Scottish Widows stocks and shares isa

missymouse

I have Nutmeg. I do £100 a month. Should I be putting more cash into that?

I think I am confused because I put £1200 a year into this.

I thought I could open another one at same time and do similar.

I suppose I could stop the payments and try a different provider and leave it dormant

SonOf

I have Nutmeg. I do £100 a month. Should I be putting more cash into that?

If it is an ISA with nutmeg then yes. You can only pay into one S&S ISA per tax year.

missymouse

I suppose what I could do is put more in this year and review again after 5 years.

Are there any other options for spare money

I can’t even add anymore to my cash ISA.

Thanks

Albermarle

I suppose what I could do is put more in this year and review again after 5 years.

Yes that could be a good idea.
Remember though that within a S&S ISA , there will already be a choice of different investments .
You do not necessarily have to open a new S& S ISA to change the investments .
Nutmeg have a very limited range of choices , but if you are not familiar with investing then this can actually be a good thing .

Albermarle

I can’t even add anymore to my cash ISA

Are you sure that your cash savings need to be in a cash ISA.
The rules changed a couple of years ago and a basic rate taxpayer can now earn up to £1000 in interest a year without being liable for any tax . So unless you have savings above approx. £50,000 then no need to put them in cash ISA.
The advantage of this is that non ISA savings account usually pay a better rate of interest than cash ISA accounts .
If you had more than £50,000 in savings then you could keep some in a cash ISA and some not.

missymouse

Or I could open another pot with a different risk level.

All in one basket approach or 2 pots.

Then move to another provider in 2022?

missymouse

Also any recommendations on a savings account please

Remember when you could leave your money long term and get 5%

Albermarle

Also any recommendations on a savings account please

Not far to look...…….

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

bowlhead99

missymouse wrote: »

I suppose what I could do is put more in this year and review again after 5 years.

Are there any other options for spare money

I can’t even add anymore to my cash ISA.

Thanks

This is confusing. Why can't you add more to your cash ISA? Have you used up your annual allowance? If there was no allowance left how were you going to keep adding £100 per month to Nutmeg and also put money into a Scottish Widows one?

If you don't know much about investments and find long lists of choices intimidating, it wouldn't be the end of the world if you just put more into Nutmeg.

missymouse wrote: »

Or I could open another pot with a different risk level.

All in one basket approach or 2 pots.

Then move to another provider in 2022?

It would seem to make sense to me for you to decide what risk level you want and then invest at that risk level, rather than have multiple pots with different risk levels.

If you are going to access part of the money in five years and another part of the money in ten to twenty years, then OK it could make sense to have a portion in a low risk pot to access sooner and another portion in a high risk pot to access later. But if it is all just general long term investment, you might as well just pick one product that suits your needs, and do it.

missymouse wrote: »

Also any recommendations on a savings account please

Check the banking and saving section of the main MSE site, linked at the top of the page.

Marcus at 1.5% is fine if you want instant access. If you want to fix for a longer period to get a better rate, there are others to try.

Remember when you could leave your money long term and get 5%

Remember when you had inflation running at 5%+, or when a mortgage cost 15%, or when you could buy a 4 bed house for £30,000? Not relevant to today's market unfortunately.

missymouse

I can’t add to the cash ISA as it is locked away for this year.

If I want to could I leave the Nutmeg investment dormant after April 2020 not adding it it and try a new company such as Vanguard?