Invest Engine: Best S&S ISA 2022?

JakeHyde

Hi MSE Folks!
 

Firstly, Wow! Reading all your posts and advice on this forum have been amazing!
Such a great community to be part of! 🙌🏆

That out of the way... like many people I'm panicking to get an S&S ISA in place before the end of this tax year *Urgh*
With everything going on, COVID, Russia, and the EU's new regulations that could seriously cripple tech giants like Apple, Google, and Facebook... Index funds like the SNP500, aren't looking so stable these days!

But I really want to make the best of my ISA allowance, and S&S ISA's seems like the best option for growth.  
I've been looking at all the usual players, from Vanguard to HL, and the new(ish) kid on the block FreeTrade, which seems to be the best option since 'Trading 212' isn't accepting new members at the moment.

That was until I discovered 'InvestEngine', I must admit it looks pretty cool with ZERO platform fees!!?

I was looking at going the DIY route, and selecting some of their Vanguard alternatives (Cheaper than Vanguard).
Their DIY option has zero platform fees, while the managed alternative is around 0.25%.

Also, do you have any idea on what index funds would be a 'good bet'?
I want to max my ISA before this tax year, and hopefully max next years right after! 😮

Are there any Michael Burry's in here? I would be very interested in your collective wisdom!

I can't post the link but : Sasha Yanshin on youtube has an excellent video about the best ISA in 2022 (Spoiler, its Invest Engine).

Thanks again! 🙏

Albermarle

Invest Engine has a very competitive offering , so looks like a good option .

The only worry is that they are new and with such low ( zero ) pricing , there must be a worry they will not be around for ever, and/or will start charging more at some point.

On the other hand if they did close down by any chance , your money will be in the ETF's and not in Invest Engine itself , so you should not lose out . The most likely issue is that there were would be a period where  you had no access to your funds for a few weeks maybe. 

dunstonh

Best S&S ISA 2022?

The best S&S ISAs are typically whole of market platforms.   So, often it just comes down to their software and servicing levels as the difference.    Although their financial strength should come into play.

Not everyone needs or would understand a whole of market platform. So, providers with a lesser fund range may be more suitable to less knowledgeable investors who don't really want to learn about things.

That out of the way... like many people I'm panicking to get an S&S ISA in place before the end of this tax year *Urgh*
With everything going on, COVID, Russia, and the EU's new regulations that could seriously cripple tech giants like Apple, Google, and Facebook... Index funds like the SNP500, aren't looking so stable these days!

There is nothing going on now that is much different to other events that occur most of the time.   Indeed, things are closer to the norm than at any point over the last 20 years.

But I really want to make the best of my ISA allowance, and S&S ISA's seems like the best option for growth.  

S&S ISAs do not grow.  It is the investments you place in the ISA that do that.  If you place the same investments into other tax wrappers (e.g. LISA, Pension etc) then you get the same growth rate.  Only difference is the tax and maturity/access  process.

Also, do you have any idea on what index funds would be a 'good bet'?

If you are unable to work that out for yourself it means you are not ready to use them.   You should stick with multi-asset funds until you are ready.

Their DIY option has zero platform fees, while the managed alternative is around 0.25%.

Many platforms are loss making.  Newer platforms especially.   They look to build market share as quickly as they can before they up their prices to becomes profitable or get bought out by one of the big guns.  The risk of unprofitable platforms is that they fail and you lose access to your funds whilst they are in administration.

A platform that is not charging does not get any other source of income from you as there are no commissions anymore (unless they use own-brand funds).   So, it is not a sustainable business model.  So, if you use them, you need to be prepared for potential outcomes.

JakeHyde

dunstonh said:

Also, do you have any idea on what index funds would be a 'good bet'?

If you are unable to work that out for yourself it means you are not ready to use them.   You should stick with multi-asset funds until you are ready.

Thanks! "Multi-asset funds", something I need to google!

With the deadline upon us, I was thinking I might just go with the SNP500 or whatever equivalent they might have, and start researching for the next tax year.  But I'll absolutely look into these multi-asset funds in the morning! 🙏

Nurse2047

Check out these videos they may help?

https://youtube.com/c/JamesShack

mattywallace121

Freetrade at £3 per month for the ISA.

george4064

JakeHyde said:

dunstonh said:

Also, do you have any idea on what index funds would be a 'good bet'?

If you are unable to work that out for yourself it means you are not ready to use them.   You should stick with multi-asset funds until you are ready.

Thanks! "Multi-asset funds", something I need to google!

With the deadline upon us, I was thinking I might just go with the SNP500 or whatever equivalent they might have, and start researching for the next tax year.  But I'll absolutely look into these multi-asset funds in the morning! 🙏

Most platforms allow clients to deposit cash in a S&S ISA, so you could do that (to beat the tax year deadline) and invest that cash when you’re ready.

MiserlyMartin

I have been waiting 6 weeks since Invest Engine have had my ISA transfer form and my existing ISA firm say they have not had any contact with Invest Engine. Invest Engine say they are waiting to hear from them! Invest Engine have closed their phone lines. Perhaps they are in trouble. Its email only and their reponses have been unreliable. Should I take a complaint to the FCA?

eskbanker

MiserlyMartin said:

I have been waiting 6 weeks since Invest Engine have had my ISA transfer form and my existing ISA firm say they have not had any contact with Invest Engine. Invest Engine say they are waiting to hear from them! Invest Engine have closed their phone lines. Perhaps they are in trouble. Its email only and their reponses have been unreliable. Should I take a complaint to the FCA?

No - if you're unhappy with InvestEngine's performance then you need to raise a formal complaint with them directly initially: https://help.investengine.com/hc/en-gb/articles/4909991951005-How-do-I-make-a-complaint-

As it says in the process description there, if they haven't resolved it adequately within eight weeks, you then have the right to escalate it to the Financial Ombudsman Service (the FCA themselves don't handle consumer complaints).