Which maxi ISA?

pedrobro

I've had a cash ISA for a number of years now but I'm thinking it might be a good time for me to get a stocks/shares ISA. I plan to invest the entire 7000 in stocks/shares.

I've tried to look through this site and others for advice on who to set this up with but I'm not having much luck. Is there much difference between providers? Do different providers provide different levels of risk and have different rates to change what you're investing in? Or is it that at the end of the day they are all pretty similar? I've been looking for a comparison chart but with no luck!

Cheers

Aegis

If you're looking to invest in unit trusts and OEICs, then take a look at Hargreaves Lansdown. They're as good as anyone else that I can think of, with a very low charging structure for setting up a portfolio with them.

For direct investment in shares, unit trusts and ETFs, it might be worth checking out Selftrade and the associated referral scheme. Search on the forum for details.

However, a lot of share brokers will charge extra to hold shares in an ISA, so you need to weigh up the benefits against that. This usually doesn't apply for collective funds.

jem16

pedrobro wrote: »

Is there much difference between providers? Do different providers provide different levels of risk and have different rates to change what you're investing in? Or is it that at the end of the day they are all pretty similar? I've been looking for a comparison chart but with no luck!

Mini and Maxi ISAs don't exist any more. They are simply known as a cash ISA and a S&S ISA. You can invest £7200 each year with a maximum of £3600 into cash.

A S&S ISA is unlike a cash ISA in that it is better not to stick to one provider and one fund. It is also better not to go direct to the provider but to use a funds supermarket. You should also stay away from any offering from a bank.

As Aegis says Hargreaves and Lansdown is the best funds supermarket to use if you want to go DIY. Normally you would be looking to utilise about 7 funds spread through the sectors if you are using the whole £7200.

If you do not know what you are doing to go DIY you can use an IFA for advice on how to invest the money.

dunstonh

Is there much difference between providers?

There are over 2000 unit trusts/oeics. Each investing with its own aims and objectives. Most are put into sectors with a theme. This allows you to compare funds with similar themes. However, you cannot assume that the risk level with the funds will be the same.

Do different providers provide different levels of risk and have different rates to change what you're investing in?

Providers have no risk. The risk is in the funds.

Or is it that at the end of the day they are all pretty similar?

Massively different. You could have a gilt and fixed interest fund in one hand and a latin American fund in the other.

I've been looking for a comparison chart but with no luck!

What are you trying to compare? Hopefully not returns as that tells you nothing.

cheerfulcat

pedrobro wrote: »

Is there much difference between providers? Do different providers provide different levels of risk and have different rates to change what you're investing in? Or is it that at the end of the day they are all pretty similar? I've been looking for a comparison chart but with no luck!

There aren't any general comparison charts because comparison is nearly impossible. Some providers of ISAs just offer the wrapper - self select ISAs from brokers, for example, where you can choose your own combination of funds/shares/bonds. Some fund houses will wrap their own funds - but no-one else's - in an ISA for you. Some fund houses will wrap others' funds in their ISAs as well as their own.

Charges vary between providers - generally speaking, the more flexibility you want, the more it will cost.