New bonds from Abbey

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New bonds from Abbey

Thu 10th Jul 2008

Several new bonds have been launched by Abbey.

From July 16, cahoot - part of the bank and backed by Santander - will start a 12-month bond paying 7.01 per cent gross/AER for investments between £1,000 and £2 million.

The bond is strictly limited and subject to availability.

Abbey has also issued new fixed-rate, 50+ and children's savings bonds.

The fixed-rate bond offers a gross rate pa of six per cent or more while the three-year deal for the over-50s offers a 6.10 per cent gross rate.

Children can have a guaranteed fixed-rate for four years of 6.10 per cent gross.

Matthew Timms, head of cahoot, said that the current situation for savers is "exceptional".

Calling cahoot's bond "highly competitive", he noted that the financial backing by Santander offered "peace of mind from product to provider".

Pension scheme managers are increasingly shifting their investment focus from equities to bonds, the London Stock Exchange reports.

According to a study from Aon Consulting, 46 per cent of managers of defined benefit pension schemes which were polled have made such a switch in the last 12 months.

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