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New savings product give hope to savers
Savers looking for some good news in the financial market will be pleased to see a new ‘best-buy’ ISA on the market. The Abbey have offered a new savings product that will pay up to 3.5%. The average rate on a tax free ISA (Individual Savings Account) is 2.09%. The expectation that the Bank of England interest rate will be lowered by a further .05% on Thursday although popular with spenders is not popular with savers who have seen the return on any savings dwindle to almost nothing over the past 12 months.
The new Reward ISA, which will be available from 2nd March, will pay 3.5% and include a 2% bonus at the end of the first year; this is under the condition that no withdrawals are made in the first 12 months. Abbey will introduce a Direct Isa and will accept transfers in from any current tax free savings. Abbey will pay out 2.5% for the first year including bonuses of 1.5% and 1% for balances of below and above £9,000 respectively.
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Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
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