Moneybox or Nutmeg for S&S ISA?

gardenharrison

Hello all,

I am a pretty novice investor, and realistic that I will never get much beyond that (obviously I try my hardest to become more informed, but my brain struggles to 'do numbers'). I have invested in lifetime ISA (stocks and shares), over-paying into my pension etc, so have some experience.

My partner is much more cautious than me in terms of S & S. Doesn't understand it and therefore is very scared of it all. We have a number of long-term (at least 10 years) things to invest for - eg kids' university/other costs - so stocks and shares seems to make sense. We use Moneybox for our lifetime ISAs currently and cash ISAs.

I really want to keep things very simple and manageable for me, and especially my partner. So, is there a straightforward answer on which platform is better to use for straightforward lifetime ISA/standard ISA S&S investing?

a. Moneybox
b. Nutmeg
c. Something else that is very accessible, simple and straightforward?

(I am assuming that because of the fees imposed, the worst approach would be to spread across more than one)

Many thanks in advance!

dunstonh

We have a number of long-term (at least 10 years)

10 years is medium term. 

So, is there a straightforward answer on which platform is better to use for straightforward lifetime ISA/standard ISA S&S investing?

Both of those are robo providers and not platforms.  Whole of market platforms are typically the best option for most people but if you are not that bothered about costs or your amounts are very small, then robos can be a viable option.

Using a platform instead of a robo is more advanced on paper but it doesnt need to be if you stick to multi-asset funds.  

Ivkoto

gardenharrison said:

Hello all,

I am a pretty novice investor, and realistic that I will never get much beyond that (obviously I try my hardest to become more informed, but my brain struggles to 'do numbers'). I have invested in lifetime ISA (stocks and shares), over-paying into my pension etc, so have some experience.

My partner is much more cautious than me in terms of S & S. Doesn't understand it and therefore is very scared of it all. We have a number of long-term (at least 10 years) things to invest for - eg kids' university/other costs - so stocks and shares seems to make sense. We use Moneybox for our lifetime ISAs currently and cash ISAs.

I really want to keep things very simple and manageable for me, and especially my partner. So, is there a straightforward answer on which platform is better to use for straightforward lifetime ISA/standard ISA S&S investing?

a. Moneybox
b. Nutmeg
c. Something else that is very accessible, simple and straightforward?

(I am assuming that because of the fees imposed, the worst approach would be to spread across more than one)

Many thanks in advance!

I would suggest to look at Trading 212 and Invest Engine. They are both free and IE offers readymade portfolios.

dunstonh

Ivkoto said:

gardenharrison said:

Hello all,

I am a pretty novice investor, and realistic that I will never get much beyond that (obviously I try my hardest to become more informed, but my brain struggles to 'do numbers'). I have invested in lifetime ISA (stocks and shares), over-paying into my pension etc, so have some experience.

My partner is much more cautious than me in terms of S & S. Doesn't understand it and therefore is very scared of it all. We have a number of long-term (at least 10 years) things to invest for - eg kids' university/other costs - so stocks and shares seems to make sense. We use Moneybox for our lifetime ISAs currently and cash ISAs.

I really want to keep things very simple and manageable for me, and especially my partner. So, is there a straightforward answer on which platform is better to use for straightforward lifetime ISA/standard ISA S&S investing?

a. Moneybox
b. Nutmeg
c. Something else that is very accessible, simple and straightforward?

(I am assuming that because of the fees imposed, the worst approach would be to spread across more than one)

Many thanks in advance!

I would suggest to look at Trading 212 and Invest Engine. They are both free and IE offers readymade portfolios.

I would just counter that by saying ETFs are a more advanced investment option more suited to experienced investors.   And IE has closed its managed portfolios temporarily (which were not free as they charged 0.25% a year on top of the ETF costs).

gardenharrison

Thanks for the comments so far. Implicit in these responses is that nothing that I've listed is a sensible option?

(And yes, I should have said "not short term", I recognise that 10 years is not long term in itself)

Ivkoto

dunstonh said:

Ivkoto said:

gardenharrison said:

Hello all,

I am a pretty novice investor, and realistic that I will never get much beyond that (obviously I try my hardest to become more informed, but my brain struggles to 'do numbers'). I have invested in lifetime ISA (stocks and shares), over-paying into my pension etc, so have some experience.

My partner is much more cautious than me in terms of S & S. Doesn't understand it and therefore is very scared of it all. We have a number of long-term (at least 10 years) things to invest for - eg kids' university/other costs - so stocks and shares seems to make sense. We use Moneybox for our lifetime ISAs currently and cash ISAs.

I really want to keep things very simple and manageable for me, and especially my partner. So, is there a straightforward answer on which platform is better to use for straightforward lifetime ISA/standard ISA S&S investing?

a. Moneybox
b. Nutmeg
c. Something else that is very accessible, simple and straightforward?

(I am assuming that because of the fees imposed, the worst approach would be to spread across more than one)

Many thanks in advance!

I would suggest to look at Trading 212 and Invest Engine. They are both free and IE offers readymade portfolios.

I would just counter that by saying ETFs are a more advanced investment option more suited to experienced investors.   And IE has closed its managed portfolios temporarily (which were not free as they charged 0.25% a year on top of the ETF costs).

Well I agree about the ETFs, but when they are made ( I mean the Life plans ) by more experienced people, I think most of the new and inexperienced investors feel like a more safer option ( in the same way like so many people invest in Vanguard life strategy funds ).
I just checked and it is true IE stopped temporarily their ready made portfolios.

Albermarle

gardenharrison said:

Thanks for the comments so far. Implicit in these responses is that nothing that I've listed is a sensible option?

(And yes, I should have said "not short term", I recognise that 10 years is not long term in itself)

Normally charges are a % of your funds so in theory you are not disadvantaged by having multiple providers.
However some have a minimum charge, so not that simple.
This provider is low cost and simple to use. Worth a look anyway.
Low-cost, little-effort investing app | AJ Bell Dodl

Beddie

gardenharrison said:

Thanks for the comments so far. Implicit in these responses is that nothing that I've listed is a sensible option?

(And yes, I should have said "not short term", I recognise that 10 years is not long term in itself)

Nutmeg, Moneybox etc. are completely fine if that gets you started with investing. Charges are a little higher than the cheapest, but that won't make much of a difference until you have built up a decent sum.

You could look at Prosper - app only, easy to use and very low fees. They have a default fund which works in a similar way to robo funds, as in it's a multi-asset fund. You can choose different risk levels. And they have similar funds from HSBC and Vanguard LifeStrategy. 

https://www.prosper.co.uk/products/isa

gardenharrison

Thanks everyone, that's very helpful. I'll explore some of those options.

On the cost, if I"m reading eg Moneybox right, they have a kind of base cost which means it's better value to just use them for everything (which makes sense).

Let's assume I stick with Moneybox, if it's not-bad and avoids me having to switch from what we've got comfortable with now. To start asking about investments within that is starting to get into complex territory, presumably? (For the moment with the lifetime ISA I've just stuck with whatever they default with, based on the information I've provided. Which seems to have done fine. Although the way the data is reported gets muddled, to my eyes, because of the - good! - distortion of the £1000 bonus payment)