You may or may not have heard of stocks and shares ISAs – one of the more modern ways to help you grow your unused savings into something bigger. There are a wide range of services out there now that will enable you to invest your savings quickly and easily. Stocks and shares ISAs allow you to take what you have already, and have it prudently invested by professionals in a range of different investments.
Here I’ll walk you through some of the benefits of these services and why it might be a great choice for you.
Invest any amount
Services such as Wealthify allow you to invest anything from as little as a pound, however your annual stocks and shares ISA allowance is actually anywhere up to £20,000. With Wealthify you can start with whatever amount you like and top this up or withdraw it whenever you like.
Your monthly fee will be dictated by how much you invest, getting smaller the more you invest, however they are extremely transparent with this pricing and you can check out the fees on their website before you invest.
Quick and easy
One of the main benefits of this particular service is that it is effortless to set up and run. When you visit the Wealthify site, you’ll need to go through a quick questionnaire to ensure that stocks and shares ISAs are appropriate for you – as with any investment, capital is at risk and it is important to understand and be aware of this.
Once you have signed up, you will then have a few decisions to make regarding how much you want to invest and a basic idea of how you would like your investments to be handled, but otherwise it is a hands-off service.
When you first set up your account, you’ll be posed with a question asking whether you’d like your investments to be cautious, tentative, confident, ambitious or adventurous – this will dictate how you feel towards risk versus reward. This will give the system a better idea of how your savings should be invested.
You also have flexibility in terms of when you withdraw your funds – they aren’t locked away for a certain term, when you want to withdraw, you can withdraw. You can also add to these funds if you wish.
Your investments don’t stagnate
You may think that once you have done the initial setup, it ends there. In fact, with services like these, they are regularly monitored and altered, moving your savings from one investment to the next, ensuring that you are getting the best possible return on your investment.
Not only this, but you can monitor the performance yourself, either by desktop dashboard or mobile app, allowing you complete transparency over what is happening with your account. It’s that easy!
Wealthify also offer a live chat on their website, as well as telephone and email support as you require it, just in case you have any questions.