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Yes you can earn interest on cash in an Investment ISA and the profits are tax-free as long as they are within your contribution limits. Although, be careful as some providers do not pay any interest at all. You can see our comparison of the best interest rates on uninvested cash here. Some providers offer low cost stocks and shares ISAs and earn money on the interest on cash instead. Whilst others will lure new customers in with high interest on univested cash, or cash-like products, with the hope of earning fees on stocks and fund costs.
I’m afraid this is now nearly impossible without paying an exorbitant amount. Even though we managed to insure our decommissioned black cab for taxi traders in 2024 we were warned by the insurance broker that it would be impossible to insure it again next year. The reason they gave was that when people buy decommissioned taxis it is generally for novelty purposes and as such they end up in a relatively large amount of accidents as they are dirive irresponsibly. For example, around the streets of London, with traders in the back. Even last year the insurance was nearly three times the value of the vehicle – so whilst it may seem like a good idea the costs are prohibitive.
This is a scam. What the scammers have done here is lured you in with the promise of above-market returns on a fixed income bond investment and copied a real investment firm to make themselves look legitimate.
This type of scam is known as a “clone“. The FCA and the real Aberdeen Standard are aware of this and published a warning in June 2020, which was updated this month: https://www.fca.org.uk/news/warnings/aberdeen-standard-investments-clone-authorised-firm
Those are the correct banking details for UK Forex (now OFX) who have been notified and their compliance department is investigating.
The scammers will provide fake banking details for you to send money to. In this case, they have provided the banking details of UK Forex (now OFX) a legitimate currency broker. The scammers may have set up a fake account with the currency broker using the KYC (ID) documents you supplied so that when your money arrives, it can be sent abroad quickly making it difficult to retrieve.
The email address that scammers have been sending you emails from is @aberdeenstandardinvestment.com which is listed as one of the fake websites used to clone Aberdeen Standard on the above FCA clone notice.
Douglas Tennant, Anti-Financial Crime Manager at Aberdeen Standard Investments told us:
We have been made aware of consumers being contacted by telephone regarding investing into high yield 1-5 year bonds with Aberdeen Standard Investments. I can confirm we do not offer such products nor do we advertise on such websites. We have recently updated our Investor Warnings across our websites to make consumers aware: https://www.aberdeenstandard.com/en/uk/investor/investor-risk-warning , this also provides contact details for getting in touch with our team.
You have certainly done the right thing by double-checking this and we encourage everyone to do their research online before investing with a new provider.
For more information on how bond scams work you can read our guide to fixed income scams.
Aberdeen Standard is not the only big investment firms to be cloned. Aviva, has also been cloned (https://www.fca.org.uk/news/warnings/aviva-plc-aviva-bonds-plc-clone-fca-authorised-firm)
If you think an investment is too good to be true or you think you are being scammed you should report it to the FCA here: https://www.fca.org.uk/consumers/report-scam-us
You can also search the FCA warning list for scams that have already been reported here: https://www.fca.org.uk/scamsmart/warning-list
