Abbey launches new savings account

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Abbey launches new savings account

Fri 5th Dec 2008

Abbey has announced the launch of a new savings account aimed at people who are looking to get on the property ladder.

The new account, called the first home saver, will offer interest rates of 6.5 per cent to customers provided that they make monthly deposits of between £100 and £300.

At the end of the account's term, the saver will also be obliged to have an interview with an Abbey mortgage adviser, although there will be no obligation to take out a mortgage with the bank.

Abbey claims that the interest rates offered on the account are highly competitive, especially given the Bank of England's cut in the base rate yesterday.

Reza Attar-Zadeh, director of savings and investments at Abbey, said: "We have a limited number of accounts available, so savers should act now to secure what is a market leading rate in a falling interest rate environment."

A survey released yesterday showed that the total amount stashed away in UK savings accounts has fell by over £19 billion in the second half of this year.

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