The Government, in a moment of great generosity, has allowed UK residents over 18 years old to invest in an Isa. The maximum amount of money that can be placed in an Isa account is currently 15,240. Personally, it would have been better, in my opinion, for the government to allow the amount you invest to be deducted from your annual earnings as well. That way you would have a tax-free amount up to the maximum invested in an Isa. I mean the government is going to take 10% of any dividends you get anyway, which, if your investment is heavily in shares, they will get anyway.

If you have a lazy 15,000 lying around and you don’t know what to do with it, you can do a lot worse than organizing with a good bank to set up an Isa. My advice is that this becomes a set and forget type of strategy. What you are doing is taking a risk on stock market falls but conversely, taking advantage of tax efficiencies. The potential is that you will get a much higher return than if you placed the money in a savings account. The strategy must be considered long term

Here’re a few investment Isa tips on getting started in an appropriate fund.

1. This is a long term strategy. If your target for savings is something like a school or a big trip away in 5 years, then an Isa is not the way to go.
2. Be careful choosing the bank or brokers that you use. There is a fee for everything these days, even investing your own money. But I would gladly pay the broker a fee if the growth rate is good. Fees can be a one-off or an annual one. Charging a percentage of your annual savings is okay, depending on the amount you are putting in.
3. Although I mentioned in No. 1 that 5 years is not long enough, you should have some idea as to just how long you want the money invested. You might have a long-term goal. Stick to it. If you’re already retired, then this strategy will be to provide you with a reasonable income for your remaining years.
4. Get the broker to explain to you what a balanced investment is, and you can also learn about Bond Compliance and other similar regulations from them. Different types of bonds and stocks give you better security against sudden drops on the stock exchange. As a matter of fact, bonds could be a safe way to go about your investments, and they can offer your fund regular returns and increased stability.

These are just a few tips. Looking after your wealth growth and making wise decisions on where to invest can best be sourced from a qualified and experienced professional financial adviser. If you’re confident in your own ability and have the time to keep up to date with economic developments, by all means, do it yourself. My advice is to farm the job out. Good luck!