Consumers need to be ‘wary’ of introductory Isa offers
February 15, 2008 by admin
Filed under News, News-Banking
Consumers have been warned by a financial expert to tread carefully when considering introductory offers on individual savings accounts (Isas). 
Bestinvest said that introductory offers emerge when an Isa product first launches, which means no one can know the track record of a fund manager or how well it will perform.
Adrian Lowcock, senior investment adviser at Bestinvest, said: “You have to be a bit wary of them, and know what you are getting into. We tend to recommend fund managers that have a proven track record.”
He added that that one way to get “good value” with a deal is to find an advisor who will offer a discount and charge a low rate of initial commission.
Figures released in November 2007 by HM Revenue and Customs showed that the amount of money saved in Isas has now reached £208 billion.
According to the BBC, the total value of Isas has risen sevenfold from £29 billion since April 1st 2000.
