Abbey launches 7% monthly saver

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Santander-owned Abbey has reissued its Super Fixed Rate Monthly and Fixed Rate Monthly savings accounts.

The company said it hopes the two reissued accounts will help customers kick-start their New Year’s resolution to start saving.

Abbey’s Super Fixed Rate Monthly Saver offers a 7% AER for 12 months, provided no withdrawals are made, and between A?20 and A?250 per month are deposited into the account by standing order.

To qualify for the Super Saver rate, customers must take out a regular investment, pension, or personal protection plan with Abbey.

Those who don’t qualify can take out an ordinary Fixed Rate Monthly Saver, which offers 5% interest for 12 months on the same conditions as the Super Saver.

Abbey’s director of savings and investments, Reza Attar-Zadeh, urged customers to ‘lock in whilst they can’ as interest rates on many savings accounts continue to fall following yesterday’s Bank of England base rate cut.

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