Moneyfacts today praised a new savings account that will open with a competitive savings interest rate.
The Bonus Savings Account from internet bank cahoot promises a savings interest rate of 5.25 per cent for the first six months for customers looking to deposit £15,000 or more. The offer will begin on September 30th.
The savings account comes as many banks and building societies cut their savings interest rates in light of the August Bank of England interest rate cut.
Rachel Thurssel, head of savings at Moneyfacts, said that the demand for a high interest instant access product would be high: "It will be interesting to see how long this market-leading rate is available".
She continued: "Although savers will have seen their rates tumble in recent weeks, many have probably done nothing about it, but this may be the kick they need to move to a better deal."
Moneyfacts rated cahoot third in its monthly interest rate best-buy table, following Newcastle building society and Scottish Widows.
Abbey, the parent company for cahoot, is one of the UK's leading personal financial services companies.
Abbey's range of services includes mortgages and savings, bank accounts, loans and credit cards, long-term investments including pensions and unit trusts, life, critical illness and unemployment cover and household insurance. It also provides offshore banking for expatriates.
Abbey is the sixth largest bank by assets and the second largest provider of mortgages and savings in the UK.
Website praises cahoot savings account
Financial Services > Savings > Savings and Investments News
Website praises cahoot savings account
Thu, 29 Sep 2005
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