New S&S ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
3 replies 864 views
eaustineaustin Forumite
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I currently hold some funds with Bestinvest (I think they have some link with Fidelity Funds network but not sure).

I have some funds available to invest in a new S&S ISA and am not sure what is the best way to do this. Do I have to stay with Bestinvest or can I open a new account with a different provider i.e Hargreaves Lansdown. I have about £5,000 to invest this tax year which I was intending to invest in lump sums over the next few months, although I'm tempted to invest it all now with the market seemingly so low.

Is there a good site that recommends funds to invest in where I can do some research to see what would fit best with the rest of my investment portfolio?

Any advice gratefully received.

Replies

  • You don't have to stay with Bestinvest. You can choose to either add to your existing ISA with them, or you can invest the funds in a new ISA with another provider.

    You could invest it all now, or if you do it in installments over the next few weeks/months then you could benefit from pound cost averaging.

    Fund information can be found on Trustnet.
  • dunstonhdunstonh Forumite
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    The idea of platforms is that you are using them to consolidate your holdings on to one platform for convenience and choice. If you start having multiple platforms then you negate a lot of the benefit.

    Plus, the existing platform and the one you are considering are both bundled platforms. So, when they move to an unbundled charging method in a few years time, you run the risk of having two small amounts on different platforms incurring the highest charges (most unbundled platforms have tiered their charges so the more you have, the cheaper it is). Thats the near future but its worth planning for it.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jimjamesjimjames Forumite
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    I also have S&S ISAs with Best Invest and HL. At present it isn't easy to move from Cofunds to HL without selling all investments and repurchasing which I would prefer not to do. I understand that next year it will be possible to switch and re-register instead which is what I am waiting for.

    So in answer to your question, yes it is possible to have ISAs with both companies.
    Remember the saying: if it looks too good to be true it almost certainly is.
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