Abbey Instant Cash ISA launched

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Abbey Instant Cash ISA launched

Wed 8th Mar 2006

A new Abbey Instant Cash ISA has been announced today, with an annual equivalent interest rate of 4.6 per cent tax free.

Branch access is available for balances between £1,000 and £3,000 and a cash card is also incorporated into the package, an inclusion that the company claims is intended to help customers who want to make occasional withdrawals.

Abbey states that its interest rate is higher than that offered by Nationwide, HSBC, Alliance & Leicester and Halifax, with the lowest quoted rate of 3.65 per cent being offered by the latter two banks.

The company also reports that its new ISA is unique in comparison to these organisations in its offer of cashcard access.

"We know that access to mini cash ISAs is important because one in four of our existing ISA customers makes around six withdrawals every year. With this in mind, we've made access to this account as convenient as possible," said Pak Chan, head of investments marketing at Abbey.

The Abbey Instant Cash ISA is available to both new and existing customers and requires a minimum opening balance of £1.

Transfers from other ISAs will not be permitted on the scheme until July 1st 2007, at which point the account will become the Abbey Easy ISA.

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