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Tesco Personal Finance

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      09.05.2001 01:35
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      I decided to cash in my savings and invest in an ISA. It is an investment designed to hold different types of savings like stocks and shares, life insurance and cash etc. It is a tax-free investment and there is no Capital Gains tax either. I took my time deciding who to go with and what type so I really looked around and studied all the brochures from the banks and building societies. To be quite honest I didn’t really understand exactly what an ISA was but I soon found out when I approached Tesco Personal Finance. They offer a very good package and you also get the added bonus of club card points. There is no initial set up charge but you do have to pay 1-% management fee every year. You can invest a lump sum from £500 or just make regular monthly payments from £50 upwards, even a lump sum and then regular payments to boost your investment. They also send you a statement every six months to keep you updated on how your investment is growing. An investment of up to £7,000 can be put into a Maxi ISA and up to £3,000 in a mini ISA, but you cannot invest in both. They are linked to stocks and shares through the Norwich Union and three choices are available. UK Index tracking fund for growth. I was told that this has potential for good returns after about five years if I saved regularly and invested a lump sum. UK Equity Fund for growth This one is for the long-term saver who is maybe looking at a retirement nest egg. Higher Income Plus Fund for income. A good lump investment and regular savings is needed for this type so a bit out of my league. I have opted for the Equity Fund and hope to save at least £100 pounds per month to give it a good boost. The performance of this fund over the last five years seems to out way the Tracking fund, but it is all a bit of a gamble because nobody can guarantee how stocks and shares will go. I feel pretty confident with my choice a
      nd Tesco Finance staff were really helpful when I asked them to explain all the options to me, they didn’t push me into a decision or give me the hard sales talk. All In all I got excellent service and they patiently answered all my questions. If you are thinking about investing in an ISA try contacting Tesco Personal Finance first for some advice. Tel. 0845 845 1400 Or you can visit their web site www.tesco.com/finance

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