Test ISA
Test ISA
Like other ISAs, an Abbey ISA, or Individual Savings Account, offers a higher interest rate than standard savings accounts, and is not subject to tax so it is a good way of saving money. ISAs also come with certain restrictions, such as only being able to pay in a certain amount each year. There are three different kinds of Abbey ISAs:
Easy ISA
- Save up to £3,600 in a tax year, with tax free interest
- Manage your money by phone, post, branch, internet or ATM
- Transfer in proceeds from existing cash mini ISAs
- Interest paid annually
- The more you put in, the higher the interest rate you receive
- Comes with a cash card that allows you withdraw money
Direct ISA – same as an Easy ISA plus:
- Has a higher interest rate than an Easy ISA
- Not available for management via the branch
Super ISA – As a Direct ISA plus:
- Offers a much higher interest rate than the other Abbey ISAs
- A minimum of £500 is required to open the account
- You must put an equal amount or more into the tax efficient Guaranteed Growth Plan (where you must leave your money for either 3 or 5.5 years, or you might not get out what you put in)
ISAs vary between providers in the restrictions and interest rates attached to the account. It is important to shop around and compare deals to find the right one for you.
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