Inscape, the wealth management arm of Abbey National, has launched a savings account offering 6% gro...
Inscape, the wealth management arm of Abbey National, has launched a savings account offering 6% gross interest in a bid to attract savers who would normally invest their money in the stockmarkets during less volatile conditions.
Assets are actually invested in equities through Inscape's OEIC range, however, the new Phased Investment Account earns a guaranteed 6% gross/AER on cash deposits and allows investors to smooth against volatility by drip-feeding the investment over a 12-month period.
Minimum investment is £1,000 but there is no minimum period for holding assets in the new multi-manager account.
James Bevan, Director of Investment at Inscape, says:
"At a time when investors are deciding how to respond to significant uncertainty in financial markets, the opportunity to be able to phase investments and limit downside risk is compelling. Inscape's Phased Investment Account allows the average investor to benefit from under-priced equity markets, without forcing them to make decisions on the best time to invest. "
Launch of the Phased Investment Account follows that of the Premium Deposit Account which allows investors with assets of £30,000 or more to combine investment in an Inscape Portfolio with cash deposits which earn 5% interest.
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