Shares ISA

johnboy13

Hello, 
Could I set up a direct debit to be taken out every month on pay day for 5 yrs with a shares isa. Could I also choose a certain stock i.e Tesla, to buy every month? TIA.

Emmia

Investing in a S&S ISA monthly is certainly possible - I invest like this with Moneybox.

Whether you can invest in specific shares though is a different question. Most S&S ISAs that I've seen invest in funds of different risk levels.

Keep_pedalling

What are you planning to do after the 5 years is up?

johnboy13

I intend to retire.

Keep_pedalling

johnboy13 said:

I intend to retire.

5 years is not a suitable time span for investments so if you plan on accessing these savings as soon as you retire this is high risk and you should be looking at cash deposits rather than equities especially individual shares.

Why an ISA rather than a pension? 

Albermarle

johnboy13 said:

Hello, 
Could I set up a direct debit to be taken out every month on pay day for 5 yrs with a shares isa. Could I also choose a certain stock i.e Tesla, to buy every month? TIA.

There are  S&S ISA providers that have the facility to invest in individual company shares, but as far as I know there will be a trading cost every time you purchase, so would work out expensive for regular small purchases.
If you invest in OEIC funds or ETF's there are often no/discounted trading costs for regular investing.
Also that spreads the risk compared to buying individual company shares, which is very risky.

dunstonh

johnboy13 said:

I intend to retire.

The pension wrapper is better than the ISA wrapper for most people.  Why are you looking at the ISA wrapper?

johnboy13

The idea is to have cash and not a pension as I have a works pension already.

Beddie

You could use Trading212. Open a shares ISA, buying and selling is free. You'll have to manually add the money each month but that will only take a minute, then buy what you like. As others have said, it's probably better to buy an ETF or investment trust to spread the risk.

If you do want to buy funds, Lloyd's Bank share dealing is £40 a year and purchases are free if done monthly, £1.50 otherwise. And yes you can set up a regular monthly amount into them and forget about it.

Also,as mentioned above, you can use something like Moneybox who also do regular investing. Take a look https://www.moneyboxapp.com/isa/

wmb194

For ETFs only InvestEngine can be a good, automated option. It’ll take your money via OpenBanking on the frequency of your choice and invest the money same day into ETFs of your choosing.

dunstonh

The idea is to have cash and not a pension as I have a works pension already.

That doesn't make sense as a reason for picking the iSA wrapper over the pension wrapper.  Both can achieve your objective but the pension will give you more money.