ISAs & Bonds
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ISAs & Bonds
These are bank, building society or National Savings accounts that get favourable tax treatment. Some ISAs are 'CAT marked' which means they meet government standards regarding Costs, Access and Terms. The CAT mark tells you that the account offers a fair deal.
ISAs that do not meet the CAT standards are not necessarily poor products, they are just different, e.g., they might require a longer notice period for withdrawals but offer a higher return to compensate for this.
CAT standards for cash ISAs Standard
Access
Minimum transaction size no more than £10.
Withdrawals within 7 working days or less
Terms
Interest not to be less than 2% below base rate.
Interest must increase within one month of a base rate increase.
No other special terms allowed (e.g. restricting number of withdrawals)
No capital risk. Vulnerable to inflation. Variable rates are vulnerable to falling interest rates. Risk rating: one to three depending on account features.
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