Egg ISA

By: EconomyWatch   Date: 30 September 2009

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An Egg ISA or a Citi ISA allows an investor to save up to £7,200 every tax year without attracting income and capital gains taxes. Egg ISAs are also called Citi ISAs since Egg bank has become a part of Citi Bank. You can save up to £3,200 in a cash ISA and the remaining £3,200 or the entire allowance in a stocks and shares Citi ISA.

Egg ISA – Various Options

Egg offers both cash and stocks and shares ISAs. An Investment Egg ISA comes with various options to suit different types of investors.

Cash Egg ISA: Egg’s cash ISA is called Egg Cash ISA 2. Egg is a pure online bank and you can make payments on your ISA with debit cards and online transfers. The bank lets you to save monthly or with a lump sum amount. You can make a withdrawal anytime and the bank does not charge any penalty for withdrawals. However, Egg does not allow transfers from other ISA managers. The bank offers variable interest rates for Egg Cash ISA 2.

Citi Investment ISA: Egg’s stocks and shares ISA is called Citi Investment ISA. Whether you begin your investing or intend to diversify your portfolio, the bank offers many investment options. Citi offers customized options that suit all type of investors, including cautious, adventurous and balanced investors, with its multi-managed funds. The bank offers the Credit Suisse Multi-Manager Multi-Asset Growth Portfolio and M&G Managed Fund for balanced investors and the M&G Managed Growth Fund for adventurous investors. Cautious investors can opt for Citi’s M&G Cautious Multi-Asset Fund. Egg ISA lets you to establish regular payments or a lump sum amount. The bank allows transfers from existing ISAs to Citi Invest ISAs, which can be done very easily online. If you are interested in exposure to global equities and long term capital growth, the M&G Managed growth fund would be the best option.

The risks associated with investing in Egg ISA are not high, since the bank has selected four great multi manager funds to invest in. With one single fund, one will have access to leading fund managers.


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Most Popular in ISA Individual Saving Account

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