Abbey Savings predicts £57bn in switching

www.moneynews.co.uk > Banking > Abbey Savings predicts £57bn in switching

Abbey Savings predicts £57bn in switching

Tue 25th Sep 2007

Abbey Savings has conducted research that points to the likelihood that British consumers will switch over a full £57 billion in savings.

The recent tempestuous state of the market has resulted in increasingly attractive saving rates, Abbey stated.

But there are a growing number of signs that point to the fact that such tempting rates will not be around for much longer.

Reza Attar-Zadeh, director of savings and investments at Abbey said: "This is a great time for savings and we are seeing interest from new savers at unprecedented levels.

"We have received exceptional demand for our eBond and Bond products. We would urge savers to take advantage of these excellent rates while they last."

New products will be continue to be released by Abbey which will let its customers "benefit from the current market conditions", he added.

Meanwhile, Abbey recently launched its short-term savings bond with an AER of 6.87 per cent.

Savers looking for a short-term commitment might be interested to learn of two new products that have been launched by Abbey.

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : Santander
	FSA fines Santander 1.5m
	Santander launches new fixed rate Isas
	Santander launches upfront interest bond
	Contactless banking 'still has some way to go'
	Santander reveals updated fixed mortgage rates
	Confidence of first-time buyers increases, suggests survey
	Santander launches fixed-rate mortgage range
	Third of parents would pay extra for school catchment property
	Santander offers first monthly cashback credit card
	Bank of England maintains bank rate at 0.5 per cent