Abbey: Isa transfer conditions 'can be restrictive'
www.moneynews.co.uk > Banking > Abbey: Isa transfer conditions 'can be restrictive'
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Money News |
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Abbey: Isa transfer conditions 'can be restrictive'
Mon 17th Mar 2008
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Its research revealed that one in seven Isa accounts do not allow transfers in, including two of the five leading accounts with the best market rates.
Abbey also found that one in eleven accounts attached conditions to transferring money out, such as requiring 30 days notice or charging an administration fee.
It allows customers to transfer money in and out of existing Isa balances, with the average transfer standing at £12,000.
Reza Attar-Zadeh, director of savings and investments at Abbey, warned that "by not allowing transfers in customers cannot benefit from a leading rate and are restricted to the tax-free benefits to just £3,000 this year, and £3,600 next".
Earlier today Nationwide revealed that two-thirds of Britons still not do have an Isa account.
Related News : Banking |
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Related News : Santander |
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