Busting the myths. Let's get real about ISAs

OK, it's time to set the record straight and uncover the truth about ISAs.

 Don't let these common myths hold you back from finding a brighter financial future the Friendly way.

Myth 1 - You need a big amount of money to get started.

At Scottish Friendly, you can kick-start your ISA journey with as little as £10 per month in our Investment ISAs and Junior ISA. You can start small and increase your payments whenever you're ready.

Myth 2 - ISAs are rigid and inflexible.

Not with us.  Some of our ISAs give you the power to take control.

You can stop, restart, or change your payment amounts. Just keep in mind that adjusting them might affect how quickly you reach those precious savings or investment goals.

As for getting hold of your money, it all depends on the account type and provider. We only offer Investment ISAs, which put your money to work on the stock market's potential over the long term.   

Remember, investments can go down as well as up and you could get back less than you pay in.

Myth 3 - ISAs are a risky business.

It depends. It's all about choices.

Investment ISAs are typically tied to the stock market, offering growth potential over the long term.

Remember though, there's not always a guarantee you'll get back what you put in. That's why we offer our My Choice (ISA) with a range of 10 risk-graded funds. You decide the level of risk and reward that suits you. The exception to this is our My Easy Choice (ISA) which offers a single fund choice with a guaranteed minimum cash lump sum on your 10-year anniversary of investing. Terms apply.

Just remember, our ISAs are mid to long term investments of at least 5 years but ideally ten years or more. And don't forget to do your research. With over 160 years of experience, Scottish Friendly is a trusted companion on your investment journey.<Research quote to follow>

Myth 4: You can only have one ISA.

Not true. You can actually hold multiple ISAs.

However, you can only contribute each tax year to one Cash ISA, Investment ISA, Innovative Finance ISA, and Lifetime ISA. You can have different ISAs with different providers or keep them all in one place as long as you don't exceed the annual allowance of £20,000.

Tax treatment depends on your individual circumstances, and tax law may change in the future.

Myth 5: ISAs are just one-size-fits-all.

Wrong. Your ISA can be as unique as you are.

With Scottish Friendly, you can personalise your ISA by creating different policies what we like to call 'pots' within your account.

Got specific savings goals in mind? Like a dream holiday, wedding or funding for that apprenticeship, college qualification or university degree? Or perhaps your thinking of retirement or even just a rainy day?

We've got you covered.

Myth 6: ISAs are just too complicated.

They certainly don't have to be.

It all depends on the type of ISA and your investment choices. Investment ISAs linked to the stock market can be a bit confusing, but that's where we come in.

We keep things clear every step of the way.

At Scottish Friendly, we provide you with information to make informed decisions. If you're unsure about which ISA is right for you, consider consulting an independent financial adviser. Just remember, they might charge you for their services.

Our Investment ISAs

We all want to live our lives to the full. We all want our financial freedom. Investing with us could offer great potential for growth compared to secure interest on savings, helping you reach those bigger long-term financial goals. 

Scottish Friendly believe this opportunity should be within the reach of everyone.

Our Investment ISAs