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Wednesday 29th August 2007
As many as one in nine ISAs are subject to local restrictions, Abbey has warned.
Attractive cash ISA accounts appeal to many savers and investors, but more than many people are aware are restricted to local people, according to the bank's research.
Reza Attar-Zadeh, head of savings and investments at Abbey, said: "It seems amazing that so many accounts have bizarre local restrictions, which could make a number of people ineligible for accounts."
Possible restrictions include specific limitations on the area that customers need to be from, or a limit on the number of ISAs that can be opened at some small bank branches.
It might also be required that the person opening the account lives within 25 miles of the bank or building society's branch, or has a minimum balance of £1,000.
Investors should not to be discouraged not to be put off ISAs by these restriction, but should investigate what each bank or building society could offer them
Mr Attar-Zadeh said: "We would urge savers to ensure they use their ISA allowance to ensure they minimise their tax bill."
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