Only 36% of ISA accounts allow access by Internet

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 only 36 per cent of so called “easy access” cash mini ISA accounts offer access via the Internet. This raises genuine concerns for the modern saver, who typically may manage their account online. The research found further restrictions on how people can access or manage their accounts:-

Only 36 per cent of accounts offer Internet access
35 per cent of accounts offer telephone access
58 per cent of accounts offer postal access
69 per cent of accounts offer branch access

However:-

27 per cent of accounts offer just one way of accessing the account
67 per cent of accounts offer just two means of accessing the account

Reza Attar Zadeh, Director of Savings and Investments 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(4). Abbey has over 700 branches and 2500 ATMs throughout the UK.

Customers can apply for an Abbey ISA account by visiting abbey.com.