes as lenders are increasingly seeking to entice savers with a range of attractive savings products.
This trend has been fuelled by banks seeking to restore their credit crunch-hit balance sheets by attracting more customer deposits.
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