Here’s the 101 of setting up your own stocks and shares ISA. Some points you may have not considered!
A stocks and shares Individual Savings Accounts (ISA) is a tax-free savings account. It allows you to put your savings into a range of different investments. When setting up a stocks and shares ISA you should be willing to lose and gain your investment. In one tax year, you can put up to £20,000 into an ISA.
Consider the choice of investments you can get through your chosen provider. Also, consider what fee’s and what previous customers rate their service.
Once you have invested your funds, you should ideally leave them in your ISA for a minimum of five years. So be careful to budget that into your current and future financial situation. If you aren’t comfortable with losing money on your investment you should consider making a Cash ISA instead.
Do you feel comfortable managing your funds, or are you more comfortable having someone manage your ISA for you?
Just to clarify, if you are risk-averse you avoid risk. If you are risk-tolerant you are willing to take risks. If you aren’t sure if you are risk-averse or tolerant, you can take an online risk profiling questionnaire.
Get the following information ready, some obvious stuff, and some parts you may have to locate.
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