Mutual Funds: A mutual fund is a professionally managed portfolio typically containing some combination of bonds and shares. The main benefit of funds is that they are heavily diversified. Investment funds: a fund is a way for investors to effectively pool resources in order to capitalise on the advantages of operating as a group. Pension Account: Aggregate and manage your existing pensions, or create a Self Invested Personal Pension (SIPP) and invest to work towards a long-term, specific retirement date. General Investment Account: Useful if you’re looking to invest more than the maximum amount permitted within an ISA during a single tax year. As with a regular Stocks & Shares ISA, you won’t pay tax on any capital growth or dividends. Junior Stocks & Shares ISA: A Junior ISA is a long-term savings account set up by a parent or guardian, specifically for their child's future (only the child can access the money, and only once they turn 18). The UK Government will also add a bonus on top of your contribution, up to a set limit, each tax year… but there’s a charge if you need to withdraw early, or for another reason. Lifetime ISA: LISAs are a new type of ISA created to help people save for their first home or for retirement. This can be a great way to start investing, but there are limits on the amount you can deposit and the number of ISAs you can pay into during a single tax year. You can select from individual / fractional shares or bonds, and investment funds. Stocks & Shares ISA: An investment account that offers relief from dividend tax and capital gains tax, up to a certain value. If you’re a first time investor or a new investor then you can check out our earlier guide for some investing basics.īefore we get into the business of comparing the main investing apps out there, it’s probably worth taking a moment to consider the 4 main ways you might evaluate the differences between them: With that in mind, we’ve rounded up some of the leading investing apps that will put the power of the stock market in the palm of your hand □Įach of the investment apps we’ve chosen for comparison has particular strengths, and our guide will show you how to find the best investing platform for you, based on investment options like, fees, and features. That choice might seem a bit daunting at first, but don’t panic… it’s actually a good thing! We’re all for putting the ability to invest into the hands of everyday people □ Open banking paved the way for the latest wave of fintechs, meaning we’re now spoilt for choice when it comes to investing apps. If you’re looking for a UK alternative to the Acorn investment app, then you’ve probably realised that there are lots of options available. Deciding to become an investor can be really exciting, and it’s a significant step in your personal finance journey.
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