Virgin ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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dartilovdartilov Forumite
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I have for a while now been paying monthly into a Virgin Stocks and Shares ISA and too be perfectly honest just was happy that I was saving something, albeit, a small amount per month (£60).

However, not being up on these matters really lately, is there a better home for my small savings and monthly amount?

Thanks in advance
Nil Satis Nisi Optimum

:T :money:
«1

Replies

  • jem16jem16 Forumite
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    dartilov wrote: »
    I have for a while now been paying monthly into a Virgin Stocks and Shares ISA and too be perfectly honest just was happy that I was saving something, albeit, a small amount per month (£60).

    However, not being up on these matters really lately, is there a better home for my small savings and monthly amount?

    Thanks in advance

    Almost certainly. The Virgin S&S ISA is about the worst you can get. It's way more expensive and poorly performing than just about anything else.
  • pqrdefpqrdef Forumite
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    Be careful. The gotcha with small investments is flat-rate charges. Any scheme that makes only percentage charges will tend to work in your favour.

    Especially watch for exit and transfer charges. It can be difficult to get out of an S&S ISA or switch provider without it costing you an arm and a leg.

    Everything is up in the air this year and many providers will have to change their charging schemes. But Virgin is currently costing 1% with no explicit fees, so you might want to sit tight for now and see how things develop.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • MEM62MEM62 Forumite
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    I have been saving regularly with Virgin in a S&S ISA (£250 a month) since November last year. I actually chose them following a recommendation on this site! Should I reconsider my choice?
  • if you want a cheap s&s isa, and don't want the hassle of understanding how to balance your portfolio then a vanguard lifestrategy fund would be ideal- very cheap 0.3% or thereabouts

    cheers

    fj
  • innovateinnovate
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    MEM62 wrote: »
    I actually chose them following a recommendation on this site!

    Who recommended the Virgin ISA?
  • jimjamesjimjames Forumite
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    MEM62 wrote: »
    I have been saving regularly with Virgin in a S&S ISA (£250 a month) since November last year. I actually chose them following a recommendation on this site! Should I reconsider my choice?

    I can't imagine any of the informed posters here recommending a Virgin S&S ISA.

    To pay 4x the fees for something identical isn't the most money saving way of investing.

    About the cheapest tracker ISA you can get at the moment is via Cavendish Online or Fidelity directly.

    The cheapest funds are around 0.25% pa compared to 1% for Virgin.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • MEM62MEM62 Forumite
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    innovate wrote: »
    Who recommended the Virgin ISA?

    When I was looking at the end of last year it came up as one of the top ISAs when I clicked on the Banking & Saving tab at the top of the page.
  • jem16jem16 Forumite
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    MEM62 wrote: »
    When I was looking at the end of last year it came up as one of the top ISAs when I clicked on the Banking & Saving tab at the top of the page.

    Are you sure that wasn't a Cash ISA as opposed to a S&S ISA?
  • innovateinnovate
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    MEM62 wrote: »
    When I was looking at the end of last year it came up as one of the top ISAs when I clicked on the Banking & Saving tab at the top of the page.

    If it was listed on the "Banking and Saving" tab, I suggest it was with 100% certainty not an S&S ISA since the main MSE site only ever lists cash ISAs, not S&S ones.
  • MEM62MEM62 Forumite
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    innovate wrote: »
    If it was listed on the "Banking and Saving" tab, I suggest it was with 100% certainty not an S&S ISA since the main MSE site only ever lists cash ISAs, not S&S ones.

    My mistake then.
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