20 years old and getting an ISA

gkkumar

Hi I’m 20 years old. I’m interested in investing and so have been doing some research into stocks and shares ISAs. I don’t have any plans for the near future. I want to own a house and have a lot of money to retire with. Any advice on which Stocks and shares ISA I should go for. Also should I have a look at any others ISAs?

eskbanker

Check out Lifetime ISAs, as these benefit from a 25% government bonus that can be used for a first-time property purchase - if you're likely to be buying within, say, five years, then use a cash one, but if it's likely to be further away than that then you might wish to consider the S&S variant:

https://www.moneysavingexpert.com/savings/lifetime-isas/

RyanHello

gkkumar said:

Hi I’m 20 years old. I’m interested in investing and so have been doing some research into stocks and shares ISAs. I don’t have any plans for the near future. I want to own a house and have a lot of money to retire with. Any advice on which Stocks and shares ISA I should go for. Also should I have a look at any others ISAs?

I would suggest a low risk mutual fund or an index fund. HSBC and Vanguard do them. You can only open one S&S ISA per year.
But with you starting young and if you're regularly putting money into it, with the power of compound interest you'll be in a brilliant position in 5-10 years time. Even better if you can continue doing it. I wish i started a lot younger.

Investing is not a short term game, it's more long term and very boring.