High street bank Abbey has launched the latest tranche of its fixed-rate 50+ savings bond.
The savings option, which is solely available to Britons of the age 50 and over, features a three-year term and an interest level of 6.25 per cent annual equivalent rate, currently 0.5 per cent above the Bank of England base rate.
However, the company already offers another savings account designed for the over-50s, with a rate of 6.05 per cent, but which will also move in line with fluctuations in the Bank's interest rate levels.
Reza Attar-Zadeh, head of savings and investments at Abbey, described the savings market for Britons over the age of 50 as "dynamic".
"As the only growing segment of the population, they hold 60 per cent of all savings and are responsible for over 40 per cent of all consumer demand," she explained.
She added that the savings account for over-50s has proven popular and noted her expectation that this new fixed-rate bond will follow suit.
The Bank of England raised the base rate of interest from 5.5 per cent earlier this month, a move that will be good news for many Britons with variable-rate savings accounts.
New savings bond from Abbey
Financial Services > Savings > Savings and Investments News
New savings bond from Abbey
Fri, 13 Jul 2007
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