Cash Isas "still safe"

Individual Saving Accounts (Isa) are "still incredibly safe," even in the current climate, according to one independent financial advisor.

AWD Chase de Vere stressed that Isas are "perfect" for savers wishing to divide their money and have the added security of cover from the Financial Services Compensation Scheme.

Susan Hannums, AWD Chase de Vere savings manager, reassured existing Isa holders or those planning to set up an account.

She said: "In this current environment I think Isas are still incredibly safe.

"You have to remember that in the current environment, should anything happen to the company that you choose [to save with], you are covered up to £35,000 on the Financial Services Compensation Scheme.

"So for Isas, even if you’ve invested the maximum amount you should be fully covered."

Mini Isas are described as a ‘tax free wrapper,’ allowing £3,000 to be paid into an account every year and withdrawn at any time.