New Abbey ISA launched

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New Abbey ISA launched

Wed 2nd Mar 2005

A new Abbey ISA was launched yesterday.

The special edition of Abbey's Choices ISA, offers savers a fixed rate of 5.5 per cent p.a/AER for a year, tax-free.

Investors can pay in anything from £3,000 and are free to transfer in funds from an existing ISA. There is no maximum amount that can be transferred in.

The Special Edition Choices ISA is designed for people that want to 'lock away' their ISA savings. After the first deposit or transfer is made, savers cannot make additional deposits and withdrawals will be subject to interest penalties.

The ISA will be available for a limited time, until it becomes fully subscribed.

Abbey's director of savings and investments, John Rawles, said: "With the end of the tax year fast approaching this an ideal opportunity for savers to use their £3,000 tax-free savings allowance if they haven't already.

"Alternatively, people can open the Special Edition Choices ISA at the beginning of the next tax year3 and use their full ISA allowance. In doing this, they will get the full cash ISA tax-free benefit for the entire 2005/2006 tax year."

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