Egg, best known for their Egg card, has just announced a new interest rate on their savings account of 6.05 percent gross.
Requiring a minimum deposit of just GBP1 and open to both existing and new customers the Egg card savings account is expected to be very popular. It also allows free access to the money held, with no penalties or notice periods needed. After the first 12 months at the introductory rate the account reverts back to the standard variable rate, currently 4.75 percent gross.
An Egg card spokesman, discussing the savings account, said that the introductory interest rate is one of the best available for easy access accounts and, with the rate guaranteed for 12 months offers an excellent vehicle for savers.
The Abbey National has just issued a new range of investment bonds, catering for children, the over fiftys and those seeking a safe, fixed rate home for their money.
The Abbey National childrens savings bond is valid for those under 18 and offers a guaranteed 5.3 percent interest rate gross per annum, with an investment period of four years. Meanwhile, at the other end of the age scale, the over 50s will pay interest either annually or monthly to best suit investor circumstances, at a rate of 5.3 percent annual or 5.18 percent monthly.
Finally, the fixed rate bond from the Abbey National is available as a one, two or three year product. Assuming an investment amount of less than GBP50,000 the gross returns are 5.7, 5.2 and 5.1 percent respectively. For the one year bond an investment of GBP50,000 or more would provide a 6 percent return.
The Abbey National is aiming to help smokers kick the habit by encouraging them to save the money they would normally spend on cigarettes.
The typical 20 cigarettes a day smoker spends around GBP170 each month that could be used for many different and ultimately far better uses. Over the period of just a year a smoker who gives up and puts the money they would have spent into a monthly savings account such as the Abbey National Fixed Rate Monthly Saver would have a balance just 12 months later of almost GBP2,120.
An Abbey National spokesman urged smokers to think seriously about their options and consider the benefits of using a savings account to put money to one side. It can quickly build up into a tidy sum and the person becomes healthier into the bargain.
