8% ISAs - Genuine or Fake Savings Accounts?

By J Drew -
A website called Top ISA rates is yet again misleading people with their adverts on Facebook and Google. Facebook don't seem to care that these adverts are giving the impression of being bank accounts when they are nothing of the sort.

Have a look at the image below. There are lots of people outside different banks including NatWest which is still obvious despite attempted blurring of the name.

8% ISAs - Genuine or Fake Savings Accounts?
8% ISAs - Genuine or Fake Savings Accounts?
If anyone thinks they can get a bank cash ISA paying 8% then they will be sadly mistaken and it's very misleading to use adverts such as this to promote Innovative Finance ISAs that mean you could lose your money and not get income and give the appearance of being a cash ISA.

99% of people who hear the word ISA will believe it means CASH ISA so this is almost certainly designed to entice people to sign up to something they aren't expecting.

If you are looking for a genuine ISA paying 8% then your capital will be at risk - you could lose money - although some like London and Capital seriously downplay the risk of losing money.

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