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Abbey Nat links to offer Family bonds

Abbey National has linked up with friendly society Family Assurance to provide tax-exempt savings bonds to its customers.

The companies claim this is one of the first partnerships to capitalise on the relaxation of polarisation started by the FSA in April.

Under the new rules, tied product providers, including banks and building societies, can introduce other companies&#39 regulated products and services to their own customers by direct mail and advertising on a non-advised basis.

Abbey has started a direct-mail campaign targeting selected customers for the Family Bond and Junior Bond savings plans from Family Assurance.

The Junior Bond is intended for adults to take out for a child to help them save£10 to£25 a month or£105 or£270 a year. The Family Bond is for adults wanting to invest£15 to£25 a month or an annual lump sum of between£150 and£270

Both products are linked to Family Assurance&#39s Sovereign 3 Fund.

Family chief executive John Reeve says: “Only friendly societies can offer these extra tax-free savings plans free from income and capital gains tax.”


Norwich & Peterborough – Three Year Fixed Rate Bond

Wednesday, 4 July 2001.Type: High interest account.Minimum-maximum investment: £1,000-no maximum.Interest rates: 5.75 per cent gross a year, 5.6 per cent gross a month.Term: Three years.Offer period: Until further notice.Withdrawal penalties: If no notice given, 120 days&#39 loss of interest on amount withdrawn unless at least £1,000 remains in bond.Tel: 0845 3002511.

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