Monzo/Starling Banking/Revolut

beachBOYken said:
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.
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You'd need to look in to how you do things. You might need to set up a direct debit, or it could be a standing order, I'm not sure. As for the total, this shouldn't be hard to calculate right now. When your ISA allowance resets it's simply a case of £2000/12 = monthly deposit, if you can afford it. You can then split that amount in to smaller amounts if you want to spread it around various accounts / providers. You can automate a lot of this stuff so you're accumulating wealth with zero effort apart from the odd check in (I usually do this at least quarterly and have set reminders on my calendar to do so). If you have the odd windfall (overtime or whatever) you can simply add this in to a regular trading account so you don't lose track of your ISA. You will need to pay tax on that though.

Also also, don't forget Topcashback and the like for any additional bonuses when opening new accounts.
 
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.
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Low(er) risk than buying individual stocks, but when the crap hits the fan you'll find the S&P500 pretty volatile, after all it is dominated by tech stocks.
 
ChrisD. said:
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.
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Just remember investing is not always this easy. At some point there is going to be a big correction and the retail investors are the ones that will get burned. You need to decide if you want to try and time it, or just ride it out. You may end up deep in the red and having to sit looking at the red numbers for years before it recovers. I've been quite gung ho in recent years because I've got loads of disposable income, but if my savings were scrimped over a long time I'd be a lot more precious about when and where I invest.

My risk appetite varies a bit. I might want to move house next year so atm I'm reducing my exposure and banking profits in the face of the warning signs at the moment.
 
Diddums said:
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.
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True, however I doubt I'll be in a position to max out my annual ISA allowance each year so I'll continue to save into my S&S ISA for now.
 
Diddums said:
You'd need to look in to how you do things. You might need to set up a direct debit, or it could be a standing order, I'm not sure. As for the total, this shouldn't be hard to calculate right now. When your ISA allowance resets it's simply a case of £2000/12 = monthly deposit, if you can afford it. You can then split that amount in to smaller amounts if you want to spread it around various accounts / providers. You can automate a lot of this stuff so you're accumulating wealth with zero effort apart from the odd check in (I usually do this at least quarterly and have set reminders on my calendar to do so). If you have the odd windfall (overtime or whatever) you can simply add this in to a regular trading account so you don't lose track of your ISA. You will need to pay tax on that though.

Also also, don't forget Topcashback and the like for any additional bonuses when opening new accounts.
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Thanks, hope your not charging me a fee for this financial advice, if you are send it to the OCUK address.
 
Maccy said:
Nah sue him when it goes wrong as he hasn't stated a disclaimer that it's not financial advice ;)
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judge-rinder-judge.gif
 
Diddums said:
What did you buy exactly? There are a ton of "top 500" trackers.
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Apple, Meta, Broadcom, Netflix and Amazon I think.

But if I go into the ishares tracker you mentioned I can just by £50 worth but it doesn’t say what exactly Im buying.

What’s the difference here.

I’m just messing around here with the £50 I deposited.
 
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beachBOYken said:
Apple, Meta, Broadcom, Netflix and Amazon I think.

But if I go into the ishares tracker you mentioned I can just by £50 worth but it doesn’t say what exactly Im buying.

What’s the difference here.

I’m just messing around here with the £50 I deposited.
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Ok, so not the S&P 500 then. The ishares tracker tracks the top 500 companies in the USA, which is great as it does all the diversification for you.

Here's a breakdown, including all the companies it tracks and their weighting - https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf

There's fifty one pages of this:

uVMDprqT_o.png
 
Diddums said:
Ok, so not the S&P 500 then. The ishares tracker tracks the top 500 companies in the USA, which is great as it does all the diversification for you.

Here's a breakdown, including all the companies it tracks and their weighting - https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf

There's fifty one pages of this:

uVMDprqT_o.png
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So if I understand if I just go onto the tracker and buy £50 it will do everything for me, so to speak, instead of me blindly buying.
I just cancelled them orders I mentioned.
 
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