How to Find the Best Stocks and Shares ISA in Three Easy Steps

A lot of people find that stocks and shares ISAs are a fantastic way to make their savings more tax efficient, and they’re eager to find a provider who can help them to get started.

But with hundreds of thousands of account providers to choose from, and a wide array of terms and conditions available to you, how do you ensure that you’ve found the one that is perfect for you?

Here’s how to do it in three simple steps…

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Step One: Decide whether or Not You Want Help

There are a variety of different ISA accounts available to choose from, but before you start making your selection, you need to decide whether you’re going to engage a professional who can help you with your investment decisions, or whether you would rather do it yourself. When making this choice, it’s important to weigh up all of the relevant factors, from cost to your likelihood of success and so on, rather than simply going for the most economical approach. Should you prefer the former, your chosen professional will take care of any further decisions on your behalf.

Step Two: Educate Yourself

Whether or not you choose to seek professional help, it pays to understand what you’re investing in, and exactly how stocks and shares ISAs work. Take the time to research everything from the amount that you’re allowed to invest, to how best to split your money, assess investment risks, and so on. There are lots of books, and even more internet guides and video tutorials, available to help you, so take the time to seek them out, sit down, and read through them. When it comes to finding the right provider and account, this information will prove invaluable in assisting you.

Step Three: Research Providers

Those who choose to use a stocks and shares ISA may find that they have to deal with a lot of unfamiliar names. Unlike cash ISAs, which are usually provided by well known banks and building societies, investment ISAs are a much more niche speciality, so you may never have encountered the professionals that you need to approach before. This means that in order to fully assess their credentials and suitability, you’ll have to do your research, looking at everything from their reputation to their offerings. Specialist internet forums are often a good place to seek impartial and unbiased advice if you would like a second opinion on any of your preferred options.

These three simple steps should help you to compile a strong shortlist to work from, and the rest will come down to personal preference. Each of your candidates should be suitable to meet your needs, but it’s still a good idea to contact them individually if you remain undecided, so that you can talk through any questions or queries that you might have, and make sure that you’re confident when it comes to making your final decision.

 

 

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1 Comment

  1. Finley
    October 20, 2016 / 12:02

    Such ways are a great way of saving money. Ensuring you have the most up to date advice when it comes to your finances is of paramount importance for your lifestyle and well-being.

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