A recent Legal and General survey has shown that the Welsh are the most likely to have money left at the end of the month after covering bills and essential payments.
Two thirds of people in Wales had money left over, compared with a national average of 53 percent and a surprising 43 percent in London. These findings really turn the general understanding of where the money is on its head. Although the cost of living in London is high it has always been thought that wages covered this difference with some to spare, but perhaps not.
A Legal and General spokesman felt the findings should prompt consumers to start putting some money aside into a savings account or something similar. Having disposable income does not mean it has to be spent straight away, saving some can make a massive difference to the future.
The Abbey National has announced a reduction in the interest rates offered on several of its savings accounts, with cuts of 0.25 percent to match the recent base rate cut by the Bank of England.
Commencing on 1 May all Abbey National savings accounts with the exception of the eSaver Direct, Super 50 Plus and 50 Plus Saver will have the 0.25 percent cut on their rates. These ones mentioned will keep their rates as they were.
The Abbey National savings and investments director said that although the rates had been reduced on their accounts it was important to have a savings plan in place, especially in the current economic climate. It is a very competitive market and Abbey are committed to doing the best for their customers.
Two new offshore savings accounts have been announced by Alliance and Leicester, called the eSaver Offshore Notice 50 and eSaver Offshore Issue 2.
The issue 2 Alliance and Leicester Offshore savings account replaces the original one and now pays interest at 6.25 percent gross p.a, variable. The Notice 50 savings account is better suited to those who can keep the money in place, or at least give good notice on withdrawals. This one offers a 6.35 percent interest rate on balances of GBP25,000 and over, again gross p.a.
An Alliance and Leicester spokesman explained that it was customer demand that had brought these new savings accounts to the market. They combine excellent interest rates with flexibility and so meet customer requirements very well.
