Best place to invest when starting out?

BritOnABudget

I am 20 years old and looking to invest for the first time, however not sure what would be the best option. Looking for a long term period and reasonably low risk. I have little knowledge on the area so any tips and advice would be much appreciated.
Would a property ISA with Bricklane,com be suitable or would I be better going with a Stocks & Shares ISA etc.

BritOnABudget

Looking at adding in about the minimum every month £100 as more return than a regular savings account over the longer term, or do you think it would be better in a savings account?

AnotherJoe

What are you saving for?
Retirement? - Pension.
House - LISA or HTB ISA
Unknown / building up an emergency fund - High interest regular saver
Long term savings wont ever be needed for house - S&S ISA

BritOnABudget

Looking at long term savings. Already have pension, LISA and regular saver and happy with the amounts going into these so looking to branch out for the future.

Wildsound

Work out your goals first and then let us know - AnotherJoe's post is pretty much what kind of products you should be looking at depending on the goal.

As for Bricklane - your capital is at risk of 100% loss, no fscs protection and is high risk. I'm not saying you shouldn't invest in it, but it should not be given the same consideration as say a cash savings account should.

BritOnABudget

As mentioned above I am looking at long term savings not including house deposit or pension.
That's great thank you, I would rather look at getting an ISA than cash savings as from what it seems there is a better return on the cash I put into it

Voyager2002

BritOnABudget wrote: »

As mentioned above I am looking at long term savings not including house deposit or pension.
That's great thank you, I would rather look at getting an ISA than cash savings as from what it seems there is a better return on the cash I put into it

The standard advice (on this board, anyway) would be Vanguard index funds, probably lifestyle 100 (that is, 100 per cent equities). And of course put that into an ISA wrapper.

coyrls

There is no such thing as a "Property ISA". There are three types of ISA: Cash, Stocks and Shares and Innovative Finance. Bricklane are offering a Stocks and Shares ISA. Personally I wouldn’t open an ISA with Bricklane, I would say that you would better off with a diversified portfolio, initially using a single multi-asset fund held on a mainstream platform as suggested above.

BritOnABudget

coyrls wrote: »

There is no such thing as a "Property ISA". There are three types of ISA: Cash, Stocks and Shares and Innovative Finance. Bricklane are offering a Stocks and Shares ISA. Personally I wouldn’t open an ISA with Bricklane, I would say that you would better off with a diversified portfolio, initially using a single multi-asset fund held on a mainstream platform as suggested above.

Thanks for your response. This is the link that I went through which states 'Property Isa' https://www.zoopla.co.uk/invest/property-isa/

ColdIron

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.
https://www.gov.uk/individual-savings-accounts

mije1983

BritOnABudget wrote: »

Thanks for your response. This is the link that I went through which states 'Property Isa' https://www.zoopla.co.uk/invest/property-isa/

It's a S&S ISA dressed up to appear as something else. If you scroll to the bottom of that page in the disclaimers etc it says

A Stocks and Shares ISA may not be right for everyone and tax rules may change in the future. If you are unsure if an ISA is the right choice for you, please seek independent financial advice.

The fees seem on the high side as well. 2% every time you invest (so every month you will only be investing £98) and a 0.85% management fee. Much cheaper S&S ISA providers out there.