LISA Investment Broker Decision Help

Ryth_cs

Hi,

I'm 21 and looking to open a stocks and shares LISA within this tax year to retrieve the full £1000 bonus.

I have done some research but thought I best ask here for additional user feedback. I currently plan to open it with AJ Bell as I believe this works best fee wise. I don't need it to be incredibly user-friendly as I intend to automate deposits and leave it from the start of the next tax year. I also currently intend to place it investing in the FTSE Global All Cap Index Fund.

I guess I'm just asking for general advice on whether this would be a wise decision and if AJ Bell is the correct broker to use?

Cheers,
Ryan

grumiofoundation

In terms of opening a stocks and shares LISA then AJ bell is a good option.

In terms on whether a stocks and shares LISA is the ‘wise’ decision - what is the aim for the money? Retirement, house purchase? 

Alexland

AJ Bell have a low ongoing percentage fee but be careful not to trade too often or those £1.50 trade fees can start to add up particularly in the early years when the account valuation is lower. After a few years consider switching from a fund to an ETF for capped platform charges and you can still invest new contributions or bonuses received into the account cash balance once a month using the £1.50 regular trade rate even if you cancel or amend it after each trade.
We have had our LISAs with AJ Bell for a couple of years and are happy. Previously they were with HL and Nutmeg who were both fine but more expensive.
With 5 years of contributions, growth and capping our AJ Bell accounts are now costing under the 0.15% pa that Vanguard would charge if they offered LISAs.