Lads, what platform do you think offers the best deal for a Stocks and Shares ISA? I know that's a complicated question, but it's actually the reason I thought I'd get your second opinion.
I've been using HL for my long-term investments through a lifetime ISA. I can't quibble - for leaving my money in funds it's magic but, what I've noticed is the sizeable discounts attached to certain transactions when using the platform which complicates shopping around. Essentially as the big guys they can shave a considerable amount of money off investing - often to zero. However, there are many smaller platforms that on the face of it seem to offer better terms.
My situation is mundane, it's a new tax year so I'm thinking about opening a second stocks and shares ISA for my Christmas and language learning savings. My logic being that an ordinary cash ISA is a waste of everyone's time for the foreseeable future. I've been looking at using Interactive Investor as they come recommended online and you get investor credit every month to save on trading (should limit my temptation to dick around). That said, I've only ever used HL and don't want to get stuck with a platform that is a complete ballache for what will be limited profits.
It varies depending on how much you're investing, what you're investing in and how frequently you'll be trading. You won't go much far wrong with AJ Bell or Trading 212.
>>7854 I wouldn't worry about getting stuck with a platform, it's a bit of paperwork but generally easy to transfer or consolidate S&S accounts (ISA or taxable) between any UK platforms.
The link >>7855 mentioned is the best resource for comparing UK platforms if you absolutely want to minimise fees, which indeed is worth considering for hands-off long-term investing. Maybe knock up a quick spreadsheet to compare the total annual platform fees for what you want to do, HL is typically one of the most expensive.
>>7854 I got blind-sided by the shiny app Wealthify provides and sunk in £10k. I've since shut down my account with them (or tried to... they are like herpes) because they made more in fees for themselves than I earned in the two years I had the account. It is a S&S ISA, so performance (and hence your experience) will vary. To me they are a poster child for making it easy to sign up but a pain in the arse to get rid off. If you pick the right plan/level of risk that works for you they may be acceptable but I can't really recommend them.
>>7862 >I've since shut down my account with them (or tried to... they are like herpes) because they made more in fees for themselves than I earned in the two years I had the account.
It seems a bit strange to blame Wealthify for the massive drop in the stock markets.
>>7863 There was no major down turn in the time I held the account. I did pick the lowest risk investment idea, but their fees turned the meager gains into de-facto losses. Almost. They charged a fee to do better and basically did not. That's fair game, but disentangling myself from them. That's where I take issue.
