Abbey International holds regular saver rates

Following the recent 0.5% cut in the sterling, euro and US dollar Base Rates, Abbey International, the specialist offshore banking subsidiary of Abbey in the UK has reduced the interest rates payable on its range of sterling and currency denominated savings accounts, but it has not reduced rates on its new Monthly Offshore Saver account, which currently offers 12% gross/AER sterling, 10% gross/AER for euro and 6% gross/AER for US dollars for regular savers who have opened an Abbey International Gold current account.

Rates have also not been reduced on the cash element of the newly launched Capital Guaranteed World Basket Income and Growth Account which offers annual fixed rate returns of 7.50% gross/AER on sterling deposits, 6.0% gross/AER on euro deposits and 5.0% gross/AER on US dollar deposits.

Announcing the changes, Jane Matthews, Head of Marketing & Business Development at Abbey International said, “Although we have had to reduce many of our savings rates, I am pleased that we have been able to restrict this to match the Base Rate reduction in the vast majority of cases for our clients. Nevertheless, even after these adjustments, clients can still earn up to 6.25% gross/AER in our 12 month fixed rate contracts and 5.70% gross/AER on a 6 month fixed rate contract. I am particularly pleased that we have been able to hold rates on our new Monthly Offshore Regular Saver Account and also on the cash element of our capital guaranteed account. We have seen an increase of new business during the recent market turbulence, as savers have sought out the combination of a large, stable global banking group and competitive interest rates. Looking to the future, fixed interest rates, which protect against further cuts in bank base rates, are proving popular with many.”

For further information on offshore banking, visit abbeyinternational.com