Abbey Isas 'competitive'
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Money News |
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Abbey Isas 'competitive'
Wed 18th Jul 2007
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Abbey Savings claims that one in six Isa accounts are less than the rate of inflation, which is currently at 4.40 per cent.
Abbey is showcasing a number of its competitive Isa packages with rates higher than inflation.
The Abbey direct Isa currently offers rates up to six per cent, while the group's super Isa offers 8.10 per cent when consumers invest the same amount into an Abbey guaranteed growth plan.
All of the group's packages have the added advantage of enabling the transfer of an existing Isa balance, with the average transfer balance being £12,000.
Reza Attar-Zadeh, head of savings and investments at Abbey, said: "We would urge those in sub-inflationary accounts to transfer to an Isa account paying at least above the rate of inflation."
He added: "These sub-inflationary rates effectively negate any tax benefits in holding ISAs, since savers are losing money in real terms."
Related News : Banking |
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Related News : Santander |
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