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You need to compare the different types of ISA and different fund management styles to find one that suits you.

You may wish to use an Independent Financial Adviser to help you sift through the huge number of opportunities available. Alternatively you need to look carefully at the charges, terms and conditions attached to each ISA. As with any other important financial product always read the small print.

You also need to weigh up the risks involved. If you are investing in stocks and shares the returns can be higher, but the risks are greater and there is no guarantee that you will see capital growth.

Insurance ISAs tend to be less volatile than Stocks and Share ISAs as they invest in more stable financial instruments such as bonds, although there are still higher risks than Cash ISAs.

Over the long term shares have proved to be an excellent investment compared to simple putting your money in the bank. And ISAs should be seen as medium to long term investments.

However, share prices very volatile at the moment you should consider your options carefully.