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Savers 'should look into introductory Isa offers'
14 February 2008
Potential savers should not put their money into an Individual Savings Account (Isa) unless they are well informed about the product, one expert suggested.
With an HM Revenue and Customs report showing £208 billion invested in Isas by November 2007, the products have become popular but customers should still "know what they are getting into" when they commit their money to introductory offers, said senior investment advisor Adrian Lowcock of Bestinvest.
According to the BBC, the total now invested in Isas represents a sevenfold rise since April 1st 2000.
Mr Lowcock said: "With Isas you get introductory offers when a product launches and the problem with new launches is that you might not know the actual track record of the fund manager and have a good idea of its performance.
"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."
