Family life: Isas are a haven for savers

People trying to make the most of their money are turning to Isas, according to one expert, who said they are the best financial solution for people trying to make their money go further.

David Kuo, director at The Motley Fool, said it is not surprising that people are turning to the accounts to shelter their money from the taxman as they offer good interest rates and benefits.

"Taxes are going to have to rise after the next general election and it makes sense to maximise any unused allowances now," he stated.

The expert added that stocks and shares Isas are replacing standard pension schemes for some people because they offer greater returns on their investment.

Because the maximum amount which can be put into an Isa is going to rise soon, Mr Kuo said more people might turn to them as a way to make their money work.

Yorkshire Bank recently stated that UK savers will have invested an estimated £40 billion in Isas by the end of this tax year.

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