Monzo vs invest engine etc

Rebecca01

I am an early starter investor. I have been putting £50 to 200 in a Vanguard stocks and shares isa. I don't really understand much. I am pretty clueless. 

Due to the fees I would like to find another platform.  I also hated the vanguard platform. It was clunky and I found unclear. Even to change my direct debit was annoying.  I do value clarity and ease.

I know Monzo is a managed fund with a fee of 0.59. 

Long term if I invested £200 for 20 years what would the fee/cost difference be versus accounts like invest engine, T 212 etc. 

What are the pros and cons?

I am really confused by it all. 

Floyd_Pink

Damien Talks Money is always a great resource-

The Best Stocks & Shares ISA in 2024

Rebecca01

Thanks. Interesting but what would the cost be over say 10 years of Monzo vs these other platforms? 

friolento

platform comparisons:  https://monevator.com/compare-uk-cheapest-online-brokers/

You also need to decide whether you want an ISA or a SIPP, or both, and/or whether to add more to your works pension. All of these have tax and huge admin advantages, which a General Investment Account doesn’t have.

I’m not sure but I think the Monzo S&S ISA has a fairly limited range of funds to choose from so be sure your chosen platform offers the products you want now and might want in the future 

Alexland

Start by determing what assets you want to invest in then choose a fund/etf and platform combo. At the moment we have no idea what kind of investment you want so its hard to comment on providers.

For example do you want a 100% equities global tracker (which might drop around 50% in a bad crash) or a multi asset fund such as Lifestrategy ie balanced risk 60/40 or adventurous 80/20? What are your current investments at Vanguard? Do you understand them? Are happy withe them for meeting your objectives? What tax wrapper(s) are you using ie ISA, SIPP, etc?

Rebecca01

Thanks you. My Vanguard was an ISA based on FTSE 100.

FTSE 100 UCITS ETF - Distributing (VUKE)

so would like something similar. I definitely want an s and s ISA. I have an ok public sector pension. 

Alexland

By holding VUKE do you mean to place a bet on the prospects for large UK listed companies? They represent a very small proportion of the global stock market and have performed relatively poorly in recent years wth valuations suggesting they are either very good value or a load of dead old companies nobody really knows except those who will later be proved right one way. Would you be tempted to invest more globally to diversify a bit more?

Rebecca01

Yes I would. I am clueless. That was advised to me
By someone a few years ago. 

poppy10_2

Rebecca01 said:

Thanks you. My Vanguard was an ISA based on FTSE 100.

FTSE 100 UCITS ETF - Distributing (VUKE)

so would like something similar. I definitely want an s and s ISA. I have an ok public sector pension. 

Don't invest in the FTSE 100, its performance has been dire for 25 years now. Go for a global tracker

eskbanker

Rebecca01 said:

Yes I would. I am clueless. That was advised to me
By someone a few years ago. 

'Advised' as in someone down the pub or actual paid-for financial advice from a professional?  If the latter then you might have the basis of a complaint....

Rebecca01

It wasn't paid. It was from someone with an idea. Well clearly not but wasn't paid for. 

Thanks I have been reading that global is better.