Scottish Widows stocks and shares isa

badger09

missymouse wrote: »

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?

If you've paid into your Nutmeg S&S ISA since 6th April 2019, you can't open one with Vanguard & pay into that, UNLESS you ask Vanguard to transfer all your current year's payments into Nutmeg, to them

On 6th April 2020 you could open a new S&S ISA with whoever you want, but you can only pay into either that new ISA, or your Nutmeg ISA.

capital0ne

[QUOTE=missymouse;76190347
I can’t even add anymore to my cash ISA.
[/QUOTE]
I'm guessing that means you've used up your ISA allowance, so you can't fund a S&S ISA till next year.

You could just start a non-ISA S&S investment, iWeb are good and cost effective with a very easy to use web platform.

I would start an investment trust portfolio, City of London is a good core investment to start with. Then add on some global trusts and some wealth preservation trusts.

missymouse

Yes I will look at IWeb. Thanks

I’m not allowed to add to my cash ISA - closed account.

Can I leave my Nutmeg ISA with money in it but not add to it in April 2020 & take out a different SS ISA instead or do I have to transfer money across

bowlhead99

missymouse wrote: »

Can I leave my Nutmeg ISA with money in it but not add to it in April 2020 & take out a different SS ISA instead or do I have to transfer money across

If you don't add to the Nutmeg one after 5 April 2020 you will be free to open a different S&S ISA for the tax year that starts on 6 April 2020.

The restriction is just that you can't have 'current-year-money' going into two ISAs of the same type in the same tax year, unless you transfer all the money from the first to the second so that all the money for that ISA type is together in one place.

When you get to 6 April 2020 (the 2020/21 tax year), all the Nutmeg stuff from 2019/20 and earlier will be 'previous-year-money', and you can keep it at Nutmeg if you like, while putting your 'current-year-money' (2020/21 tax year) into a different manager's S&S ISA.

missymouse

Would anyone recommend buying shares. I was looking at a Halifax account.

I also wondered about using HBOS to invest in a fund - global index

The interest rates are so bad on savings.

Is it a bad time to buy funds because of Brexit?

eskbanker

missymouse wrote: »

Would anyone recommend buying shares.

Unlikely - buying individual shares concentrates your eggs into very few baskets, whereas investing in collective products such as funds minimises the risk by diversifying, preferably across markets, geographies, sectors, asset classes, etc.

missymouse wrote: »

I was looking at a Halifax account.

I also wondered about using HBOS to invest in a fund - global index

What is pushing you towards Scottish Widows and Halifax? The normal approach to investing is to establish what you want to invest in and then find the best platform on which to do so, typically minimising costs without compromising customer service. Picking platforms first is putting the cart before the horse.

missymouse wrote: »

The interest rates are so bad on savings.

While this is true, it's not a valid reason to be looking at investing. Saving in cash deposit form is the recommended route for money likely to be needed in a hurry (emergency fund) or within a reasonably foreseeable timescale, e.g. up to five years. Surplus money over and above that can be considered a suitable candidate for investment.

missymouse wrote: »

Is it a bad time to buy funds because of Brexit?

Not if they're adequately diversified and recognise the UK's small weighting in global terms.

missymouse

Scottish widows idea came about because a relative did very well and is still doing so. She will show me which funds were invested in and she originally did it through the Halifax.

I do have spare cash to invest but I don’t really understand the funds. So many of them. Shares seem more straightforward

kinger101

Scottish Widows has a very limited range of funds.

bowlhead99

missymouse wrote: »

I do have spare cash to invest but I don’t really understand the funds. So many of them. Shares seem more straightforward

There are tens of thousands of individual company shares listed on stock markets around the world and any one of them could go bust within the next few years.

By contrast, 'funds' invest in a broad portfolio of investments so that your risks are diversified.

SonOf

Scottish widows idea came about because a relative did very well and is still doing so. She will show me which funds were invested in and she originally did it through the Halifax.

Halifax funds were generally poor quality and not good value for money. Remember that the last decade, virtually everything has gone up. However, just because it went up does not mean it is a good option.