Sainsbury's Bank has launched its first Isa products into the direct retail market. The banking ar...
Sainsbury's Bank has launched its first Isa products into the direct retail market.
The banking arm of the supermarket is now offering both a FTSE 100 index tracker and an income Isa investing in corporate bonds with a target yield of 5.75%.
Both products are Cat standard with no front-end charges and a 1% annual management fee.
The Income Isa has a £500 minimum initial investment with an option of investing further top-ups of at least £500, up to the Isa limits.
The FTSE 100 tracker has a minimum initial investment of £500 and £50 minimum monthly contribution.
The underlying investments are managed by the Halifax.
A survey by the firm found 54% of respondents would consider buying investment products through a supermarket if they had low charges and were easy to understand and purchase.
Market research commissioned by Sainsbury's Bank indicated £1.295bn will be invested in equity Isas by 5 April 2003.
Investors can apply in-store or via the group's website at www.sainsburysbank.co.uk.
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