Abbey launches new growth account

Financial service provider Abbey has launched a new two-year growth bond with a rate of 5.5 per cent gross per year.

According to the company the rate on this bond, which is available until August 8th or until it sells out, is the highest interest rate currently available on the market.

Interest will be paid on an annual basis and rates are fixed until the bond reaches maturity at the end of the two-year period.

No minimum deposit is required to open the package, although a maximum deposit level of £250,000 per bond has been set on the product.

Pak Chan, Abbey’s head of marketing for long-term savings, said: “We are continuously working towards maximising returns for savers and making sure that they are able to directly benefit from new market opportunities.

“The bond offers the best savings rate in the market and is just another example of how we are bringing better deals to our customers.”

Once the bond has been opened no further investments are allowed. Investors can access their money before the account reaches maturity with six working days written notice, although this will be subject to a penalty charge.