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The Individual Savings Account was first launched by Gordon Brown in 1999 when he was Chancellor of the Exchequer. It was purposely designed to be simple and straightforward to encourage more people to start saving for their future, yet still have access to their money when they needed it.
Fast-forward to today and that simplicity seems to be disappearing. We’ve noticed a definite trend in the growing complexity of more and more ISAs, so whilst savers now have greater choice with different ISA types; including Stocks and Shares ISAs, Junior ISAs and Lifetime ISAs, they are becoming ever-more complicated. Even regular Cash ISAs are being rolled out with convoluted terms and restrictions, making it more difficult to compare like-for-like products and decide which is the best ISA for you.
With it being the start of the new tax year, there’s no shortage of ISAs on offer and plenty of good opportunities for savers. But before you jump in and commit your savings to the ISA with the headline-grabbing rate, take a moment to examine the small print. There may just be a few ‘catches’ that mean you end up missing out on the full amount of interest you were expecting.
Here are some of the restrictions to look out for when you’re deciding which ISA is the best place for your savings:
As a tax-free way to save, a Cash ISA could be the best place to invest your savings this year; but make sure the terms are right for you. With the added complexity around today’s ISAs, it may pay to look beyond the account with the headline rate in your search for the best opportunity for your money.
For simple and straightforward savings products, why not take a look at our range of ISA accounts
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551