Which broker for my L/ISA

Scrimps

My husband and I are just getting to the point where we will be able to put some money away for the future. We are thinking of both opening a LISA when they come out as neither of us want to work till we're 68. For our other savings we're looking at a regular saver each at 5% until we have a good cash pot. We will have an emergency fund of approx £5000 put away already.

Im having real difficulty determining which would be the best broker for my needs, Ive been on the Monevator site a few times, every time I think I have decided which one would be best, I re-read something and get confused all over again. Could you please help, I fear that not being able to figure this out myself means Im a bit dim! .

Very basic needs:

Approx £300pcm paid into the LISA. Would most like just drip feed into a cheap Vanguard Lifestyle or Target Retirement Date Accumulation fund. Would like to just set and forget so no dealing really accept the monthly additional drip feed purchase.

ajdj

Probably best to ask again in 8 months time. Nobody knows what the charges will be for a LISA yet.

If this is for retirement savings have you considered a SIPP instead? Same benefit of tax relief added but no access until 55 (possibly later if this changes).

ColdIron

With regard to the platform, and bearing in mind we don't know all the details yet, you could plug some numbers into this site for a few 'what ifs'
For low amounts drip fed into a regular ISA Charles Stanley Direct often compares favourably. However at low levels even the more expensive sites like Hargreaves Lansdown are not that much more costly and you may consider the extra cost worth it
http://www.comparefundplatforms.com/

Scrimps

ajdj wrote: »

Probably best to ask again in 8 months time. Nobody knows what the charges will be for a LISA yet.

If this is for retirement savings have you considered a SIPP instead? Same benefit of tax relief added but no access until 55 (possibly later if this changes).

Yes I do seem to be getting a bit ahead of myself, I think Im excited at the prospect for saving something bigger than a holiday/MOT/car tax/new boiler. I had looked into a SIPP very briefly, I think I saw somewhere that it was an expensive method to save for retirement, having re-read again today, I dont know where I got that from. I am not sure it would make much difference to me as Im a basic rate tax payer. The current rules of being able to take the whole lot at 60 rather than just 25% tax free is attractive in terms of comparing the LISA to a SIPP. I will have workplace pensions which I could take a lump sum from if I wanted, though I dont think it would be much. At the moment, approx £4k pa would be the most I could/would want to risk/save in stock and shares.

ColdIron wrote: »

With regard to the platform, and bearing in mind we don't know all the details yet, you could plug some numbers into this site for a few 'what ifs'
For low amounts drip fed into a regular ISA Charles Stanley Direct often compares favourably. However at low levels even the more expensive sites like Hargreaves Lansdown are not that much more costly and you may consider the extra cost worth it
http://www.comparefundplatforms.com/

Thank you for the link, once I went through it, it looked very familiar so I must have been on it before. Halifax came out top which is one I have researched before. I confess, having been a customer of Halifax before and finding them to be be repeatedly terrible, I carried on reading Monevator for something equally cheap and got myself very confused.

I will follow the advice and wait until April. It is exciting though....being able to save proper

dunstonh

Nobody knows what the charges will be for a LISA yet.

There is media speculation that it may be abolished (or deferred)

It is exciting though....being able to save proper

The LISA shouldnt change that.

Scrimps

dunstonh wrote: »

The LISA shouldnt change that.

No, not at all. I dont think I indicated it did?:

Which broker for my L/ISA

My husband and I are just getting to the point where we will be able to put some money away for the future.

For our other savings we're looking at a regular saver each at 5% until we have a good cash
pot

I had looked into a SIPP

Im just excited that Im

saving something bigger than a holiday/MOT/car tax/new boiler