Abbey International launches base rate tracker term account

Abbey International has launched a new issue of its Base Rate Tracker Term Account (Issue 6) as part of its range of deposit accounts offering consistent and competitive rates of interest.

The one-year Sterling account offers an interest rate that moves in line with the UK Bank of England Base Rate until 6 May 2008. The interest rate is variable and offers a pre-launch rate of UK Base Rate from 19 March 2007 until 3 May 2007.

Launch rates are:

4 May 2007 - 30 August 2007, UK Base Rate plus 0.30 per cent
31 August 2007 - 31 December 2007, UK Base Rate plus 0.10 per cent
1 January 2008 – 6 May 2008, UK Base Rate.

The Account offers a capital guarantee, meaning that customers will always receive back their initial capital deposit.

Jane Matthews, Head of Marketing & Business Development at Abbey International, said: “Previous launches of the Base Rate Tracker Term Account have been very successful. The account is straightforward and provides a very competitive rate that is simple to understand and gives customers the confidence that they are continuing to receive a good deal without the hassle of having to shop around constantly. Customers can also monitor their financial transactions via our Internet Banking Service.”

The Base Rate Tracker Term Account (Issue 6) is only available in Sterling, with a minimum balance of £10,000.

Interest is calculated daily and will be paid on the maturity date of 6 May 2008. Further deposits to an existing account can be made at any time until maturity. Payments in can be made by cheque, CHAPS/Swift, BACS or for existing customers via inter-account transfers using the internet banking service.