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Isas offer "long-term" benefits

Published: 04/02/2010

People should invest in Isas for the "long-term", an expert has said.

Andrew Hagger, spokesman for Moneynet, has encouraged consumers not to discount Isas in the current climate, but to see their benefits in the future.

Mr Hagger said: "While I understand why Isas are not good value for people at the moment, you perhaps have to take a long-term view of it."

He added that "ring fencing" your money away from the tax man for the next year would be a strong advantage of saving with an Isa.

Research from the Fair Investment Company found that the Bank of England's low interest rate of 0.5 per cent was having a knock-on effect on high street banks, meaning that generally poor savings rates were on offer.

Mr Hagger's comments echoed this adding that in particular banks have very little incentive to offer competitive rates on Isas due to the nature of the market.

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Last Updated: 11-02-2012