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C&G reduces savings rates

Cheltenham & Gloucester is reducing investment rates from May 1, 2001, with the interest rate on its cash Isa falling to 6 per cent from 6.45 per cent, and on its Tessa Isa from 6.45 per cent to 6.1 per cent.

The C&G Direct Transfer telephone account will pay 5.2 per cent gross on the top tier of £25,000 or more, reduced from 5.65 per cent.

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