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Cash Isas `ideal for short term savings`

24/10/2007

People looking to save money for a future holiday or as part of a debt consolidation scheme are being advised to put their money into a cash Isa.

With consumers worrying about their savings during the recent financial turmoil, cash Isas are a good short-term solution for savings, the wealth policy director at Legal and General claimed.

While traditional Isas favour those saving for the medium to long-term, cash Isas can be accesses quickly and have a high interest rate. Legal and General`s Adrian Boulding suggests those looking as Isas, for savings or as part of a debt consolidation process, should shop around first.

Mr Boulding added: "First, go for lower charges because the Isas do come with a range of different charges and those charges are coming straight off your investment return. The less you pay in charges, the more you`ve got left to enjoy."

The Legal and General group was founded in 1836.

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