Foresters Financial Stocks and Shares ISA Review
You probably already know that putting your savings into stocks and shares is a potential way of increasing your net worth at a faster pace than you would if you simply left your cash in a low interest bank account. You will also understand that ISAs are viewed as offering a great way of investing in a more tax efficient way.
Therefore, it makes sense to think that the Foresters Financial Stocks and Shares ISA account potentially offers us the best of both worlds. Could this be the ideal way for you to make your money work harder? This is what we’ll be discussing in this Foresters Financial Stocks and Shares ISA review.
How It Works
The Foresters Financial Stocks and Shares ISA is a highly flexible and adaptable type of investment account. For a start, you can choose to invest from as little as £20 on a monthly basis. You can also opt for single contributions in addition to the monthly payments, or instead of them. A useful feature of this particular Stocks and Shares ISA is that it comes with the option to automatically increase your monthly savings amount each year in line with inflation, to ensure that you aren’t saving less money in real terms as the years go by.
When you invest in a Foresters Financial Stocks and Shares ISA, your money doesn’t just sit there in the account. Instead, the professional fund management team at Schroders work hard to make it grow by investing in a mixture of stocks and shares together with fixed return investments. At the time of writing, the maximum that can be saved in this financial year through this account is £15,240, provided you haven’t contributed to any other ISAs during the tax year, of course.
In terms of charges, the good news is that the only thing you pay is a small annual management fee of 1.5%. In fact, this even drops to a lower fee of 1% after you have been saving for 10 years.
While some investment companies will charge you other fees, with this Foresters ISA you will only pay that small annual fee and nothing else.
If you decide that this is the right way of investing for you, then it is easy to get going. You can get started now by using the firm’s financial planning service to work out your needs and how to meet them.
After this, you just need to go through a simple application process that determines your eligibility and suitability for an ISA account. You can get set up in a matter of minutes, although as always you should take your time when it comes to reading the product information.
After getting set up you need to choose how much you would like to save into the account each month. You can pay in through a direct debit or else do it each month with your card, by cheque or through a bank transfer.
Managing Your Account
The fact that a team of financial experts look after your investment means that you don’t need to worry about what it gets invested in. However, you might still like the idea of keeping an eye on your money and watching it grow.
In this case, you can use the online access to check it on a 24/7 basis. By doing this you can see how much you have in the account, check your statements and even make additional payments online.
If you prefer to phone them then you can manage your account in this way instead. Alternatively, it is possible to get your questions answered by email or by post, as well as the option of getting an adviser to visit you at home.
Who Could It Suit?
The truth is that ISAs are very well suited to a wide range of different types of investor. Provided that you are a UK taxpayer then there are benefits to be had in terms of tax savings, although you should be sure that you check out your situation if you already have an active ISA in place. You also shouldn’t forget that it is possible to transfer your current ISA savings and investments over to Foresters Life, as this could lead to you paying less in the way of fees and charges, meaning your money could grow faster.
The fact that it is based on a stock and shares type of investment means that it could be ideal for someone who wants to make their money work harder. Even if you don’t know a lot about the stock market, this product is made easy for you and it doesn’t need you to do any research or make any big decisions.
The option of saving a small amount each month also makes it perfect for those people who want to start putting away for the future but who maybe don’t have too much spare cash to dedicate to this just now.
The Foresters Financial Stocks and Shares ISA account provides an easy way of preparing for the future without any hassles. You can get your account up and running in minutes and then enjoy watching it grow over time.
This is an especially good kind of investment for someone who wants to take advantage of stock market growth but isn’t sure that they have the time or expertise to do it on their own. If we add in the excellent tax benefits associated with ISA savings then we can see that it is an option well worth taking a look at.