Alliance & Leicester has claimed that the Direct ISA Issue 4 is a mini cash individual savings account (ISA) and will be available at Alliance & Leicester branches. Direct ISA Issue 4 offers easy access using telephone or internet banking with minimum balance of GBP1. It also provides a rate of 6.25% gross pa/AER, including a 1% bonus until May 31, 2009 and deposits and withdrawals are made via a linked current account using telephone or internet.
Ewan Edwards, manager for savings and investments division at Alliance & Leicester, said: Our Direct ISAs have proved to be extremely popular, offering great rates and the convenience of 24-hour access. Tax-payers would need to find an account paying 7.50% – even more for higher rate tax payers – to match the rate on Direct ISA Issue 4.
