Abbey Super Saver account 'has costs and benefits'

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www.moneynews.co.uk > Banking > Abbey Super Saver account 'has costs and benefits'

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Abbey Super Saver account 'has costs and benefits'

Abbey's new Super Saver account does offer benefits but potential customers should look out for catches, MoneyExpert.com has warned.

The bank launched the account yesterday, with a rate of 9.1 per cent for a 12-month period.

Customers are able to access their balance without incurring penalties and can choose to have their interest paid monthly or annually.

However, MoneyExpert.com explains that the account functions in the same way as a bond, requiring customers to keep their money in the account for a full year if they want to take full advantage of the 9.1 per cent rate.

In addition, it says the "major constraint" is the stipulation that anyone singing up to the account must put an equal amount or more into one of Abbey's investment products.

"There's a wide range of investment products available but with the markets undergoing a torrid time of late there's no guarantee that your money will generate a great return," the website said in a statement.

It concluded: "Anyone looking for a wide savings portfolio with some element guaranteed at an excellent rate should consider the Abbey Super Saver."
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