Post office launches new savings account

Wed, 23 Apr 2008

A new savings account that is "ideal for investors made cautious by the recent stock market jitters" has been launched.

The savings account, offered by the Post Office, has two elements - half the money will earn a fixed 5.5 per cent rate of interest for five years, while the other half will benefit from a 50 per cent return on any increase in the FTSE-100 over the same period of time.

Richard Norman, director of savings and investments for the Post Office, said: "With the current volatility of the stock market people are understandably wary about risking their hard-earned savings in direct investments, but they still want their money to be working as hard as it can for them."

He added that the five-year savings bond will provide people will security, but also offers them the possibility of good returns in future.

Yesterday, David White of the Children's Mutual claimed that the credit crunch is making people think more about the need for a savings account.
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