Abbey encourages Isa saving with new range

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Abbey encourages Isa saving with new range

Abbey is encouraging people to take advantage of their tax-free savings allowance by launching a new range of individual savings accounts (Isas).

Reza Attar-Zadeh, Abbey's director of savings and investments, said that people should not let the current economic situation deter them from using their cash Isa allowance before the end of the tax year.

"Even in the current low interest rate environment the long-term benefits of holding money in a tax-free account remain the same as always," said Mr Attar-Zadeh.

The bank's parent company Santander has put together three new Isas, which will also be available via two of its other divisions, Alliance & Leicester and Bradford & Bingley.

Its Super Direct Isa offers an interest rate of 5.5 per cent for the first 12 months, but to take advantage of the deal - which is 4.5 percentage points above the current Bank of England base rate - investors must also place a matching deposit in another Abbey account.

Savers unable to do that could instead opt for the Direct Isa, which offers a rate of between 2.5 per cent and five per cent depending on the size of the investment, or the Reward Isa, which comes with an interest rate of 1.5 per cent plus the potential for a two per cent bonus.

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