Are Top ISA Rates Too Good To Be True? Best ISA rates Review

By J Drew -
Are Top ISA Rates Too Good To Be True? If you search on Google for "top ISA rates" or "best ISA rates" then one of the promoted adverts and sometimes one of the high ranking results is a website called Top ISA Rates.


Are Top ISA Rates Too Good To Be True? Best ISA rates Review
Are Top ISA Rates Too Good To Be True? Best ISA rates Review
If you click through and look at the products advertised on the Top ISA rates website then you will see a variety of products listed but no differentiation on their risk or status. Worryingly their website states "Fully secured ISAs. Types: Fixed Rate Interest, High Rate Of Interest, Full Security." This is incorrect as the products listed as not fully secured or having full security. They are products where you can lose 100% of your money.

Until recently the main product they promoted was a company called London Capital & Finance. However this company is now being investigated by Financial Conduct Authority and is not allowed to promote for new business or move any money without prior approval.

So the first item is something called a Blackmore Bond which Top ISA rates describes as a Fixed Rate ISA. This is a very misleading term as there is no such thing - you can have fixed rate accounts in a cash ISA but this is NOT a cash ISA.

Are Top ISA Rates Too Good To Be True? Best ISA rates Review
Are Top ISA Rates Too Good To Be True? Best ISA rates Review
The Blackmore bond should not be promoted to general retail savers as it is a high risk product where you can lose 100% of your money - as London Capital investors are now finding out to their cost. 

It also isn't made clear that the company behind Top ISA Rates website are paid commission for every Blackmore bond customer they introduce which could be a substantial amount of money paid out.

If you are looking for the top ISA rates to get on your cash ISA risk free then you should stick to FSCS protected companies. Sites offering very high rates come with very high risk and you could lose all your money. 

If words like "secure", "guaranteed", "secure" or "safe" are important to you then products such as Blackmore Bonds or other similar unregulated investments should be avoided at all costs.

Top ISA rates scam?
Top ISA rates scam?

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