Abbey mortgage and savings update following base rate cut

Abbey has announced changes to its savings and mortgages range following the Bank of England's decision on base rate last week.

It is passing on the full 0.25 per cent cut to its standard variable mortgage and base-rate tracker mortgages, while maintaining its best savings rates, including:

Abbey's Fixed Rate Monthly Saver at 7.25%
Esaver Direct at 6.5%
50+ Saver paying up to 6.5%

For all other savings products, details will be announced shortly, but none will be cut by more than 0.25 per cent.

A spokesperson for Abbey, said: "Despite the current market turmoil and high cost of funding, Abbey is committed to ensuring customers receive the benefit of the base rate reduction. Our best-paying savings rates are being maintained at their existing high levels, we're passing on the full base rate reduction to customers on SVR and we're cutting the rates on our two-year tracker and flexible mortgages for new customers."

The change to SVR for existing customers, and savings rates for new and existing customers, take effect from 1 May.