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Abbey launches 7% monthly saver

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by David Masters

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 £20 and £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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News posted: January 9, 2009

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