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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.

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