Summary
Halifax has launched a new high-interest savings account in a bid to encourage people to put more money aside, writes John Cranage. The bank, the country's biggest savings account provider, said that while a lot of money had been transferred from the stock market to cash accounts over the past few years, very little new money was being saved.
It added that the latest figures showed that people were saving just 5.4 per cent of their disposable income, well down on a high of 12.4 per cent in 1980 and the long-term average of 8.9 per cent. Halifax's new Regular Saver account, available from March 1, will offer a market-leading interest rate of six per cent -but on condition that customers save a set amount ranging from pounds 25 to pounds 250 each month for a year through a direct debit.See the full content of this document
Extract
Halifax Encourages New Savers
The scheme is limited to one account per customer per year and...
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