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.
A new savings account has been introduced by Saga Insurance that tracks five of the main savings accounts available online to ensure it is always competitive.
Called the Online Top 5 Tracker this new savings account follows the movements of the five top paying savings accounts based on the internet. The new Saga Insurance savings account offers instant access to money and no limit on the number of times customers access the account it is sure to be popular.
The way the tracker account works is by taking the average interest rate offered by the top 5 and then paying a level of interest that is within a quarter of a percent of that average. This ensures Saga Insurance savings account customers are always receiving a rate of interest that is competitive, no matter how the top 5 may change.
The Nationwide Building Society, in its latest results for July, has found that 20 percent of the adult population are not putting any savings aside.
They also found that the number of people saving on a regular basis also fell, down to 46 percent from 54 percent just three months ago. Two thirds of people believe they should be saving according to the Nationwide Building Society, though the key, as with most things, is to do something about it.
A spokesman from the Nationwide Building Society said that consumers appeared to be feeling the pressure being put on them by rising prices but also asked them to at least look at savings vehicles such as ISAs and Childrens Trust Funds. These are tax efficient and so can make a big difference.
