Is an ISA right for me?
In a similar way to any savings or investment scheme,
before making any financial commitments like an ISA, you
should give careful consideration as to whether this is
the correct course of action for you.
Ensure you are satisfied the money could not be put to
better use. If you have a large outstanding credit card
balance, or other debts, you may wish to consider repaying
this debt before you put money aside into any savings or
investment scheme. A Financial Adviser will be able to assist
you in this matter.
If you decide to save or invest for the future, then careful
thought must be given to the time period that you can afford
to leave your money tied up. The use of Life insurance or
Stock & shares ISAs would are normally suitable for people
looking to save for the short term (e.g. the cost of next
year's holiday). A Mini Cash ISA (or the cash component
of a Maxi ISA) might prove to be a suitable home for short-term
savings.
Those people that decide to invest in Stocks & shares or
Life insurance ISAs must also take into account their personal
attitude to investment risk. Please remember the value of
your investment in these types of ISA can go down as well
as up. A Financial Adviser will be able to assist you when
considering such matters.
