M&S Money launches Fixed-Rate Savings account

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M&S Money launches Fixed-Rate Savings account

M&S Money has announced the launch of its Fixed-Rate Savings option which is available on one, two and three-year terms.

The top interest rate is offered for the three-year option which is four per cent gross, while the one and two-year gives a return of 2.5 per cent and three per cent respectively.

Colin Kersley, chief executive at the organisation, claimed that its customers trust M&S Money so he expects to see plenty of interest in the product.

He said: "We are delighted to be able to offer savers guaranteed rates up to four per cent in good time for the new ISA limits for those aged 50 or over."

The new product is available from October 1st and customers can apply for it online.

Research by the comparison site uSwitch indicated that over the next year over-50s could earn £677 million from the annual allowance increase brought in by the government in spring, which takes effect on October 6th.

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