Another saving account which offers an interest rate of more than seven per cent is set to be launched.
The cahoot 12-month savings bond, which will be launched from July 16th, will offer a rate of 7.01 per cent gross.
Customers will be able to deposit between £1,000 and £2 million in the savings account .
Matthew Timms, head of cahoot, said: "The current environment for savers is exceptional. This highly competitive bond complements cahoot's existing range of competitive products."
The fact that cahoot is part of Abbey means that the savings account is well protected, he added.
Yesterday, Helen Cook, head of savings at Sainsbury's Finance, stated that people who are putting money into savings accounts must be honest with themselves as to whether or not they are going to keep a close eye on their money.
She explained that most people do not switch their savings account when a good fixed-rate deal comes to an end, something that means they might be better off with an account that offers a more consistent rate.
New 7 per cent savings account launched
New 7 per cent savings account launched
Thu, 10 Jul 2008
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