ISA should earn you interest (Intelligent Finance Mini Cash ISA)

Member Name: Comperchris

Product:	Intelligent Finance Mini Cash ISA
Date:	16/09/09 (18 review reads)
Rating:

Advantages: Easy online access

Disadvantages: Very low interest rates

I had an Intelligent Finance ISA from Intelligent Finances launch way back in 2001. I also had a mortgage and savings account which I'll review separately. Although this is a strictly internet based account I was provided with pre-paid envelopes so it did not cost to pay any money into my account.
When the ISA launched it was actually separate to the mortgage and was not offset, it had a good interest rate which was competitive against all the rival ISAs. It was a good product and although I didn't have an awful lot of spare money what I did have went into my ISA so I did not have to pay any tax on the interest accrued.
Things changed in 2006 when IF stopped providing prepaid envelopes, meaning you had to use a stamp for every cheque you paid in. It may not sound much but I objected to it in principle. Interest rates plummeted and are now at an all time low, no longer even coming close to any rival accounts. The ISA is also now offset against the mortgage (if you have one) meaning you will never actually get any tax free benefit.

There are now far better products on the market then this; I have now changed to a Marks & Spencer ISA which I am very happy with.

Summary: There are far better paying products around