Abbey National goes for the young saver

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The Independent Online
Abbey National is aiming to attract young people to its Action Saver account for investors aged 15 or under.

It offers preferential rates of interest on balances under pounds 500 - 2 per cent on pounds 1 to pounds 99, 2.5 per cent on pounds 100 to pounds 249 and 3 per cent on pounds 250 to pounds 499.

Woolwich and Northern Rock building societies have new 90-day savings accounts. The Woolwich minimum balance is pounds 5,000 and it offers a staggered rate of interest of up 7 per cent gross on pounds 100,000 or more. Northern Rock gives up to 7.25 per cent gross on pounds 50,000 or more. Minimum deposit is pounds 2,500.

Chelsea Building Society has a bonus bond investment account offering 7 per cent gross on pounds 5,000 or above.

----------------------------------------------------------------- SIX OF THE BEST ----------------------------------------------------------------- Savings ----------------------------------------------------------------- Type Account Term 0% 25% 40% Min Pounds GIB Eurolife 5 years 6.00 6.00 5.10 10,000 B Soc Nottingham Imperial Instant 7.00 5.25 4.20 50,000 Tessa Shepshed B/S 5 years 7.80 7.80 7.80 1 Compounded annual rate except for GIB (guaranteed income bond) ----------------------------------------------------------------- Source: Chase De Vere 071-404 5766 ----------------------------------------------------------------- Mortgages ----------------------------------------------------------------- Type Source Deal Variable Northern Rock 3.50% discounted rate on 90% loans Fixed BNP 6.75% for five years on 85% loans Capped TSB 7.25% on 95% loans for 5 years ----------------------------------------------------------------- Source: John Charcol 071-611 7000 -----------------------------------------------------------------

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