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    • danjames15
    • By danjames15 19th Mar 17, 7:24 PM
    • 2Posts
    • 0Thanks
    22 years old: where to put my money?
    • #1
    • 19th Mar 17, 7:24 PM
    22 years old: where to put my money? 19th Mar 17 at 7:24 PM
    I'm 22 and want to save about 500 a month and get the most out of my savings. My current and savings account is with HSBC, and I have the following accounts currently:
    • Flex saver account with interest of only 0.01% AER.
    • Cash E-ISA with 0.2 % AER interest.
    • World selection ISA (balanced) with charges of 1.06% per year.

    Where shall I put the 500 a month? I don't intend on needing this for at least 10-20 years so it's a long term investment. If stocks & shares ISA is my best bet, should I stick with HSBC balanced or should I go elsewhere - I hear going to someone like hargreaves lansdown may be better than just going to your bank?

    I have no intentions of buying a house. I am tempted by stocks & shares ISAs but with no experience in this area, don't know if selecting a ready made portfolio with some company could screw me over.

Page 1
    • masonic
    • By masonic 19th Mar 17, 7:39 PM
    • 9,254 Posts
    • 6,388 Thanks
    • #2
    • 19th Mar 17, 7:39 PM
    • #2
    • 19th Mar 17, 7:39 PM
    If you don't have need of this money for the 10-20 years you mention, then a S&S investment would be the most suitable option.

    A fee of 1.06% per year is high. There are cheaper and probably better options for a S&S ISA. Hargreaves Lansdown will be cheaper, Charles Stanley Direct will be even cheaper again. In both you could hold a cheap multi-asset fund for about 0.7% or 0.5% per year respectively.

    There are also options like the Nutmeg fixed allocation portfolios to consider if you want to keep things really simple.

    Banks are best avoided when it comes to investment products.
    • danjames15
    • By danjames15 19th Mar 17, 8:10 PM
    • 2 Posts
    • 0 Thanks
    • #3
    • 19th Mar 17, 8:10 PM
    • #3
    • 19th Mar 17, 8:10 PM
    Thank you for your reply! I'll take a look at HL and Charles Stanley Direct then - and I understand that I won't be able to open a S&S ISA with them until the next tax year (after April). Hopefully I can transfer the funds from my HSBC balanced ISA over to a new provider after April.

    I'd like to go somewhere where for now it's a steady portfolio that isn't too risky, but with the potential for myself to get involved in the portfolio specifics later in life.
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