ISA - Stocks and Shares

slenderkitten

I have a Help 2 Buy ISA with Halifax, I understand you can now have as many Isa's as you want.

I opened the 7% savings account with Co-op Bank, also Starling current account they only give interest up to 5k so I need to consolidate money elsewhere, also a small amount with Kroo, they give interest every month which is a plus point for me. 

I am considering Stocks and Shares ISA, What peoples thoughts on this type of ISA and should i open one with Halifax or go elsewhere? I've heard of Wealthify and Moneybox apps but know nothing much about them.

Please note I am completely new to Stocks and Shares, and know and understand NOTHING, ZERO about it, so it would be very helpful to keep terminology as simple as you can and explain thanks!

badger09

slenderkitten said:

I have a Help 2 Buy ISA with Halifax, I understand you can now have as many Isa's as you want.

I opened the 7% savings account with Co-op Bank, also Starling current account they only give interest up to 5k so I need to consolidate money elsewhere, also a small amount with Kroo, they give interest every month which is a plus point for me. 

I am considering Stocks and Shares ISA, What peoples thoughts on this type of ISA and should i open one with Halifax or go elsewhere? I've heard of Wealthify and Moneybox apps but know nothing much about them.

It depends what you’re saving for. S&S ISA is recommended for long term savings, at least 5 years, but ideally 10+. If you’re saving to buy your 1st home in the near future, stick to cash. 

Do you qualify for a LISA? When do you intend to buy? Approx purchase price? How much in your HTB ISA?

Approx how much do you have in savings? You may not need to save in an ISA. Best to maximise the rate of interest, which usually means Regular Savers. 
You don’t need to answer all the above but to give you meaningful suggestions, more info is needed. 

slenderkitten

badger09 said:

slenderkitten said:

I have a Help 2 Buy ISA with Halifax, I understand you can now have as many Isa's as you want.

I opened the 7% savings account with Co-op Bank, also Starling current account they only give interest up to 5k so I need to consolidate money elsewhere, also a small amount with Kroo, they give interest every month which is a plus point for me. 

I am considering Stocks and Shares ISA, What peoples thoughts on this type of ISA and should i open one with Halifax or go elsewhere? I've heard of Wealthify and Moneybox apps but know nothing much about them.

It depends what you’re saving for. S&S ISA is recommended for long term savings, at least 5 years, but ideally 10+. If you’re saving to buy your 1st home in the near future, stick to cash. 

Do you qualify for a LISA? When do you intend to buy? Approx purchase price? How much in your HTB ISA?

Approx how much do you have in savings? You may not need to save in an ISA. Best to maximise the rate of interest, which usually means Regular Savers. 
You don’t need to answer all the above but to give you meaningful suggestions, more info is needed. 

i have under 7k in h2b isa its 2.90% rate, i'm too old for LISA, i have just under 5k in starling and smaller amounts in the other accounts i stated.  I do want to save long term not just for buying a house, hence why i want to know what to do, I heard that savings rate is likely to drop later on in the year.  What do you think as to what account(s) i should open and where? and what i need to know about stocks and shares isa?

Albermarle

 and what i need to know about stocks and shares isa?

When you open a S&S ISA, you have to choose what to invest in within the ISA. Some will have thousands of choices. Others will have just a few simple ones. Some will guide you towards an investment choice based in a few questions.
How to invest in a stocks and shares Isa: The quick and easy guide | This is Money

If you are saving for the long term/retirement, then investing via a pension is better due to the tax breaks.
Do you have a workplace pension ?

slenderkitten

Albermarle said:

 and what i need to know about stocks and shares isa?

When you open a S&S ISA, you have to choose what to invest in within the ISA. Some will have thousands of choices. Others will have just a few simple ones. Some will guide you towards an investment choice based in a few questions.
How to invest in a stocks and shares Isa: The quick and easy guide | This is Money

If you are saving for the long term/retirement, then investing via a pension is better due to the tax breaks.
Do you have a workplace pension ?

Yes i do have workplace pension, i have an old one in nest that i'm not contributing to but another with Smart Pension app, I know they are changing their funds from Legal and General to Mobius life just now, again i know nothing about all this.  any advice?

Albermarle

slenderkitten said:

Albermarle said:

 and what i need to know about stocks and shares isa?

When you open a S&S ISA, you have to choose what to invest in within the ISA. Some will have thousands of choices. Others will have just a few simple ones. Some will guide you towards an investment choice based in a few questions.
How to invest in a stocks and shares Isa: The quick and easy guide | This is Money

If you are saving for the long term/retirement, then investing via a pension is better due to the tax breaks.
Do you have a workplace pension ?

Yes i do have workplace pension, i have an old one in nest that i'm not contributing to but another with Smart Pension app, I know they are changing their funds from Legal and General to Mobius life just now, again i know nothing about all this.  any advice?

Not really- L&G have many funds , as do Mobius Life I presume. Without looking at the actual data sheets of the actual funds, then it is not possible to have an opinion.

As said if you are saving for retirement, then most likely the best route will be to increase your workplace pension contributions. Some ( not all ) employers will even increase their contribution if you increase yours.

badger09

slenderkitten said:

badger09 said:

slenderkitten said:

I have a Help 2 Buy ISA with Halifax, I understand you can now have as many Isa's as you want.

I opened the 7% savings account with Co-op Bank, also Starling current account they only give interest up to 5k so I need to consolidate money elsewhere, also a small amount with Kroo, they give interest every month which is a plus point for me. 

I am considering Stocks and Shares ISA, What peoples thoughts on this type of ISA and should i open one with Halifax or go elsewhere? I've heard of Wealthify and Moneybox apps but know nothing much about them.

It depends what you’re saving for. S&S ISA is recommended for long term savings, at least 5 years, but ideally 10+. If you’re saving to buy your 1st home in the near future, stick to cash. 

Do you qualify for a LISA? When do you intend to buy? Approx purchase price? How much in your HTB ISA?

Approx how much do you have in savings? You may not need to save in an ISA. Best to maximise the rate of interest, which usually means Regular Savers. 
You don’t need to answer all the above but to give you meaningful suggestions, more info is needed. 

i have under 7k in h2b isa its 2.90% rate, i'm too old for LISA, i have just under 5k in starling and smaller amounts in the other accounts i stated.  I do want to save long term not just for buying a house, hence why i want to know what to do, I heard that savings rate is likely to drop later on in the year.  What do you think as to what account(s) i should open and where? and what i need to know about stocks and shares isa?

OK. On those savings you don’t need to use a Cash ISA and you can generally get higher interest on non ISA accounts. 

Assuming the property you buy costs less than £250k, it’s worth continuing saving in your HTB ISA, even @ 2.9%, until you have £12k saved, because of the Gov bonus. 

You’re already using one Regular Saver but could open others. Have a look at the Regular Saver thread for the best rates. 

You don’t say how much you can save each month, but could start by paying some of the money from Starling into another or two Regular Savers. 

For longer term savings, adding to your works pension is a good idea, especially if your employer will match your extra contributions, not forgetting the tax relief. The disadvantage is that you can’t access it until you reach a certain age. 

S&S ISA is more flexible as you can withdraw whenever you want.  

Petriix

Knowing nothing about buying shares, I've just opened a Stocks and Shares ISA with Trading 212. I got a free random share worth £44 by using a referral link. They give 1% cashback (which you can't withdraw for a year) on any ISA deposits and pay 5.2% variable interest on anything held as cash. They also seem to charge no commission on any trades.

I'm sure more experienced people can tell you the potential down sides, but this seems pretty decent in comparison to other platforms. 

Albermarle

Petriix said:

Knowing nothing about buying shares, I've just opened a Stocks and Shares ISA with Trading 212. I got a free random share worth £44 by using a referral link. They give 1% cashback (which you can't withdraw for a year) on any ISA deposits and pay 5.2% variable interest on anything held as cash. They also seem to charge no commission on any trades.

I'm sure more experienced people can tell you the potential down sides, but this seems pretty decent in comparison to other platforms. 

I think the issue is not the platform, but what I have highlighted in bold.
How do you know what investments to pick in the ISA?

Petriix

Albermarle said:

Petriix said:

Knowing nothing about buying shares, I've just opened a Stocks and Shares ISA with Trading 212. I got a free random share worth £44 by using a referral link. They give 1% cashback (which you can't withdraw for a year) on any ISA deposits and pay 5.2% variable interest on anything held as cash. They also seem to charge no commission on any trades.

I'm sure more experienced people can tell you the potential down sides, but this seems pretty decent in comparison to other platforms. 

I think the issue is not the platform, but what I have highlighted in bold.
How do you know what investments to pick in the ISA?

I'm only interested in 'ethical' investments so I've taken some advice from like-minded people who've already done similar. There are lots places to discuss such things. My attitude is very much accepting of risk while putting a moderate amount of money into things I be in. 

slenderkitten

Petriix said:

Knowing nothing about buying shares, I've just opened a Stocks and Shares ISA with Trading 212. I got a free random share worth £44 by using a referral link. They give 1% cashback (which you can't withdraw for a year) on any ISA deposits and pay 5.2% variable interest on anything held as cash. They also seem to charge no commission on any trades.

I'm sure more experienced people can tell you the potential down sides, but this seems pretty decent in comparison to other platforms. 

That sounds interesting but how are they not charging fees as you say, how are they making money? Are they a legit company?