Abbey's Isa is a 'super' deal

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Abbey's Isa is a 'super' deal

Abbey has launched a new Super individual savings account (Isa) with a tax-free rate of ten per cent AER.

That is equivalent to 12.5 per cent AER for those who pay the basic rate of tax and 16.7 per cent for higher-rate tax payers.

Savers can utilise the transfers-in feature of the Super Isa to ensure that they get the best rate, while also enjoying instant access to their money.

Abbey's Super Isa will be available from March 3rd 2008, but only to customers who put an equal amount or more into the bank's Guaranteed Growth Plan or another qualified investment.

Deposits in the Guaranteed Growth Plan are a longer-term investment and offer a guaranteed minimum return of either six per cent on a 3.5 year investment, or an 18 per cent return over six years.

Reza Attar-Zadeh, director of savings and investments at Abbey, said: "Super ISA offers the compelling combination of a strong instant access cash ISA rate coupled with a tax efficient investment, guaranteed against falling markets."

She added that the bank believes the product will be attractive to consumers because it offers some protection against any further market slow-downs.

In other news, research released by Abbey last week found that public transport delays are costing businesses £212 million in lost productivity for the ADNFCR-323-ID-18482430-ADNFCR

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