Check accessibility options when choosing cash mini ISA

Abbey Savings today warns people to check the accessibility options when choosing their cash mini ISA, following recent research undertaken by the bank.

Research shows that many of the instant or easy access accounts have excessive restrictions on how people can manage their accounts. This raises genuine concerns for the modern saver, who typically may manage their accounts with a variety of methods. Moreover, this raises the possibility of people facing delays in accessing their money.

The research found: -

49 per cent of accounts offer postal access
51 per cent of accounts offer Internet access
53 per cent of accounts offer telephone access
70 per cent of accounts offer branch access

However:-

21 per cent of accounts offer just one way of accessing the account
A further 43 per cent of accounts offer just two means of accessing the account

Alexia Kilby, Head of Savings at Abbey, said: “Accessibility is an important issue when selecting an ISA. Primarily, the account has to offer a form of management that you are both comfortable and experienced with. For example, our ATM access has proved particularly popular, with savers using Abbey’s 2500 ATMs across the UK.

“There have never been more attractive rates for cash ISA investors. Abbey’s Direct ISA, for example, currently offers rates up to 6.25 per cent, while our Super ISA – available when you invest the same amount into an Abbey Guaranteed Growth Plan – offers 8.10 per cent.”

All Abbey’s ISAs can be opened via post, Internet, branch and telephone, and allow transfers of existing ISA balances. All ISAs can be managed via post, Internet, ATM and telephone. The average transfer balance of ISAs is £12,000. Abbey has 708 branches and 2500 ATMs throughout the UK.