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A Cash ISA acts as a tax free savings account, usually offering a small amount of interest on the money held within the account.
That being said, the tax free returns from a Stock and Shares ISA could be a lot higher than you would get from the interest earnt in a Cash ISA. It is really important to understand that while you could earn more in a Stocks and Shares ISA, you can also lose some, or even all, of the money you invest. Is it worth getting a Stocks and Shares ISA? Most DIY platforms will provide access to a wide variety of investments including UK and overseas shares, corporate bonds, investment funds, investment trusts and ETFs. When it comes to the range of investments and funds on offer, not all platforms are created equal and therefore it is essential that you ascertain whether the platform you are considering can meet your investment needs before deciding where to place your money. In this instance beware of providers who charge a flat rate, as this can eliminate small investment amounts quickly. Should you wish to invest on a monthly basis there are providers who don’t require a lump sum and will allow you to start investing for as little as £1. It would be prudent to check the value of the lump sum required. Many providers will also require an initial lump sum to get your investments started. However, percentage fees can soon add up for larger investment pots and in this instance, it is best to find a provider with a flat fee. The reason this is of relevance is due to the various charging structures within the platforms that are available.įor a smaller investment pot, you may be best to look for a platform which charges a percentage of your pot in order to keep costs low. The trading fees will also be a consideration and each platform will have its own charging structure so you should ensure you engage with the best one for your investment strategy. If you would rather engage in a ‘do it yourself’ option then there are plenty of do it yourself platforms that can facilitate this and in this instance, you may want to consider what tools you will require in order to make informed choices when trading stocks and shares. The management fee you are charged will vary between providers so it is worthwhile shopping around as high fund charges can end up eating into your profits. Whilst a fully managed portfolio will usually incur a management fee, this is usually a worthwhile cost if you have little experience to fall back on and require help with investment ideas. These ‘set it and leave it’ type investments are constantly monitored throughout, with a team of experts and a fund manager who can make changes in response to fluctuations within the marketplace. Investing can be complex and for aspiring investors who don’t have much knowledge of the market, and who don’t have time to dedicate to meticulously studying the marketplace, there are platforms that can manage the whole process for you. The answer to this question very much depends on what type of investor you are and there are some key questions you should ask yourself.
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