How to Get Information on ISAs

ISAs can be as confusing as they are varied. It helps to get the basics before you package your money in to an ISA.

Difficulty: Moderate

Instructions

1. Many banks will offer pamphlets and brochures outlining the various ISAs they offer. Grab one from every bank on your way home! Internet resources are filled with information on ISAs as well. Have a look in your spare time.

2. You should speak to a financial planner or manager at your bank when deciding on an ISA. You have decisions to make; will you contribute to your ISA before the end of the tax year? Or will you contribute at the beginning of the year to maximize your interest earnings?

3. Be aware of gimmicks and tricks; certain products come with too many strings attached—you need a minimum balance, you can’t withdraw, you have to have a mixture of products and so on. All of these "strings" should have an impact on how you make your decision.

4. When people find a financial product on which they are earning interest and from which they are saving on taxes, they tend to rave. Pay attention and ask questions.

Tips & Warnings

• Exercise caution and ask a lot of questions
• Explore your options
• Take your time; it's your hard earned money and well worth the time it takes to find the right ISA for you.
• ISAs may come with charges attached for opening an account or early withdrawal or even changing your account.

Resources

• Money.uk.msn