Cahoot: Fixed-rate bond launched

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Cahoot: Fixed-rate bond launched

Fri 20th Mar 2009

A new fixed-rate bond for savers has been launched by Abbey subsidiary cahoot.

The two-year fixed-rate bond offers 4.01 per cent annual equivalent rate for customers depositing over £30,000.

As the Bank of England's base rate now stands at 0.5 per cent, cahoot stated that its deal offers savers a fixed rate that is 3.51 per cent above the Bank's rate.

According to cahoot, an average rate of 0.63 per cent is available on instant access savings accounts.

Managing director of cahoot Matthew Timms stated: "This is a highly-competitive bond in the current market that complements cahoot's existing range of competitive products."

He added that savers are given "peace of mind and security for their money" as the bond is backed financially by Santander.

Recently, moneysupermarket.com suggested that the fixed-rate bonds market is starting to bounce back.

The comparison website noted that the top five products now average an interest rate of 3.89 per cent.

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