Bristol & West launches first ISA scheme
Saturday 06 December 1997
Details of the ISA, the tax-exempt vehicle that will replace PEPs and Tessas, and which the Government says is designed to encourage millions of people to get into the savings habit, were announced earlier this week.
To help people on modest incomes save for an ISA, the Bristol & West account can be opened with as little as pounds 10, with the maximum investment set at pounds 1,000.
It will pay 7.2 per cent gross per annum, although the account holder will lose all interest on the money removed before the maturity date of May 6 1999.
Assuming no money is taken out, all interest will be paid on maturity and the aim is to pay that tax-free, within the ISA rules. Bristol & West's product manager Martin Broomfield said: "Our primary concern is to ensure that the public do not abandon the concept of saving between now and the introduction of the ISA.
"We also want to try and maximise the savers' tax-free earnings within the new guidelines. We will do our best to get our pre-ISA accepted as an ISA, as we did with our pre-Tessa." The Government ran into criticism when it launched the ISA on Tuesday. It was accused of squeezing the middle classes after announcing that Tessa and PEP savings accounts worth more than pounds 50,000 would be taxed from April 1999.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 iPhone 5c to be discontinued, no iPhone 6c to replace it
- 5 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
The difference between a migrant and refugee, in one sentence
Spain accused of 'provocation' after letting Russian submarine refuel off Gibraltar
Allonautilus scrobiculatus: World's 'rarest' creature spotted for only the third time ever
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...