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Abbey’s new instant access saver pays 3%

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by David Masters
Abbey's new instant access saver pays 3%

Abbey has launched a new issue of its instant access saver account, paying interest at 3% gross/AER.

This is equivalent to 2.4% after tax. It should be noted that the 3% rate includes a 1.5% bonus for the first 12 months.

Savers can invest anything from £1,000 to £2 million, and can make an unlimited number of withdrawals without incurring any penalty.

The account can be opened over the internet, via telephone, or in branch.

Savers who open the account should be prepared to move their money once the 12 month bonus expires because Abbey only allows customers to open an instant access account once.

As such, customers looking for continued high rates cannot cheat the system by opening a new issue instant access account next year, but will have to open a different Abbey account, or move to another bank.

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News posted: March 4, 2009

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