The average rate of a Cash ISA has fallen to a record low of 0.82% according to Moneyfacts, ten years ago the rate averaged at 5.06%.
‘Don’t let that put you off investing though’ comments Scott Herbert, Partner & IFA, Clarke Nicklin Financial Planning.
‘It’s vital for savers to consider their options. It highlights the need to research and source the best rates possible and to continually keep a track of how your investment is performing.
‘ISAs are a great way of putting cash aside. You don’t pay tax on interest or on income or capital gains from your investments; also the ISA limit for 2016/17 is increasing to £20,000 up from the existing £15,240.
‘There are other options available for you to consider though’, he adds. ‘Whilst ISAs are an...