New base rate tracker term account from Abbey

Savers may be interested in a new base rate tracker term account from Abbey International.

The bank is offering a one-year sterling account that tracks the Bank of England base rate until May next year.

Customers taking out one of the new accounts are also given a capital guarantee and are assured that they will receive their initial capital deposit back.

Until 3rd May this year, the launch rate of interest will be the same as the UK base rate; after this, it will rise to the base rate plus 0.3 per cent until 31st December 2007, when it once again reverts to base.

Jane Matthews, head of marketing & business development at Abbey International, said previous launches of the base rate tracker term account have been “very successful”.

She added: “The account is straightforward and provides a very competitive rate that is simple to understand and gives customers the confidence that they are continuing to receive a good deal without the hassle of having to shop around constantly”.

Earlier this week, the Bank of England’s monetary policy committee voted to leave the base rate unchanged at it’s current rate of 5.25 per cent.

© Adfero Ltd

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