Abbey, Britain's sixth largest bank , has announced the closure of its two year Special Growth UK savings bond after encountering "exceptional demand".
Abbey's savings bond product offered 5.5 per cent gross per annum/AER but sold-out far earlier than expected, forcing the bank to bring the savings bond's withdrawal date forward from August 8th to July 27th.
"We have been working hard at maximising returns for savers and ensuring that they are able to directly benefit from new market opportunities," commented Randal Whittaker, a representative from Abbey's long term savings marketing division.
"We are delighted with the success of the Special Growth Bond and will be looking to develop similar limited offer products," Mr Whittaker added.
Although UK savings bonds vary in form, all are effectively loans that an investor makes to a financial institution in return for a series of interest payments and a fixed capital repayment date.
Unlike other forms of investment, savings bonds can be traded and offer a secure income stream with a guaranteed return on capital .
Abbey announces savings bond closure after exceptional demand
Abbey announces savings bond closure after exceptional demand
Fri, 28 Jul 2006
Recommended links
Abbey revamps fixed-rate savings accountAbbey launches its highest rate investment bond
Abbey launches new savings bond
Compare top offers for saving bonds
Guide to investment bonds
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Skipton BS launches new savings bonds - Mon, 05 Jan 2009 |
| People make savings resolutions - Fri, 02 Jan 2009 |
| Nationwide BS to cut savings rates - Wed, 31 Dec 2008 |
| More News |
