Roqqett Blog

August 27, 2021
Author: Alexandra Hurst

How to set up your own stocks and shares ISA

Here’s the 101 of setting up your own stocks and shares ISA. Some points you may have not considered!

Quick Summary

  1. How much should you Invest?
  2. Who will control your funds
  3. Risk averse or Risk tolerant?
  4. Put your money where your mouth it


What is a stock and shares ISA?

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.

Which stocks and shares ISA should I pick?

Consider the choice of investments you can get through your chosen provider. Also, consider what fee’s and what previous customers rate their service. 

In five simple steps, this is how you set up your own stocks and shares ISA.

  1. How much should you Invest?

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. 

  1. Who will control your funds 

Do you feel comfortable managing your funds, or are you more comfortable having someone manage your ISA for you? 

HOT TIP #1  If you want an investment manager to consider Nutmeg, Wealthify and Moneyfarm.  Their services are lower cost and use a computer algorithm to manage your money. 

HOT TIP #2 bear in mind that you could incur these fee’s, so account for them (platform administration fees, fund charges, charges to switch between funds, charges with buying and selling investments, big/offer fees and transfer fees)

HOT TIP #3 Check the minimum amount needed to invest

  1. Risk averse or Risk tolerant?

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. 

  1. Put your money where your mouth it 

Get the following information ready, some obvious stuff, and some parts you may have to locate. 

  • Your current address 
  • Nationality 
  • Date of birth 
  • Telephone number 
  • National insurance number 
  • A form of ID
  • Proof of address, a bank statement or bill to your address.

HINT #4 When you set up your account, there is no rush to start investing. Take your time when choosing to invest your money. 

When setting up your investing account.. 


  • Paperless reporting 
  • Fund alerts 
  • Changes to funds 

Key takeaways

  • Find a platform that suits you 
  • Be realistic about what you can invest 
  • Be honest with how risk-averse or tolerant you are when investing

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