which MAXI ISA

Justin311

I'm hoping someone can give me some advice. I'm currently shopping for an ISA (MAXI) to act as a repayment method (over time) for my 24 1/2 year mortgage - currently interest only. I've been advised that i should be putting away £200 a month into a stocks-and-shares ISA to do this. I've been looking around and have details from various banks and well known funds, but find the various 'charges' confusion - i was flabagasted that my own bank Nat West wanted to charge me 5% for their MAXI ISA for example. Can anyone offer me any good advice in this area - specifically of any good MAXI ISA offers or MAXI ISA's with low charges?

Any help appreciated.

Thanks
Justin

savingforoz

Hi Justin311. Check out https://www.fidelity.co.uk - specifically their Moneybuilder UK Index tracker. There's no initial charge, and the annual charges are only 0.3% - the cheapest you'll find. You can save regularly on a monthly basis.

If you decide a tracker is not for you, whatever you do there's no need to pay 4.5 - 5% initial charges. Go to a discount funds supermarket such as https://www.hargreaveslansdown.co.uk, who will charge 0% initial charge and often reduce the annual fee as well. Also, the range of funds is huge and much better that what your bank can provide.

Another discounter is https://www.fundchoice.co.uk. Hargreaves Lansdown seem to offer better discounts, as well as other helpful services.

Hope this helps.