Abbey National Believes ISA Transfer Rules Restrictive
Published: 05/10/08
The end of the financial year brings with it the usual rush for ISAs, though Abbey National are advising savers to check the transfer conditions on some of these Individual Savings Accounts.
Research carried out by Abbey National has found that around one out of seven ISAs do not make provisions for transfers into the account, these finding apply to two out of the five most sought after ISAs, these being the ones with the best headline rates. There were also finding that showed how just under 10 percent of ISAs had restrictions on transferring money out of the account, typically having a minimum period of notice or having to pay a fee to release the money.
An Abbey National spokesman wanted customers to be aware of these potential limitations on Individual Savings Accounts since it could cost them a significant amount of money. Not allowing transfers in for example means customers are not able to benefit fully from the rate they have got.