Abbey Instant Cash Isa an option for millions of savers
www.moneynews.co.uk > Banking > Abbey Instant Cash Isa an option for millions of savers
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Money News |
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Abbey Instant Cash Isa an option for millions of savers
Mon 27th Mar 2006
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While 96 per cent of potential savers are aware that an Isa is a savings account and 76 per cent know that its main advantage over ordinary accounts is tax-free interest, 56 per cent still do not have an Isa, according to the study.
The most widespread reason that Abbey found for people not owning an Isa was not having enough money to open one, with 45 per cent citing this as their rationale.
Some 25 per cent of respondents stated that they did not have an Isa because they saved money in other ways and 13 per cent said that they thought their savings would be inaccessible.
"As an industry, we need to work harder to highlight the fact that an Isa can be opened with as little as £1 and that money can be withdrawn without charge," said Pak Chan, head of investments marketing at Abbey.
"We know that from time to time people will need to access their savings. That's why we recently launched a branch-based mini cash Isa with a cash card."
The Abbey Instant Cash Isa pays 4.6 per cent annual equivalent interest rate, offers every channel of access and is available until May 31st 2006.
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