How to take out an ISA

Most major financial institutions offer a range of ISAs, including banks, building societies, insurance companies, stockbrokers, unit trust groups and fund managers.

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.

Over the medium to long term shares have proved to be an excellent investment compared to simply putting your money in the bank.

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