Super savings
13th August 2008
As the cost of living jumps to the highest it has been since records began, consumers will be pleased to hear about an "inflation beating" super savings account.
The Office of National Statistics show that inflation was at 4.4 per cent in July. This is more than double the government's target and up 0.6 per cent on June's figures.
With figures like that, consumers have to "think outside the box" to make a real return and Abbey warns that savers have to earn at least 6.25 per cent for those paying basic rate tax and 8.33 per cent for people in the higher tax bracket.
Abbey's Super Monthly Saver 2 offers savers up to 10 per cent gross on their savings, although this is only available to those who take out a protection plan, regular investment or pension.
Commenting on their latest account, Reza Attar-Zadeh, director of savings and investments at Abbey, said: "With inflation continuing to climb savers need to look at all available savings options to ensure they're making the most of their money. With the Super Monthly Saver even higher rate taxpayers can continue to make a real return."