Credit Action: Stocks and shares ISAs becoming popular
Stocks and shares ISAs are becoming increasingly popular as a long-term savings option, according to Credit Action.
Stocks and shares ISAs are increasingly being sought as a long-term savings option, according to the UK's national debt management charity, Credit Action.Chris Tapp, the director of the charity, said that while many cash savings accounts in the UK offer poor rates of interest at the moment, stocks and shares ISAs provide "reasonable" rates of return.
He added: "Some investors are suggesting that people put a little bit of money into things like stocks and shares ISAs because if you are willing to save over five or ten years you're likely to get a reasonable return."
A recent survey by Fairinvestment.co.uk showed that as interest rates have continued to fall, customers are increasingly considering stocks and shares ISAs as an alternative form of investment.
Enquiries about stocks and shares ISAs leapt by 116 per cent in the first two weeks of February compared to the same period in December last year, while enquiries about cash ISA savings accounts rose by just 80 per cent.
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