Hello, I'm a little bit embarrassed to post as I am quite ignorant about investing and I only have tiny amounts of spare cash to invest. I have researched a lot, but still feel a bit bewildered. I know people often say to ask an IFA, but I really couldn't afford this.
I wanted to invest a little bit extra for retirement - I have a DB pension. After reading about LISAs on Money Saving Expert, I opened one with Nutmeg. I only have a few thousand in it, and the fees are 0.69%. It hasn't done very well - I have been saving for 3 years and it is down 4% overall. Just recently, I have read some quite negative reviews of Nutmeg underperforming, but it is almost impossible to switch LISA provider now I am over 40. Should I continue my regular (small) payment into this, or am I wasting more money? I've lost faith in the LISA a bit, due to being trapped by the lack of transfers available.
I also have a small cash LISA with Moneybox because the MSE website suggested opening one of each - however, I've since realised that having this money in a cash LISA for 20 years is probably a mistake. I can't transfer this cash LISA to Nutmeg (no transfers in), but could transfer to Dodl and invest in Lifestrategy. I will then have two lots of fees though - Nutmeg and Dodl Does that make it pointless, as the fees will eat into these small amounts?
I feel out of my depth - can anyone help, please? Apologies if I've misunderstood anything.
TLDR:
- Do I keep paying regularly to my Nutmeg LISA when it isn't doing well and can't be transferred?
- Is it worth transferring small cash LISA to S&S Lisa with Dodl (fees 0.15%, minimum £1 a month)?