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Abbey introduces new savings product

Abbey Savings has launched its new Instant Access Saver Account offering a rate of 6.50% gross on balances above GBP1,000.

The rate includes a bonus of 1% for 12 months from the date of opening. After 12 months the rate reverts to 5.50%. Any number of withdrawals can be made and 6.50% continues to be earned on all balances above GBP1000.

Abbey said that customers can open the account online and manage their money by telephone/in-branch.

Reza Attar-Zadeh, director of savings and investments at Abbey, said: This is an exceptional rate for a telephone access account. Now customers who like to manage their accounts by telephone or in-branch can benefit from rates normally only seen on online accounts.