self select isa for weekly saver?

khampson

Hi I am thinking about putting savings into a self select isa on a weekly basis, only about £20 a week, this is a long term plan for me, is it worth it only investing such a small amount each week? I am unsure about the fees, I don't plan to buy shares just spread in over historically good performing isas.

Keith

Yorkie1

If it was better financially, would you be averse to saving up until you have £100 every month / 5 weeks instead?

khampson

Yes possibly, I bank with Halifax who do a self select isa but its hard to understand the charges involved. It says commition is 0.05% per year but I am unsure if your charged to buy into your selected isa, I know they charge for shares.

Keith

Lokolo

iii have a regular share saver which costs £1.50 commission but its monthly. So you'd be buying around £80 worth each time.

http://www.iii.co.uk/trading/share-dealing/how-do-i-invest/portfolio-builder

khampson

Lokolo wrote: »

iii have a regular share saver which costs £1.50 commission but its monthly. So you'd be buying around £80 worth each time.

http://www.iii.co.uk/trading/share-dealing/how-do-i-invest/portfolio-builder

That's the thing, I dont want to buy single shares or a single isa, I want to invest in a few isas spreading the risk

Keith

Lokolo

khampson wrote: »

That's the thing, I dont want to buy single shares or a single isa, I want to invest in a few isas spreading the risk

Keith

You can swap them around month to month though. So one month you can buy Vodafone, next month Shell etc.

CLAPTON

you get to choose the investments; single shares, unit trusts, oeics etc

whether you buy them in an ISA or not is a seperate decision
so in a single ISA you can include many shares and/or many oeics, UTs etc

with the sort of money you are talking about I would suggest to look at oeics/unit trust; many of the major companise offer regular savings deals (starting for 50 per month) with reasonable charges e. M&G , Fidelity

look them up and see whether they suit your needs
and come back and ask more detailed questions if needed.

Mikeyorks

khampson wrote: »

I bank with Halifax

........... so do I. But ........

who do a self select isa

........ that doesn't mean you have to invest with them? I wouldn't touch their S&S ISA from a distance ..... others do it much better and with greater flexibility and less charges.

khampson wrote:

I want to invest in a few isas spreading the risk

An ISA is just an envelope - and you can only contribute to one S&S ISA in a tax year. What I assume you're looking for is to invest in a few Funds, within an ISA? Have a look around the Hargreaves Lansdowne site ...... with particular reference to their Regular Savings (Knowledge Centre tab .... central download on the top line is a .pdf on Regular Savings) :-

http://www.hl.co.uk/

But - there are well over 2k Funds available - so you need to read up a bit in general and then, as CLAPTON, rightly says, come back with more specifics.

khampson

So if I invest £100 into a self select isa how much would go on the isa and how much would be taken by the bank, the financial company who provide me with the ss isa? Sorry I just don't understand the charges involved.

Keith

IronWolf

Keith

If you use the cheapest ISA provider, which is iii.co.uk last time I checked, then there are no admin charges, so if you deposit £100 you will get £100 in the ISA.

but you then need to decide what to invest in, as the ISA is just an account which holds investments. Depending on what you choose to invest in then depends on the charges you will pay. For a share you'll pay a dealing charge of min £1.50 and stamp duty but then nothing after. Funds will charge you an annual % but its built into the share price.

khampson

Thanks ironwolf, I am not sure if I have misunderstood but this is what I found and it also says no admission or dealing fees, this is what first go my interest.

http://www.halifax.co.uk/sharedealing/our-accounts/self-select-funds-isa/