Abbey offers savers another option - Savings - News - Moneyfacts


Abbey offers savers another option

Abbey offers savers another option

Category: Savings

Updated: 06/03/2009
First Published: 06/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Abbey's latest forays into the savings market are good news for those of you struggling to find a home for your money.

The eSaver Direct (Issue 2) is an instant access internet operated account requiring a minimum investment of £1.

A rate of 3.00% yearly means it sits comfortably in the top five internet accounts available.

However, it does include a 1.25% bonus for the first 12 months, making it essential to review your options once a year is up.

Access to your funds is allowed but a lower rate of 0.10% is paid for any month in which a withdrawal is made.

The Instant Access Saver (Issue 3) is a branch and telephone operated account that requires a minimum £1K investment.

It also pays 3.00% yearly but includes a 1.50% bonus for 12 months, again making a review of the market sensible once a year has elapsed.

As its name suggests, access to your funds is instant, although if the balance in the account falls below £1K, a reduced rate of interest of 0.10% applies.

Both of these products have been rewarded with four out of five Moneyfacts stars.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.

Number of savings accounts falls to record low

As if the continued drop in savings rates wasn’t bad enough, our latest research reveals another blow to already hard-pressed savers, with the number of accounts available having fallen to a record low.