The deadline to open an Isa and take advantage of up to £20,000 tax-free savings is April 5.
Your allowance can be divided between cash and investments and it’s also possible to pay up to £9,000 into a Junior Isa for a child.
Any individual over 18 can open one stocks and shares and one cash Isa per tax year and a range of apps are available to make the process simpler.
This multi award-winning best buy Isa app tracks thousands of global companies such as Google, Apple and Netflix via its simple tracker funds. It offers a stocks and shares Isa and Junior Isa as well as cash and investment Lifetime Isas, which can all be set up with just £1.
There are 24 funds available and customers can choose to have a managed portfolio or build their own. The managed options allow customers to choose between cautious, balanced and adventurous investments.
The annual fund costs vary from 0.12-0.58% and there is also a 0.45% monthly platform fee, on top of a £1 monthly subscription charge.
The cash Lifetime Isa offers an interest rate of 0.85% and a fixed one year bonus interest rate of 0.6%.
Meanwhile the Junior Isa, which is opened via a separate app has a fund provider fee of 0.13-0.25% plus the 0.45% monthly platform fee and £1 monthly subscription cost.
This app is particularly user-friendly with a clear, simple interface. It offers just a stocks and shares Isa and there are 12 fund options. These all contain a mixture of shares and bonds from thousands of different companies.
The funds either focus on a certain sector or index against a particular stock market such as the S&P 500 or FTSE 100.
Each fund has a clear name, risk level rating and average fund return rate. For example the Tech Giants fund has the highest risk of 6/7 and an average return of 20.76% while the lowest risk level is the Slow & Steady fund with an average return of 3.04%.
Customers can also choose a fund that focuses on European Essentials or Rising Stars in Asia and Africa.
Minimum investment is £1 and the average fund management and platform fee is a total of 0.48%. There is also a £1 monthly subscription charge.
This Nutmeg app has a broad range of Isa products including a stocks and shares Isa, Lifetime Isa and Junior Isa for a minimum investment of £500.
There are four portfolio choices and the investment, Junior and Lifetime ISAs have varying charges ranging from £144-£228 per annum.
These include the Nutmeg fees, fund costs and market spread.
The portfolios each have a different focus and level of management including fully managed, smart alpha, socially responsible and fixed allocation. Depending on the portfolio there are five to ten risk levels.
This award-winning FTSE 100 company offers a stocks and shares Isa, Lifetime Isa and Junior Isa.
It has access to 3,000 funds and promises the annual charge for holding investment will never be more than 0.45%.
Dealing and other charges vary depending on the investment so it can be difficult to predict these costs from the outset. But as a ballpark, an investment of £15,000 in funds and £5,000 shares would accrue an account charge of £7.50 a month.
There are two investment options — do it yourself or ready-made portfolios. DIY gives access to more than 2,500 funds, shares and investment trusts and has a minimum investment of £100 or £25 per month.
The ready-made portfolio matches investments based on your attitude to risk but requires a minimum investment of £1,000.
The Wealthify app offers a stocks and shares Isa and Junior Isa, which both have the same charges. It is possible to transfer a cash Isa into both of these.
Just two investment themes are offered — original and ethical and both offer risk levels from one to five. These are invested in a diverse mix of fund types (cash, shares, government bonds, corporate bonds) and countries.
The platform charges an annual fee of 0.6% for managing investments. Additional charges are around 0.16% for original plans and 0.7% for ethical.
There is a handy calculator on the app, which works out what a customer will pay each month depending on what they have invested and where. For example, £1,000 in an original fund will cost 63p a month in charges compared to £1.08 in an ethical fund.
The app also has a great function, which visualises the projected fund value and the best and worst-case scenarios for your money.
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