Investing: Plum v Wealthsimple

collinsca

Hi
I am looking to invest a small amount of money regularly, and i would like to invest in some shares.
I am looking at Plum and Wealthsimple and was wondering if anyone had ang good or bad experiences they could share.

Thanks!

grumiofoundation

Do you mean shares i. e. Individual shares, which is not recommended for small amounts due to transaction fees eating up a lot of your profits (if any). 

Neither plum not wealthsimple offer shares anyway to the best of my knowledge. 

Why are you choosing between jus these 2 providers?
 
For investing small(ish) amounts cashback offered by providers though referrals or cashback sites can offer a nice head start - but obviously don’t invest in anything you don’t feel comfortable with/understand. 

For small amounts (what is small?) plum is very expensive at £1 a month (plus 0.15% annual)

Wealthsimple at 0.7% annual, are cheaper platforms available but for smallish amounts won’t be a huge difference. 

DireEmblem

You should check out their costs.

I think Plum charges £1 a month plus a platform fee of about 0.15%, before any other fund costs.

I also think you can find ETF equivalents of most the Plum offerings on Trading212, with no platform fee or monthly charge.  If that’s of more interest, checkout the referral thread.

Other option for a wider selection of funds, would be to look at Cavendish online.  You would pay 0.25% platform fee, but have a wider selection of funds available through the fidelity platform.

grumiofoundation

Some (but not all) platforms 

https://www.moneysavingexpert.com/savings/stocks-shares-isas/

masonic

Do you already have cash savings equating to 3 to 6 months living expenses? If not, then it would not be a good idea to invest what little you can save in shares.

collinsca

masonic said:

Do you already have cash savings equating to 3 to 6 months living expenses? If not, then it would not be a good idea to invest what little you can save in shares.

Thanks - yes i do

collinsca

DireEmblem said:

You should check out their costs.

I think Plum charges £1 a month plus a platform fee of about 0.15%, before any other fund costs.

I also think you can find ETF equivalents of most the Plum offerings on Trading212, with no platform fee or monthly charge.  If that’s of more interest, checkout the referral thread.

Other option for a wider selection of funds, would be to look at Cavendish online.  You would pay 0.25% platform fee, but have a wider selection of funds available through the fidelity platform.

thanks - ive looked at their charges. was just wondering if anyone had used either and had feedback. thanks for tip re Cavendish- will chack out.

collinsca

grumiofoundation said:

Do you mean shares i. e. Individual shares, which is not recommended for small amounts due to transaction fees eating up a lot of your profits (if any). 

Neither plum not wealthsimple offer shares anyway to the best of my knowledge. 

Why are you choosing between jus these 2 providers?
 
For investing small(ish) amounts cashback offered by providers though referrals or cashback sites can offer a nice head start - but obviously don’t invest in anything you don’t feel comfortable with/understand. 

For small amounts (what is small?) plum is very expensive at £1 a month (plus 0.15% annual)

Wealthsimple at 0.7% annual, are cheaper platforms available but for smallish amounts won’t be a huge difference. 

thanks. i meant funds with shares in them. id be looking to invest maybe £50-70 a month.. for next 15 years. i like the funds that both these companies offer and id like to follow their progress whilst hopefully making a little more than bank interest rates would give me.

collinsca

Thanks all. ive decided to pump up my savings before inveesting. so will not proceed further with this. thanks again