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Article: The Week Unzipped: Savers' returns to slump as base rate reduction looms
- Article from:
- Scotland on Sunday
- Article date:
- January 4, 2009
CopyrightCopyright 2009 Scotland on Sunday. Provided by ProQuest LLC. (Hide copyright information)
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SAVINGS institutions have already begun slashing returns ahead of
this week's anticipated fall in interest rates, causing headaches
for those who rely on the income from their nest egg to meet their
regular outgoings.
Abbey Savings has launched its latest tranche of fixed-term
savings accounts paying up to 3.25 per cent interest. The fixed rate
bonds pay 3.25 per cent on a six-month term, 2.5 per cent on a one-
year term, 2.75 per cent on a two-year term and 3.25 per cent on a
three-year term. The accounts require a minimum investment of GBP 1.
Nationwide has cut interest rates across its savings and banking
accounts. The building society's cash child trust fund account now
pays 3.6 per ...