Nutmeg investment question

Mike82

Hi all. I've just come across the website Nutmeg. I just had some questions about its savings options. What is the difference between its General and ISA accounts? Which account type are its performance figures based around?

Al.

The GIA is the same as the Investment ISA account, but without the tax advantages that the wrapper gives you. In theory, always max out the ISA first and then select the GIA option for any overflow.

Former_MSE_Megan

Nutmeg have gotten in touch with the following message. Please remember third party views do not represent those of MSE.

Nutmeg have a help article on this here: http://support.nutmeg.com/help/kb/isas-and-sipps/how-the-nutmeg-isa-works. They're also happy to help if this doesn't answer. Simply email Nutmeg via support@nutmeg.com or telephone 020 3598 1515.

dunstonh

Mike82 wrote: »

Hi all. I've just come across the website Nutmeg. I just had some questions about its savings options. What is the difference between its General and ISA accounts? Which account type are its performance figures based around?

The UK has around 13 tax wrappers. These are containers for investments with special or different tax treatment. Many of these are historical or not mainstream. Mainstream ones are ISA, SIPP, personal pension, stakeholder pension, onshore bond, offshore bond and unwrapped.

GIA is the general investment account that holds the investments "unwrapped". i.e. not in a specific tax wrapper.

Remember that nutmeg's charges are similar to that of an adviser (possibly more, possibly less depending on amount - nutmegs site heavily overstates the costs of alternatives). So, consider whether an advised service may be more suitable than their service if you dont know what you doing and need that extra support and advice. If you are happy to DIY then also consider other options which may be more cost effective.