M&S Money increases rates on fixed rate savings

M&S Money is launching new, higher rates on 1, 2 and 3 year Fixed Rate Savings products with effect from 3rd July 2008, offering guaranteed rates up to 6.01% AER/gross.

According to M&S Money research, people are unsure which way the Bank of England base rate will go this year, with similar numbers predicting that it will go up (29%), go down (24%) or stay the same (25%). A further 22% just don't know.

Andy Ripley, Deputy Chief Executive of M&S Money, commented; "The research also revealed that over half (59%) feel that an interest rate guarantee is important. Our products are designed specifically for savers who prefer certainty, and guarantees are particularly important to people in the current interest rate environment".

M&S Money Fixed Rate Savings accounts are available within a Cash ISA, with tax?free interest, or outside an ISA . This will be a limited offer subject to availability. The current range will be withdrawn at close of business on 2nd July 2008.

Deposits

Within an ISA - minimum deposit £500 up to Cash ISA allowance of £3,600 per tax year, transfers from other ISA providers allowed

Outside an ISA - minimum deposit £500, maximum £1million.

Customers can apply online at marksandspencer.com/savings.