Abbey raises interest rates on savings accounts

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Abbey raises interest rates on savings accounts

Abbey is to raise its savings account interest rates to reflect the new 4.75 per cent base rate set by the Bank of England earlier this month.

From September 1st 2006 the majority of Abbey's savings accounts will increase by the full 0.25 per cent announced by the Monetary Policy Committee.

The bank's eSaver customers will enjoy rates of up to 5.3 per cent AER, while Flexible Saver rates will range from 3.1 per cent AER up to 3.6 per cent AER.

Rates on other tiered accounts such Abbey's Postal Account will increase by 0.25 per cent across each tier to ensure savers get the maximum benefit.

Branch Saver will also increase by 0.25 per cent across each tier to give savers the benefits of competitive rates in line with the number of withdrawals made.

Abbey's popular Monthly Saver account will move 0.25 per cent to a competitive 5 per cent when a customer deposits a minimum of £20 and does not make any withdrawals.

Reza Attar Zadeh, head of Abbey Savings and Banking, said: "This is the first base rate increase we have seen since August 2004 and it is great news for savers.

"Abbey are pleased to be able to pass on the full base rate increase of 0.25 per cent to the vast majority of our savings customers."

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