ISA - Stocks and Shares

slenderkitten

What about Hargreaves Lansdown, Wealthify and Moneybox any thoughts on using them?

sheslookinhot

slenderkitten said:

What about Hargreaves Lansdown, Wealthify and Moneybox any thoughts on using them?

What is your own thoughts on each of them ? 

Have you ruled out AJ Bell and ii (Interactive Investor) ?

Albermarle

slenderkitten 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. 

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

Yes they are legit.
They will lose money gaining market share, and then either start to introduce charges for premium service, or get bought out for the customer base. ( especially if they still losing money after a couple of years)
Also they have a larger part of their business which is trading in CFD's. This is more profitable and much more risky for the punter ( it is just gambling really).
I suspect by getting customers for ISA's, they hope to tempt then into the CFD side.

slenderkitten

sheslookinhot said:

slenderkitten said:

What about Hargreaves Lansdown, Wealthify and Moneybox any thoughts on using them?

What is your own thoughts on each of them ? 

Have you ruled out AJ Bell and ii (Interactive Investor) ?

Hi I'm asking the question about all this, I can't answer any questions about them? 

I would like to know where i should open a Stocks and Shares ISA account, what company is good, has a good reputation, good customer service, cheapest fees etc all the usual questions I suppose from a complete newbie to all this! 

As it stands I would use Halifax as that is who I bank with and that is all I know but I would consider going elsewhere if people could help me out here with my questions and what I should know apart from the risk.

slenderkitten

Albermarle said:

slenderkitten 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. 

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

Yes they are legit.
They will lose money gaining market share, and then either start to introduce charges for premium service, or get bought out for the customer base. ( especially if they still losing money after a couple of years)
Also they have a larger part of their business which is trading in CFD's. This is more profitable and much more risky for the punter ( it is just gambling really).
I suspect by getting customers for ISA's, they hope to tempt then into the CFD side.

I'm new to all this what is CFD?

Petriix

slenderkitten 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. 

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

Oh they're totally legit (recommended on here in other threads). They advertise as no-fee and nothing seems to be taken off anything I've traded so far (except a small foreign exchange fee for selling US shares). 

I've only put in £10 of my own money so far but with a few referrals I've got £90 worth of shares. I'll probably buy some more once I'm comfortable with the way it all works but it's super easy. I'd recommend giving it a look, if only for the free shares. 

jimjames

slenderkitten said:

Albermarle said:

slenderkitten 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. 

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

Yes they are legit.
They will lose money gaining market share, and then either start to introduce charges for premium service, or get bought out for the customer base. ( especially if they still losing money after a couple of years)
Also they have a larger part of their business which is trading in CFD's. This is more profitable and much more risky for the punter ( it is just gambling really).
I suspect by getting customers for ISA's, they hope to tempt then into the CFD side.

I'm new to all this what is CFD?

Contract for Difference. A very risky way of gambling on the price of shares

Sea_Shell

As a starting point, you could take a look at Moneyfacts Compare...then do LOTS of reading.    What Is An Investment Platform? How Do They Work? (moneyfactscompare.co.uk)

Depending on how much you are looking to invest each month, you'll probably want a platform that doesn't charge 'per trade' but as a % of your holdings.  

HOWEVER, choosing a platform to hold your S&S ISA with is only the first step.   You then need to decide what funds/shares etc to buy via your chosen platform.    That is the even harder part.    What are your attitudes to risk?  What are your timescales?   

It may be that investing isn't for you, just yet.  As they say "don't invest in what you don't understand".   So maybe research, research, research, until you have a better understanding.   Or consult an IFA.   Until then, stay in cash. 

Ask yourself, would you be comfortable, if your investment lost, say 50% of its value, just at the point you needed to cash in to spend?  Whether this be in 5, 10 or 15 years time.    Could you sit it out for a few more years until prices recover?

At the end of the day we CANNOT GIVE INVESTMENT ADVICE, as that is a regulated activity, so the best we can really do is point you in the right direction of where to start.

Tonski

Here are a couple of good videos comparing all of the S&S ISA providers:

https://www.youtube.com/watch?v=1UM4oaZpLaY

https://www.youtube.com/watch?v=x6WYqTE4Ed4

I use Invest Engine myself and would highly recommend them. For 99% of people, I think Invest Engine or Trading 212 are the perfect choice as they have a good selection and no fees. Just pick a market weight index fund with low fees and you can't go too far wrong. I found this video helpful in picking a fund:

https://www.youtube.com/watch?v=k1BHFCHpae8

Hargreaves Lansdown, interactive investor, AJ Bell etc are more specialised which most people just don't need, and the high fees can be very detrimental.  

slenderkitten

Thanks i'll look at the videos, I think I would only spend a small amount to begin with to get used to it and understand it.  Do the accounts allow you to pick your own or do you have someone do it for you (i would imagine the latter option would have more fees associated with it)?