Research from Barclays Equity Gilt Study has found that UK shares have returned five percent in profit since 1899, after calculating the inflation rates. In the same timeframe, cash returned a measly 0.7 percent. Based on this data, it is safe to assume that UK pensioners can save around £230k more for their retirements by investing in lifetime stocks and shares ISAs. If lifetime ISAs aren’t for you, you also have other options to earn a tax-free return from your idle money.
To save a pot of £230k or so for your retirement, however, would require you to be smarter with your investment. Choosing appropriate and reliable funds or stocks that match your financial goal is crucial while finding an ISAs provider with little to no fee is another. There are also some additional functionalities that could benefit you to keep track of your investments.
Can you explain the top features to look out for?
According to the Investment Association, investment in various tax-free ISA products has raked in £1.5bn by April 2021. With such a surge in popularity, many businesses now offer ISAs to customers. So much so that even some traditional UK retailers now offer ISA accounts for their customers. As you could imagine, different providers offer different features to meet the needs of their customers. Among them, the top features are:
- Comprehensive digital experience:Investing your savings in a tax-free allowance no longer has to be tiresome, thanks to some innovative providers and fintech banks. With a feature-rich web platform or mobile app, you can now keep track of your investment in the comfort of your home. Top providers also offer 24/7 online customer service to answer queries and offer help.
- Wide range of products:In addition to the different types of ISAs, top banks and financial institutes also offer a range of investment products to choose from. The more options you have, the better you can allocate your money to maximize returns.
- Little to no platform fees:In any investment, the more you can save in costs, the bigger your profit will be. Thankfully, there are some advanced online providers who charge little to no fees. In addition, some online banks also offer promotional discounts like zero fees for the first year for your trust.
- Free and effortless ISA transfer:Keeping no stones unturned, the best financial institutes also offer hassle and cost-free ISA transfer. All you would have to do is fill in an online form and submit it to the relevant email address of your new provider.
On top of all these features sits clear and effective communication about all the terms and conditions. While it’s not exactly a feature, you must look for ISA providers that communicate all the fees, processes, and possible future changes in simple terms. In addition, as tax-free allowance is subject to change, the provider should also have easily accessible channels for clarifications and support.