Savings Accounts

Bradford & Bingley has announced the launch of the ‘What If? Saver Account’, designed to appeal to savers who want a ‘no notice’ home for their money that offers a highly attractive variable rate of 5.50% p.a.gross, which includes a bonus equivalent to 0.50% p.a gross.

Commenting on the recent flurry of savings product activity, Kevin Mountford, head of savings at price comparison website moneysupermarket.com, said: “Highly competitive and innovative regular saving products have flooded the market this week – but should Brits be tempted?

Sean Gardner, Chief Executive of MoneyExpert.com, said: “Abbey customers who are keen to save regularly could be forgiven for thinking Christmas has come early with the launch of the firm’s new Super Monthly Saver paying 10 per cent for one year.

From today, Abbey’s customers will be able to benefit from an attractive 10 per cent AER through Abbey’s Super Monthly Saver account. The account is designed for people that want to save regularly to accumulate a lump sum after 12 months.

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, comments on the new regular savings accounts launched today from Alliance & Leicester and Abbey:

With effect from Monday 2 July 2007, Nationwide International is launching a new Base Rate Tracker Premium offshore savings account paying up to 6.00% gross p.a./AER.

Coventry Building Society increases rate on Sixty-Plus eSave - 6.40% for the over 60s.

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, comments: “Birmingham Midshires online saver account launched this week pays a respectable 5.89% gross, but there is a catch – if you withdraw any money from this account you lose interest on your entire balance for that month.

Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, comments: “Last week saw the savings market taken by storm with the rate increase on the market leading no strings savings account from Sainsbury’s Bank now paying 6% gross/AER.

Scarborough Channel Islands Limited (SCIL) is launching a new limited issue offshore notice account, paying 6.30% Gross p.a./AER guaranteed, or Bank of England base rate, whichever is the higher, until 31 July 2008.

Alliance & Leicester today urged those who are looking to put a little bit of money away each month to sign up for its market leading Premier Regular Saver account before the promotion ends on 1st July 2007.

Sean Gardner, Chief Executive of MoneyExpert.com, said: “Our Switching Index shows current accounts are the new switching battleground, with some 2.29 million people ditching their bank in the last six months to April.

At a time when interest rates have been changing relatively frequently, savers want to know that they are getting the best deal for their money.

From 1 July 2007, Abbey is extending the bonus period on its highly popular 50+ Saver account for new customers, due to ongoing strong demand for the product. This is to ensure that new customers continue to benefit from an attractive bonus period.

Bradford & Bingley has launched eSavings4, an online savings account, that boasts a market-leading annual ‘bonus’ rate of 6.01% p.a. gross/AER for the first 12 months, designed to appeal to customers looking for easy and penalty-free access to their money.