The Bank of Scotland has a fantastic opportunity for first time buyers saving a deposit for their first home – doubled up savings.
The way this works is that savers who regularly deposit money into a Bank of Scotland savings account, up to a maximum amount saved of GBP5,000, will have the balance matched by the home builder Persimmon. The one proviso is that this only happens if the savings are used as a deposit on a new house.
A spokesman from the housebuilder saw it as making a real difference for first time buyers, though they would still need a considerable amount saved elsewhere in order to make the 25 percent minimum deposit most mortgage providers require. The Bank of Scotland are also in favour of the scheme as they want to help home buyers as much as they can.
The Bank of Scotland has found that small businesses are saving some of their money rather than investing it back into the business.
Of the 1,000 small business owners surveyed by the Bank of Scotland over three quarters of them felt the uncertainty surrounding the economy at the moment meant it was best to save their money rather than investing it in the business. Over the coming year 38 percent of respondents planned to save their money to invest in the business later while 37 percent wanted to use it to earn interest.
Small business owners were also advised by the Bank of Scotland that its Total Business deposit account could help save them money, something that, by the sound of it, is very important to them.
For anyone looking for a high interest paying investment option the Abbey National has just launched a one year fixed rate bond that offers a 7.01 percent interest rate.
The minimum investment amount is GBP30,000, with a maximum of GBP2 million, enough for most people. The Abbey National bond is a one year term, with an expiry date of 1 July 2009. This means that investors will have to act smartly to get their funds in within the deadline.
An Abbey National spokesman confirmed that the current market for savings and investments is the best it has been for many years and is urging consumers to take advantage of the situation while it is available.
