Top ISA Rates Review - Is 8% Interest Rate Really True or a Scam?

By J Drew -
The website Top ISA Rates is heavily advertising on Facebook claiming to offer 8% Tax free for a "Fully Secured ISA". This may not be an out and out scam but it's certainly highly misleading as the 8% rates being offered are nothing like fully secured and certainly nothing like a bank savings account that is fully FSCS protected.

Top ISA Rates Review - Is 8% Really True or a Scam?
Top ISA Rates Review - Is 8% Really True or a Scam?

You can't access your money for the duration of the investment so the picture of a cash machine is highly dubious and again designed to mislead. Presumably highlight their claim that the ISA is fully secured like a bank account they are showing this queue of people at a cash machine.

Yet the ISA that is offering 8% on their website is by London Capital and Finance and comes with the following disclaimer.

Investing in bonds means your capital is at risk and payments are not guaranteed if borrowers default. 

At least LCF are more honest with their adverts and state that capital is at risk


So if you are happy to risk your money for the chance to earn 8% income but get back less money than you put in this could be the ideal investment for you. But to do so make sure you have your eyes wide open and are fully aware of the risks.

It isn't the same as a bank account, the interest you get may vary and you may not get some or all of your money back!

 The protections afforded by the Financial Services and Markets Act 2000 including recourse to the Financial Ombudsman Service and compensation entitlements under the Financial Services Compensation Scheme do not apply to the bonds offered

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