Abbey has launched a new two-year special growth investment bond.

The investment, which the company states has the highest interest rate currently available on the market, is available until August 2006 unless sold out.

With a rate of 5.5 per cent, the investment pays interest annually and rates are fixed until the bond matures.

There is no minimum deposit requirement, up to a maximum of £250,000, although customers cannot add to the fund once it is open.

If investors wish to access their funds, they must provide six days written notice and penalty charges will be applied.

Pak Chan, Abbey’s head of marketing for long-term savings, said, We are continuously working towards maximising returns for savers and making sure that they are able to directly benefit from new market opportunities.

The bond offers the best savings rate in the market and is just another example of how we are bringing better deals to our customers.

Abbey provides a range of pensions and investments for its customers, including individual savings accounts and child trust funds.