Standard Life Stocks and Shares ISA Review
The more you research your investment options the more likely you are to find the perfect option for you. As you find out more about ISAs you may come across the Standard Life ISA, including the Easy and DIY Option ISAs.
As Standard Life are such a highly respected savings and investment company you will probably want to find out more about their different ISAs. So how do their ISAs stack up and how do they work? This is what we’ll discuss in this Standard Life ISA Review.
Don’t forget to also check out our most popular Stocks and Shares ISA Reviews!
The Chance to Invest from a Small Amount
One of the things that puts some people off the idea of investing is the idea of tying up a lot of their money. The good news is that with a Standard Life ISA you can invest from as little as £50 per month or a £500 lump sum if you prefer. This makes it ideal for anyone looking to make a smart investment but without putting too much money away each month. As for the maximum amount, you can invest up to £15,240 in the 2016/17 tax year. The wide range of amounts in between these extremes makes it a flexible way of investing however much you can afford to.
Unlike some investment opportunities, it is easy to understand a Standard Life ISA and then get started with it. Both the Easy and DIY Option ISAs are explained simply and efficiently on the Standard Life Website, but we’ll run through some of the features in the following paragraphs. Clearly, the Easy Option one is, well, easier. However, with either of these types of ISA you can find out all about them and get started in as little as 5 minutes.
The Easy Option ISA
As the name suggests, this is ideal for anyone who is new to investing or who simply doesn’t have the time to do a lot of research. With the Standard Life Easy Option ISA you leave your money in the hands of the company’s award winning investment experts. This is a stocks and shares ISA that puts money into one of the 5 MyFolio Managed Funds depending on your appetite to risk. It is suggested on the Standard Life site that this is ideal as an easy and tax efficient way to invest for a minimum of 5 years. If you have some extra cash each month that you want to invest without spending too much on it then this is an excellent choice. We all know that stock market investments can go down as well as up but leaving your money in the hands of the experts could turn out to be a very smart move.
The DIY Option ISA
If you prefer to take more control of your investment then you will probably want to check out the Standard Life DIY Option ISA. Again, the name pretty much tells you the first thing you need to know about this investment option; that you take control in this case. You get to choose from over 3,000 different funds with this stocks and shares ISA, with many of them from the top fund managers around. As with the previous type of ISA, this is an attractive type of investment for anyone looking for a tax efficient scheme for at least 5 years. The big difference is that with this one you will need to be confident enough to call the shots and work out which funds are likely to perform best in the future. This is exciting if you love getting heavily involved in your investments but may be rather daunting if you aren’t very experienced in this kind of thing yet.
Which One Should You Choose?
The basic differences between these two types of ISA should mean that it is reasonably simple for you to work out which one to go with. However, if you aren’t sure then the Standard Life Website has a quick way for you to find out. Just answer 5 short questions and it will tell you which type of ISA is likely to be best for you. Please keep in mind that as with any investment, your capital is at risk.
Saving with an ISA account is a terrific way of investing money in a tax efficient way. Both of these are solid investment options from a world famous and highly respected financial institution. The real decision you have to make is whether to go with the easy option or the DIY approach. This is a personal decision that you will need to spend some time thinking over. Once you know which one is best for you then you just have to decide whether it is the right time to put some money into this kind of investment just now.