UK Money News
2nd July 2008
M&S raises rates on savings products
M&S Money has announced it has sweetened the terms of its fixed rate savings products.
As of tomorrow, the rates on its one, two and three year investments will be improved to attract savers who are seeking the "certainty of guaranteed returns".
The rates on the company's Cash ISA will rise to 6.01 per cent for one year and to 5.80 per cent 5.70 per cent for savers who leave the sum untouched for two and three years respectively.
Meanwhile, the M&S Fixed Rate Savings offer will als0 offer one, two and three year rates of 6.01 per cent, 5.80 per cent and 5.70 per cent.
A statement from the firm said that it had launched the products in response to a poll which uncovered widespread uncertainty over the direction interest rates will take this year.
Andy Ripley, deputy chief executive of M&S Money, commented: "The research also revealed that over half (59 per cent) feel that an interest rate guarantee is important.
"Our products are designed specifically for savers who prefer certainty, and guarantees are particularly important to people in the current interest rate environment."
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