Expert advises against two-year-plus Isas

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Expert advises against two-year-plus Isas

Isas that tie up a person's money for more than two years may not be a wise choice, according to one sector commentator.

Ark Financial Planning director Phil Perry stated that he would worry that he was falling behind if he had his money in an Isa for longer than that.

In his view, banks and building societies do not tend to offer a top rate of interest without the belief that they will make some money out of the deal at some stage.

Mr Perry remarked: "The best rates you are going to get are fixed rates and fixed rates above two years are probably not worth it as the predictions are that interest rates are probably going to go higher."

Recently, Consumer Focus submitted a complaint under the Enterprise Act 2002 against the Isa market, because it feels that customers are losing about £3 billion each year as a result of the way the industry works.

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