Do you / will you use ISAs?


(Alex Sherwood) #1

I’m pretty excited about Freetrade launching ISAs, which we’ve just shared a sneak peak of here, especially because this is going be my first Stocks & Shares ISA :muscle:

We wanted to hear your plans too so:

If you have a Stocks & Shares ISA already, are you planning to?

  • Stick with that one
  • Open a Freetrade ISA too
  • Switch it all over

0 voters

If you don’t have a Stocks & Shares ISA yet, are you planning to?

  • Not get one
  • Wait for Freetrade’s ISA to launch
  • What’s a Stocks & Shares ISA?

0 voters

Don’t forget that you can only open & contribute to one Stocks & Shares ISA per year & you can contribute up to 20k to all of your ISAs. We’ve explained why ISAs are beneficial for tax reasons in this blog post.


(Dave Smith) #2

I think I’ll probably leave my HL one as it is and open a new one, as there’ll be charges incurred on HL’s side for selling to take money out, and if you implement a direct transfer I reckon they’ll charge for that as well


(Vladislav Kozub) #3

Is it the notorious one that costs 0.45% per annum?

I am just curious which option will end up being more cost-effective, long-term status quo or a larger initial outlay :thinking:


#4

Currently my HL isa is costing more than the Freetrade monthly fee so for me it’s a no brainier! The percentage charge looks small but can become substantial as your account grows. Plus the HL fees for share dealing are extortionate.


(Beth) #5

Haven’t got a stocks and shares one, will likely own one with freetrade.

Got a cash and LISA with Skipton.

I’m never gonna hit the 20k allowance a year across the board :rofl:


(Dave Smith) #6

Yeah, I opened it many years ago when there wasn’t much choice, I’ve never bothered to shop around to try and find something better.

I’m now thinking maybe a gradual switch over, start putting money in a freetrade one, and start drawing down the HL one


(Harley-James Orchard) #7

:thinking: until I know enough I’ll probably stick with vanguard for my ISA, if anything I’d be happy to get to the point where I have to pay gains on my tax :joy: probably just do a few instant trades, oh and that’s a question I have, can you instantly sell? is the charged the same as buying?


(Alex Sherwood) #8

10 posts were merged into an existing topic: Ask your beginners questions here :hatching_chick:


(Harry) #13

Are you looking to launch a LISA at all? Would be great you couple that with a money market ETF of some kind :slight_smile:


#14

I don’t think foreigners pay tax on us listed shares (but dyor before buying :wink:) but I think there may be tax paid on dividends.

Edit : with a caveat, if I remember you do have to fill in a US tax form to confirm you’re not a us citizen


#15

I’ve just opened a LISA with nutmeg however if Freetrade came into the market :heart_eyes:


#16

The fees on my HL ISA are capped at £45 as I only hold shares and investment trusts, so although not as cheap as FT, isn’t too bad. What will be bad will be the fees incurred if I transfer or sell so if I open an ISA with FT, I would just not add to the HL one.

However, I’d need a good range of ETFs and investment trusts to choose from as don’t really have too many individual stocks.


#17

I got S&S ISA with Moneyfarm which I opened last year via a cashback site and got £84 for putting £1k. What I actually did was just switched my HSBC Cash ISA 2016 to Moneyfarm’s S&S ISA. When it becomes available on Freetrade, I’ll surely open another S&S ISA. :cherry_blossom:


(Shae) #19

How do I go about swapping my S&S ISA over to Freetrade? Only plan I’m doing this though when ETFs are launched


(Vladislav Kozub) #20

Hey Shae, there are 19 ETFs offered by Freetrade at the moment, including Uk, US and Global ones.

By the time ISAs are available, probably there will be even more for you to spread the risk! :slight_smile:


(Georgi) #23

Never had an ISA ,will probably open one through Freetrade when it is available though.
The first thing I think you should do is open the US shares trading.
My potfolio is mostly US stocks and I simply cannot move it because these are not yet available in Freetrade.
For me priority #1 should be US stocks and after this comes everything else , including ISAs.


(Alex Sherwood) #24

I’d have to check this next week but in the meantime, please do vote for LISAs here -

Lifetime ISA


#25

I haven’t voted yet because the answer is “it’s complicated”!

I have a stocks and shares ISA and a LISA elsewhere. They’re fully managed, but I think I might move them to Freetrade and manage ETFs myself. That said, it depends on a) fees - I’m below the tipping point of where I think FT will be cheaper so might leave it for my portfolio to grow first, and b) I need to make sure that I’m committed to the move and not playing with FT because it’s the latest toy…

Tl;Dr it depends!


(Joe Fulford) #26

Do we have the expected date of which Stocks & Shares ISA’s will become available? I can’t find anything on the blog. Sorry if it has been posted somewhere or just isn’t determined yet. Excited to get one created :slight_smile:


#27

Expected timeframe for ISAs to be ready before the next tax year, so calibrate your expectations to some time before April 2019 latest.