I put my son's £400 savings in one. In 3 years he got no return so I moved it out and into an ISA. I don't understand how it is allowed to present as an investment when it's gambling/lottery.
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I hope you didn't use a cashISA as they're not really for investing in or getting a good return, even though many people are happy with 4-5%. One cashISA made £1000, and a stocks & shares ISA made £3750 in the same year. You don't make anything with cashISAs!
It's not gambling or lottery though, as you don't lose the money you put in. Sure it doesn't return much, if anything, but you also don't lose anything by 'investing' it. It just sits. And you can withdraw any time.
Agreed though that ISA is a more logical option if you want to grow the fund.
Ok, but it isn't an investment either. It's a storage device for capital with occasional prizes. And I think calling it an investment is misleading - and it's often children's money that's languishing with poor returns.
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Agreed though that ISA is a more logical option if you want to grow the fund.
You could achieve the same outcome by putting your money in a 5% account then spending the interest on lottery tickets.