Monzo/Starling Banking/Revolut

Diddums · Tuesday at 12:33

beachBOYken said:
I presume this has risk to it, but does this account apply to your isa allowance for the tax year?

Yes.

beachBOYken · Tuesday at 12:37

Diddums said:
Yes.

Might give it a go some time as have a little ISA allowance left to use still, maybe put 1k in and see how it does.

Can you withdraw funds and any interest out anytime you like as well?

Diddums · Tuesday at 12:43

beachBOYken said:
Might give it a go some time as have a little ISA allowance left to use still, maybe put 1k in and see how it does.

Can you withdraw funds and any interest out anytime you like as well?

Yep, as I've done multiple times. As long as the total deposited is less than your annual allowance, you're good.

beachBOYken · Tuesday at 12:47

Diddums said:
Yep, as I've done multiple times. As long as the total deposited is less than your annual allowance, you're good.

Great thanks, I might put a little in soon then, that I’m willing to put some risk on, at least I know I can withdraw it any time.

Diddums · Tuesday at 12:50

beachBOYken said:
Great thanks, I might put a little in soon then, that I’m willing to put some risk on, at least I know I can withdraw it any time.

Honestly just take a small chunk and have a play until you're comfy, then add more if you wish. This isn't a get-rich-quick thing, it's just a way of having your money work that little bit harder. You can move money between your various accounts on T212 very easily too should you want to change your mind.

This is the tracker I'm on - https://www.trading212.com/trading-instruments/invest/SP20.GB

beachBOYken · Tuesday at 12:58

Diddums said:
Honestly just take a small chunk and have a play until you're comfy, then add more if you wish. This isn't a get-rich-quick thing, it's just a way of having your money work that little bit harder. You can move money between your various accounts on T212 very easily too should you want to change your mind.

This is the tracker I'm on - https://www.trading212.com/trading-instruments/invest/SP20.GB

Is that the top 20 US you was mentioning a page back?

Diddums · Tuesday at 13:02

beachBOYken said:
Is that the top 20 US you was mentioning a page back?

Top 500. S&P is the Standard & Poor's top 500 companies, and this is a tracker that follows all of them, hence the low risk.

My advice is stick £50 in it and see what happens over the next week or two. Just until you get more of an understanding of how things work. Once you make sense of it all (which just takes time and researching, don't believe anything that any Youtuber tells you until you have a clear understanding of it all) then you can decide on your next move.

What I can say is that I wish someone had this talk with me when I was 18. I'd be loaded now.

bloodiedathame · Tuesday at 13:05

Diddums said:
Top 500. S&P is the Standard & Poor's top 500 companies, and this is a tracker that follows all of them, hence the low risk.

My advice is stick £50 in it and see what happens over the next week or two. Just until you get more of an understanding of how things work. Once you make sense of it all (which just takes time and researching, don't believe anything that any Youtuber tells you until you have a clear understanding of it all) then you can decide on your next move.

What I can say is that I wish someone had this talk with me when I was 18. I'd be loaded now.

I'm nearly 38, can we have this chat please? :cry:

Nabinium · Tuesday at 13:12

Completely forgot about my T212 S&S ISA that I opened last year. You guys have reminded me that I should probably add to the whopping £1 that I have in there.

Diddums · Tuesday at 13:14

bloodiedathame said:
I'm nearly 38, can we have this chat please?

Honestly I've learned so much about finances in this country since moving here. I missed out on so much it's unreal. Have you got a Lifetime ISA? That one's time limited, you can't open one from 40. Open one for everyone in your family and stick a few quid in it just to keep it open. Most important thing atm.

Then open a stocks & shares isa for yourself and everyone in the family. Don't be afraid to abuse your referral codes if you have them, that'll add around a hundred quid per family member too. Then set up a direct debit for each account, £50 a month, to auto invest in to the S&P 500. Set up a calendar reminder for every quarter to check in and see how things are going, and then forget about it. When your two lads are old enough to buy their own homes, they'll have a massive advantage.

This will play out perfectly when you retire and you've got two mini-ballers to feed your habits.

bloodiedathame · Tuesday at 13:22

Diddums said:
Honestly I've learned so much about finances in this country since moving here. I missed out on so much it's unreal. Have you got a Lifetime ISA? That one's time limited, you can't open one from 40. Open one for everyone in your family and stick a few quid in it just to keep it open. Most important thing atm.

Then open a stocks & shares isa for yourself and everyone in the family. Don't be afraid to abuse your referral codes if you have them, that'll add around a hundred quid per family member too. Then set up a direct debit for each account, £50 a month, to auto invest in to the S&P 500. Set up a calendar reminder for every quarter to check in and see how things are going, and then forget about it. When your two lads are old enough to buy their own homes, they'll have a massive advantage.

This will play out perfectly when you retire and you've got two mini-ballers to feed your habits.

Nope. I've heard of it, but have never done it.

My Father in Law suggested I do Junior ISAs for the kids, which I did, and stuck a load of money in there. It's with H&L and I don't know what the **** half of the terms are on there.

Diddums · Tuesday at 13:28

bloodiedathame said:
Nope. I've heard of it, but have never done it.

My Father in Law suggested I do Junior ISAs for the kids, which I did, and stuck a load of money in there. It's with H&L and I don't know what the **** half of the terms are on there.

Do it. Do it today. You and Bel. Takes no longer than a few mins and you'll regret it later on if you don't (like me!).

Also, if you or @beachBOYken or anyone else is looking for solid advice, this chap is really good. No drama, no hype, no red flames or clickbait nonsense, just good old fashioned advice:

(This is an excellent vid to start off with btw)

As for H&L, I'd strongly suggest checking their fees. They could be charging you dormant account fees,or their general upkeep fees could be stiffing you. Hit me up with the numbers and I can have a look if you want.

robj20 · Tuesday at 13:31

I even have a pension setup for my 4 year old. Be a nice advantage an extra 16+ years.

Nabinium · Tuesday at 13:33

It's almost as if they should be teaching this sort of thing in schools... but nah.

Diddums · Tuesday at 13:35

Nabinium said:
It's almost as if they should be teaching this sort of thing in schools... but nah.

I genuinely can't understand this. This could literally turn this country around in 20 years.

robj20 · Tuesday at 13:37

I used to have plenty in my ISA but now on UC I'm capped at £6k shared between me and the wife so only have my pension, child's pension and a child ISA, bit I can see that child ISA being a problem when she gets to 16 and her money also counts. Will have to kick her out or she'll have to spend it all. Stupid system that discourages saving up.

Maccy · Tuesday at 13:41

@Diddums the LISA subject is quite contentious/subjective amongst folk - personally I don't see the advantage of using it over the S&S ISA, but can appreciate that it may be useful for others.

beachBOYken · Tuesday at 13:43

Diddums said:
Top 500. S&P is the Standard & Poor's top 500 companies, and this is a tracker that follows all of them, hence the low risk.

My advice is stick £50 in it and see what happens over the next week or two. Just until you get more of an understanding of how things work. Once you make sense of it all (which just takes time and researching, don't believe anything that any Youtuber tells you until you have a clear understanding of it all) then you can decide on your next move.

What I can say is that I wish someone had this talk with me when I was 18. I'd be loaded now.

Good advice, I will try that to get an idea of how it works.
Can you set up a direct debit anytime after initial funding?
I suppose also with direct debit have to be careful you don’t go over your isa allowance.

ChrisD. · Tuesday at 13:59

Diddums said:
Do it. Do it today. You and Bel. Takes no longer than a few mins and you'll regret it later on if you don't (like me!).

Also, if you or @beachBOYken or anyone else is looking for solid advice, this chap is really good. No drama, no hype, no red flames or clickbait nonsense, just good old fashioned advice:

(This is an excellent vid to start off with btw)

As for H&L, I'd strongly suggest checking their fees. They could be charging you dormant account fees,or their general upkeep fees could be stiffing you. Hit me up with the numbers and I can have a look if you want.

Another vote for Damien.

We started investing properly after watching a bunch of his videos and we wish we'd have done it much sooner.

Don't put large amounts of money into the stock market if you are after quick returns, or you need to pay a big bill in a few months, that's what regular savings accounts are for.

Diddums · Tuesday at 14:09

Maccy said:
@Diddums the LISA subject is quite contentious/subjective amongst folk - personally I don't see the advantage of using it over the S&S ISA, but can appreciate that it may be useful for others.

The way I see it, open one anyway. Even if you don't use it, you still have it. No guarantee what the future holds, and it could come in handy in future. Once you turn 40 that's it, you've missed out. Rather have it then tbh.