interest rate on one-year account to move in line with Bank of england
Abbey International has launched the fifth issue of its Base Rate Tracker Term account for expatriates.
The one-year sterling denominated account offers an interest rate in line with the Bank of England base rate until 4 September 2007.
This means if the UK base rate increases, then the interest rate paid on the account will also increase, but if it falls then the interest rate paid will decrease.
The minimum balance is £10,000 and further funds can be added at any time during the period of the account.
Jane Matthews, head of retail marketing and business development at Abbey International, said the account was designed for people not needing access to their money on a regular basis and who could maintain the minimum balance of £10,000.
She added: "Partial withdrawals or account closures are not allowed during the one-year savings period."
At the end of the savings term, the account will be transferred to the next issue of the Base Rate Tracker Term account.
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