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Halifax has this week re-jigged the rates on its fixed-rate savings accounts. Its Guaranteed Reserve now returns 5.75 per cent before tax, 4.6 per cent net, fixed for six months on a minimum investment of ?2,000.
For savers who opt for fixed rates over one year, the account pays 5.5 per cent gross, 4.4 per cent after tax, and for investors who prefer the certainty of fixed rates over three years the bank will return 5.1 per cent gross, 4.08 per cent net.
The rates on its five-year fixed-rate Stepped Income Reserve Account start at 3.55 per cent gross (2.84 per cent net) in the first year on a minimum deposit of ?2,000, rising on a sliding scale to return 8.75 per cent before tax, 7 per cent net, in the fifth year. The bank reckons that the return on investment at the end of the five-year term for a typical saver with ?9,000 on deposit is ?2,371.
And the Alliance & Leicester has joined forces with independent financial adviser Chase de Vere to launch a well-endowed one-year fixed-rate bond paying 6 per cent before tax, 4.8 per cent net. But, as ever, such sweet rates are offered only to cash-rich savers with at least ?10,000. To make the offer even more irresistible, Chase de Vere is warning that demand for its bond is likely to be huge, so it is available on a first-come-first-served basis.
For savers who prefer to keep their money on a shorter leash, the Manchester Building Society has launched a 120-day notice account paying 6.05 per cent before tax, 4.84 per cent net, on a minimum deposit of ?10,000. Rates rise to 6.25 per cent gross, 5 per cent net, on balances of at least ?25,000 with investment of ?100,000 or more paying 6.6 per cent gross, 5.28 per cent after tax.
The Halifax has unveiled the details of its deposit based Independent Savings Account which will be available next month. The Halifax ISA Saver has a minimum deposit of ?1 paying 4 per cent tax-free, rising to 6 per cent on deposits of at least ?1,000 and will return 6.5 per cent to those who deposit the maximum ?3,000. But savers with maturing Tessas are reminded that they can invest a further ?9,000 in an ISA in the next (1999/2000) tax year.
Elsewhere, Ethical Investment Research Service (Eiris), which helps investors reconcile their money with their morals, is seeking individual investors to volunteer for its newsletter panel set up to monitor righteous investors' concerns. Volunteers will get a free annual subscription to its newsletter, The Ethical Investor.
And finally, who would you most trust with your savings: Howard Davies, Sir Cliff Richard or Tony Blair? In a national survey by MORI on behalf of the financial adviser i.e.Group, Howard Davies topped the poll with 20 per cent of the vote, Sir Cliff coming in second with 18 per cent and Tony Blair third with 13 per cent. Sigh of relief all around at the FSA for the endorsement for Howard Davies, the new financial services regulator-in-chief.
Contact Eiris, Freepost London SW8 1BR.
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