Barclays withdraws FTSE account

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Barclays withdraws FTSE account

Barclays has announced that it intends to discontinue its FTSE account following recent changes to the tax system on individual savings accounts (Isas).

It believes that the account, which offers a 20 per cent minimum return if it is held to maturity and the potential to receive a stepped bonus of up to 22.5 per cent, will no longer be economically viable once the changes come into force.

The government has declared that from April 6th 2008 there will no longer be any distinction between mini and maxi-Isas, only cash and investment Isas.

It has also raised the annual Isa allowance to £7,200, a £200 increase.

Lisa Chauduri, manager of Barclay's Wealth, said: "The Guaranteed FTSE Account will no longer be an appropriate product following recent tax changes so this really is a buy-now-while-stocks-last opportunity for advisers and their clients."
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