Abbey stops postal ISAs

From the end of April, high-street bank Abbey will no longer have the postal Instant Savings Account (ISA) product.

The popular product is discontinued as Abbey reviews its saving range. The launch of a new postal ISA is expected at the start of May.

Customers of the original postal ISA will continue earning the same tax-free interest rate of 5.35 per cent gross per annum and will be subject to the same terms and conditions.

Abbey has confirmed savers will receive tax-free interest of 4.9 per cent gross per year with the new postal ISA product. The terms and conditions remain unchanged.