Some individual savings accounts may have restrictions on them, according to a new study from Abbey .
Research by the firm has found one in nine cash individual savings accounts have a local restriction on them. This means that there are limitations placed on the account according to where the account opener is from.
Other restrictions may include a minimum £1,000 opening balance or limited account openings to within 25 miles of the building society's branch.
Despite such warnings, head of savings and investments at Abbey Reza Attar-Zadeh commented that the opportunity is ripe for savers to take advantage of the tax benefits and high interest rates of individual savings accounts.
"We would urge savers to ensure they use their Isa [individual savings account] allowance to ensure they minimise their tax bill," he said.
Abbey's direct individual savings account offers customers an interest rate of 6.09 per cent while its super individual savings account provides a rate of 8.10 per cent, he added.
Best Advice Financial Planning advised parents yesterday to start saving as early as possible for their children's future.
Abbey: Savings accounts may have restrictions
Abbey: Savings accounts may have restrictions
Thu, 30 Aug 2007
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