Abbey Platinum Savings Plan launched

A new Abbey savings product, the Platinum Savings Plan, offers retirement savers a competitive instant access savings account paying 5.5 per cent gross PA/AER along with a guaranteed return three year stockmarket-linked savings bond.

The Platinum Savings Plan can be opened with a minimum opening balance of £20,000, of which at least 50 per cent must be in the savings bond or investment, and offers a variable flat rate of 5.5 per cent gross pa/AER for 12 months. The minimum opening balance is £1 and the account can be managed with a passbook (or by post).

The Platinum Savings Bond has a minimum opening balance of £10,000. The three year, FTSE 100-linked savings bond offers a guaranteed return of whichever is the greater of 50 per cent of any FTSE growth or nine per cent gross over three years.

Mary Fisher, Abbey's savings marketing manager, said: "With more than a third of the UK population now aged over 50, Abbey is providing a savings plan to meet their needs for both instant access to money and retirement investment.

"The plan provides a very competitive interest rate on money people need instant access to, whilst giving the potential of earning greater returns on the money saved for the longer term."