ISAs & PEPs news
Short-termists told to cash in on ISAs
23 October, 2007
Those saving for the short-term have been advised that cash ISAs are one of the best ways to do it
Adam Boulding, wealth policy director at Legal and General, said: "The rate of interest you get on them is among the best of the rates of interest at the building society and it's tax free."
He added that as well as not being taxed in the way that other savings are, cash ISAs usually have no withdrawal penalties either.
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Boulding stated that while the short-term fluctuations of the market would not make stocks and shares ISAs the best bet, these were the most advisable long-term prospect as over time fluctuations not only even out but overall returns would be greater than cash.
He advised that people invest in ISAs with wide share portfolios to avoid relying on any one company's performance too much.
Research published last week by This is Money found that Britons were saving a lower proportion of their salaries than ever before.
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