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Tesco instant access account to shadow cat ISA

Tesco Personal Finance has announced that its Instant Access Savings Account will match Government Cat standards six months in advance of their introduction.


The IASA does not have the tax advantages of an ISA, but the supermarket chain has announced a number of measures to help its savings account compete against Cat-Standard products.


IASAs will have a four-tiered interest rate structure with a top rate of 7 per cent gross, flexible direct debit allowing customers to pay into their savings account at any time, a freephone balance enquiry line and no withdrawal charges.

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