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Finding the right ISA account can go a long way towards making sure that you get the kind of solid financial future that you hope for. Regardless of how you see your life panning out from now on, investing wisely is one sure way of making life better for you and your family.

In this Scottish Friendly ISA review, we’ll be taking a closer look at this Stocks and Shares ISA account, its features and the setup process to help you to decide if this is the right investment ISA for you.

Choose the Right Investment Level

One of the best aspects of investing in an ISA is that it gives you a flexible way of matching your investment level to your current needs and plans. You can then adjust the amount you invest over time as you see fit.

What this means in practise with the Scottish Friendly ISA is that you can setup your account and start investing from as little as £10 on a monthly basis, or else get started with a lump sum of £100 or more. From this starting point you can then go up to the maximum annual ISA allowance if you want to.

The fact that your ISA is tax free means that the money you invest and your returns stay in the account and work hard for you, rather than going to the tax man.You can also have other types of ISA such as a Cash ISA at the same time, provided that you don’t go over your annual ISA allowance.

Ideally, you will let your ISA account run for at least 5 years but you can take the money out before then if you need to do so. However, by choosing the right investment level at the start and then monitoring the progress, you stand a better chance of being able to continue with the investment for as long as you want to.

The Ready-Made ISA Option

The Scottish Friendly Ready-made ISA is ideal for an investor who wants to take some level of control without putting all of the pressure on their shoulders.

This is because it lets you invest in a unitised with-profits fund. This gives you a guarantee that you will get back at least what you initially invest in 10 years, provided you don’t switch away from or withdraw money from the fund.

You can choose the My Easy Choice ISA or the My Ethical Choice ISA depending on your preference. Each require a £10 a month or £100 lump sum minimum investment.

The Do-it-yourself ISA

The do-it-yourself ISA option from Scottish Friendly allows you to be a little more hands on with your investment, without having to take on the responsibility of choosing from a vast array of investment choices.

There are 10 funds to choose from. The My Choice ISA gives you the ability to invest with lower amounts of money upfront, but you may pay a slightly higher management fee than if you were to invest higher amounts in the My Prime ISA. It is certainly well worth taking a few minutes to look through the details of these funds on the Scottish Friendly website to see which one is likely to be the perfect match for your investment needs.

If you like then you can even set up different policies within your Scottish Friendly ISA and invest in more than one fund. As long as you don’t go over your annual ISA allowance, you can open as many policies as you like and split up your money across various funds in the way that you most like the look of, allowing you to save separately for say a car or your child’s university fees all within the one ISA account.

Getting Your Account Opened

Before you apply for your new ISA account it is also a good move to check out the key features as well as the page on the Scottish Friendly website that shows how your money could grow. This is a quick and easy way of seeing how you could achieve your financial goals in the timeframe that you have in mind.

Once you have done this, the next step is to set up your ISA account online. This is a painless process that is carried out over just 4 steps.

You will need your bank account details and National Insurance number in order to complete the application process. The key features page on their website should also answer just about any question that you have on the subject.

Why Choose This ISA?

There are a few reasons why you might want to invest in the Scottish Friendly Stocks and Shares ISA. Of course, as with any type of ISA it is an extremely tax efficient way of investing your money month after month.

In addition, it offers a highly flexible approach If you aren’t sure how your life and finances will change in the future. This makes it ideal for someone who wants to start investing but isn’t keen on committing a set amount for a fixed period.

It is also an attractive proposition for anyone who wants to take a degree of control over their investing. Instead of just having your money lumped into a set account, you get to choose from an interesting range of different funds.

All in all, this is the sort of flexible and attractive ISA account that makes it easier to plan for a better financial future no matter what your hopes and dreams are.

Remember that the value of investments can rise as well as fall, meaning your initial capital may be at risk.