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.
The decision by Gordon Brown to review the state of social care in order to make them more affordable and fairer for everyone has been welcomed by Saga Insurance.
The insurer has asked for steps to be taken as quickly as possible to help those who need it but also advises people to take independent financial advice in the meantime to ensure they make the best decision. Saga Insurance research shows that the typical cost of a 4 year care home stay is expected to almost double in the next twenty years, from GBP112,000 to GBP223,000.
A Saga Insurance spokesman said that it was vital to get professional financial advice since it could help inheritances be protected rather than seeing it all eaten up in care fees as is currently the case.
More information about Saga Insurance can be found within Moneygossip.co.uk.
The personal finance arm of Saga Insurance has just brought out a new interest rate guarantee for their online savings account.
The online savings account is now guaranteed to offer an interest rate that will always be with a quarter of a percent of the top 5 variable rate accounts average. Saga Insurance personal finance division has calculated that the average rate as it stands is 6.25 percent gross, working out to 6.43 percent AER.
New customers can sign up to the new savings account online at the Saga Insurance website, whilst existing online savings account customers will see their interest rates changed automatically. The account only needs a deposit of one pound to open and as such offers an extremely attractive rate.
