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Chelsea bridge gap between Isa And bond

Chelsea Building Society has introduced the portfolio mini cash Isa which marries the benefits of a high interest mini cash Isa with a unit-linked bond.

The Isa has a minimum investment of £10,000, of which £3,000 must go into the mini cash Isa. The remainder will be invested in the Norwich Union portfolio bond.

The mini cash Isa element has an interest rate of 7.5 per cent, which includes a 2 per cent introductory bonus for the first year. Investors have instant access to this money without having to pay a withdrawal penalty.

The Norwich Union portfolio bond is an investment bond that offers clients the chance to invest in up to six Norwich Union funds from a range of 23 funds including a with-profit fund and a with-profit income fund.

The Isa is suitable for investors who want instant access to part of their investment in a tax-efficient environment but who are also looking for growth and/or income over the medium term without taking high risks. However, they must be aware that making withdrawals from the bond element of the Isa could result in capital erosion.


Towry Law looking at brand after buys

IFA Towry Law is carrying out an investigation into recognition of its brand.The firm has bought Advizas, HambroFraserSmith, Guthrie Harrington and Park Dale in the last two years.Towry Law says it has inherited a number of cultures and it wants to create a common culture and consistency.Corporate branding consultancy Corporate Edge has started working to […]

Can Tessa still tempt investors?

John Major had only a brief tenure as Chancellor of the Exchequer but the legacy of his tax-exempt special savings account lives on – at least for now. The Tessa was introduced in January 1991 and the first rollover product was launched in 1996, with the full £9,000 able to be placed straight into a […]

Caught in the data act?

Equitable Life and the IFA embroiled in a storm over the release of 450,000 policyholders&#39 details have defended their actions. But City lawyers and the former Data Protection Registrar, now called the Information Commission, believes the move breaks the Data Protection Act. Equitable chief executive Chris Headdon says the company believed it was only supplying […]

Perpetual&#39s Maguire leaves after merger

Perpetual pension development director Fiach Maguire has left the company following its £1.05bn deal to merge with Invesco last October. Maguire&#39s departure follows the decision to merge Perpetual&#39s pension operation with Invesco&#39s. Maguire, 42, has been regarded as one of the most influential voices calling for a greater role for fund managers in pension provision […]


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