Societies raise savings rates

CHELTENHAM & Gloucester Building Society is increasing its rates by up to 0.3 percentage points across all its accounts, and Abbey National by up to 0.3 points, with an average of 0.2 of a point.

Nationwide Overseas - the Isle of Man subsidiary of Nationwide Building Society - has launched a five-year guaranteed investment bond, linked to the FT-SE 100, which guarantees a minimum return of 20 per cent gross.

Gross interest payable will be equivalent to any rise in the FT-SE 100 during the life of the bond, or to 20 per cent, whichever is greater.