Stocks and shares isa

[thedendrochronologist]

Can anyone help me out with an idiots guide.
What are the pros and cons. I've looked at vanguard and H&L but I'm confused.

Do you have one you would recommend?

Currently in the highest interest savings account with my own banks but that is limited. Split across three.

Do I need to be proactive or can I just leave it there and direct debit £100 per month to it?

It's really from long term rainy day saving (but not pension as I have one and top that up)

S&S ISA:
Pros: Tax-free returns, You can add £20K each financial year. Over time its possible to build a large pot that can grow tax-free. No age limits. It's portable between providers. In the longer term (5-10 years +) the aim is to produce returns that exceed savings interest and beat inflation (in the last ten years, the average return on S&S ISAs = 9.64 % annually, compared to 1.21 % for cash ISAs).

Cons: Fund management and dealing charges. Risks of investing in the stock market - no guarantees the investment will grow and you might not receive back all the initial outlay. Volatility - stocks can rise and fall, so needing to cash it in quickly at a low point might mean poor returns. More complexity researching providers, fees and funds.

In a nutshell - how long are you planning to invest your ISA for, and how much risk do you feel comfortable with to aim for greater returns?

I have had S&S ISA with both HL and Vanguard, I prefer Vanguard as a bit cheaper for the fund I have ended up using.

Do I need to be proactive or can I just leave it there and direct debit £100 per month to it?

Yes, you can simply setup a recurring payment which buys the fund(s), and look at it perhaps once or twice a year.

I put some money in one a couple of years ago. It's gone up and down over time and is currently about 10% lower than it was at the start. I am planning to keep it in for 5 years, so hope it will pick up at some point and start making money rather than losing it, but at the moment I don't recommend jt!

Thanks everyone

15k over 10 years probably. Low risk- I don't want there to be less than when I started. But equally I can ride out 10 years with

I'll look at other options too.