Separate stocks and shares ISAs

[Loopylou1975]

I'm completely stupid at this type of thing. My partner and I each have about £40k in a Hargreaves Lansdown stocks and shares isa and pay £50 each a month into them so I haven't used much of my isa allowance this year.

I have £40k inheritance that has been in a fixed savings account which has now matured, and I want to invest it into something similar to my HL to make more money long term. I don't want to feed it into my existing as want to keep it separate to our 'shared' money. Would a Vanguard ISA be worth opening? But realise I can only put £19400 of it in this year. Or another investment product that is easy?

Not asking for investment advice, just ideas so I can research them a bit more myself – like I say, I'm clueless!!

A second ISA using up your remaining allowance is the simple option.

Yes , lots of providers for your second isa - I use interactive investor but there are lots of others out there - ii was good value when I started using them but there may be better options now ..

As long as the total invested is no more than £20k yes you can have more than one ISA.

Thanks, is that the best think with Vanguard or are there other investment opportunities?

I meant options that are good, not opportunities!

There are lots of low-cost platforms these days, and Vanguard isn't necessarily the lowest cost because fee structures vary depending on the amount held, and whether it's in funds, stocks etc. There's a recent comparison here https://www.forbes.com/uk/advisor/investing/best-trading-platforms/

And a couple of fairly recent ones here that give a bit more info: https://moneyweek.com/investments/best-investment-platforms-for-beginners

https://moneyweek.com/investments/best-trading-platforms-for-uk-investors

There are lots of providers and I’m sure others who are more savvy will be along to advise, I use AJ Bell and their ready-made funds (I’m pretty much a novice and fairly new to this type of saving). The funds i am invested in grew by 15-19% last year, which feels a good return for me for that type of fund, relatively low cost ongoing charges too.

info of these types of funds is here if you want to take a look:

https://www.ajbell.co.uk/investment/ideas/ajbell-funds

@MrLarsonsNailGun Thanks, so is this an isa or are these funds a separate thing?

The ISA is the wrapper. The funds are 'bundles' of investments you put into the wrapper. You could have the same funds inside a pension, or 'unwrapped' in a general investment account.

I really like Nutmeg

I am using interactive investor, AJ Bell and T212 and I like them all for different reasons (these are all platforms so you would then need to choose your investments). T212 has no platform charge or trading fee so is a good cheap option but the choice of investments is more limited. Ii is fixed fee plus a trading charge but I like their choice of funds and the ii community which you get access to. AJB is also a good choice of funds and the platform fee is low, I also like their family linking functionality which allows me to manage ISA’s for other family members.

Yes it’s a Stocks and Shares ISA. Within that I have bought into the ready made portfolios which is the AJ Bell funds themselves. On the page I shared, you can pick an option then you can see all the documentation pertaining to the funds e.g. where the money is invested, performance etc…

I'm a little confused @Loopylou1975 , in your OP you talk about wanting to keep your inheritance separate from shared money, but ISAs are individual (it's the 'I' in ISA), you can't hold a joint ISA, so putting it in to your existing account will still be separate.

Of course, that's not to say that there aren't better S&S ISA options for you, but I'd opt for keeping things simple.

I came here to say the same - the ISA must be in either your name or your partner's. Do you mean you each started an ISA? If so you can add your new money to the ISA im your name. it remains yours.

Yes sorry, the HL isas we hold have roughly the same amount in each. Effectively going towards our pensions as we run our own business