Setting up a SS ISA on a Trading Platform

Anudabloke

Can anyone suggest a trading platform that does not require a SMART phone to register an account?
I just want to invest modest amounts each month into a SS ISA without being stung each time I pay in... Any suggestions please? 

flaneurs_lobster

Not sure about "trading platform" but the easiest S&S ISA account to set up is probably the one offered by your current account provider. 

Worth a look at their offering (if they have one, of course).

ColdIron

That seems to be two different objectives. Why are you 'stung' each time you pay in if you needed a smart phone to register? Your title says 'Setting up' an ISA and not paying in. What are you trying to achieve?

wmb194

Anudabloke said:

Can anyone suggest a trading platform that does not require a SMART phone to register an account?
I just want to invest modest amounts each month into a SS ISA without being stung each time I pay in... Any suggestions please? 

There are lots of stockbrokers offering browser based access without needing a smart phone e.g., AJ Bell, Halifax/Scottish Widows (SW) Share Dealing, ii, Hargreaves Lansdown. Look at SW for no account fees and free regular investing.

jimjames

Anudabloke said:

Can anyone suggest a trading platform that does not require a SMART phone to register an account?
I just want to invest modest amounts each month into a SS ISA without being stung each time I pay in... Any suggestions please? 

What do you need a smartphone for with the ones you've looked at? Many providers will require a phone for you to do 2FA to protect your money but surely that's a good thing?

Anudabloke

Thanks for everyone's advice, especially naming the specific brokers -I'll look further. To answer some questions:
1) My current account provider only offers cash ISAs. One other provider does offer an SS ISA but that would mean I need to deposit £20k at the start of each financial year or agree to pay in £400 pm with a commitment to continuing those payments over five years. They only offer a choice of five 'packages' based on five risk levels and charge an annual management fee.  I wanted more flexibility to choose my own ETFs and invest a small monthly amount mainly to learn how things operate for a year.
2) My plan was to use my £20k ISA allowance for the next year by placing £15k into a cash ISA and £5k (spread over the year) into an SS ISA and use the year to assess whether I wish to invest more in ETFs for the coming years. So, I suppose I'm hoping to 'dip my toes' into investing with an amount I can afford to wave goodbye if things go badly. Once I feel 'comfy' I intend to invest more in the SS ISA and less in the cash ISA. I'm not yet persuaded that my returns over a year in an SS ISA will (on average) be much above 6% over a ten year period, but that will satisfy my need to get a better return than I currently would with interest rates on a cash ISA.
3) I tried two trading platforms mentioned on the MSE website - they don't change account or trading fees and that looked attractive for my first year experimenting. The problem with these two platforms is that in order to verify your ID they require you to upload an image and supporting docs using a SMART phone - their systems don't work with a combinations of PC/webcam and email. I suspect other platforms may have similar ID verification systems hence my question. I don't have a SMART and I don't want one.

Albermarle

One other provider does offer an SS ISA but that would mean I need to deposit £20k at the start of each financial year or agree to pay in £400 pm with a commitment to continuing those payments over five years

I am not aware of any S&S ISA that insists that you add £20K a year, or that you have to commit to do this for 5 years. I think you have misunderstood something, can you name the provider in question?

jimjames

Anudabloke said:

 Once I feel 'comfy' I intend to invest more in the SS ISA and less in the cash ISA. I'm not yet persuaded that my returns over a year in an SS ISA will (on average) be much above 6% over a ten year period, but that will satisfy my need to get a better return than I currently would with interest rates on a cash ISA.

Unfortunately a year is far too short a period to judge so you'd need to wait 10 years at least to confirm so I'm not sure your plan to determine if returns are better is going to work.

Alexland

jimjames said:
Unfortunately a year is far too short a period to judge so you'd need to wait 10 years at least to confirm so I'm not sure your plan to determine if returns are better is going to work.

Indeed and there's data going back a long way that show that cash almost always provides a worse return in most meaningful measurement periods so there's no need to wait to experience it for yourself with your own money.

Although the average difference between cash and S&S returns in a year only might be a few percentage points people often miss that cash is barely keeping up with inflation (so no improvement in spending power) so the difference in real return above inflation from S&S investments is a significantly higher multiple.

And then when that 'real' difference compounds over many years then you are cooking on gas.

There's a wonderful point where the compounding in an investment account overtakes your ability to noticeably influence the account valuation with new contributions they just seem to get lost in the snowball.

wmb194

Anudabloke said:

Thanks for everyone's advice, especially naming the specific brokers -I'll look further. To answer some questions:
1) My current account provider only offers cash ISAs. One other provider does offer an SS ISA but that would mean I need to deposit £20k at the start of each financial year or agree to pay in £400 pm with a commitment to continuing those payments over five years. They only offer a choice of five 'packages' based on five risk levels and charge an annual management fee.  I wanted more flexibility to choose my own ETFs and invest a small monthly amount mainly to learn how things operate for a year.
2) My plan was to use my £20k ISA allowance for the next year by placing £15k into a cash ISA and £5k (spread over the year) into an SS ISA and use the year to assess whether I wish to invest more in ETFs for the coming years. So, I suppose I'm hoping to 'dip my toes' into investing with an amount I can afford to wave goodbye if things go badly. Once I feel 'comfy' I intend to invest more in the SS ISA and less in the cash ISA. I'm not yet persuaded that my returns over a year in an SS ISA will (on average) be much above 6% over a ten year period, but that will satisfy my need to get a better return than I currently would with interest rates on a cash ISA.
3) I tried two trading platforms mentioned on the MSE website - they don't change account or trading fees and that looked attractive for my first year experimenting. The problem with these two platforms is that in order to verify your ID they require you to upload an image and supporting docs using a SMART phone - their systems don't work with a combinations of PC/webcam and email. I suspect other platforms may have similar ID verification systems hence my question. I don't have a SMART and I don't want one.

You won't know until you try and it's a while since I opened my account but IIRC Scottish Widows Share Dealing (formerly iWeb) verified me electronically and I wasn't required to use a smartphone to upload ID. 

Do you have an iPad or Android tablet? These will also run phone apps.

Scottish Widows' website states that it'll attempt electronic identification first and if that fails it has email, postal and branch options (Lloyds Bank, Halifax and BoS branches).

https://www.scottishwidows.co.uk/investing/help-and-guidance/just-signed-up.html#:~:text=1.,within%20the%20last%2012%20months.