Should you go for a Nutmeg ISA or GIA?

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If you have already opened an ISA this year and used your allowance you should open a Nutmeg GIA. But, if you don’t already have one a ISA should be your first investing account as you do not have to pay capital gains tax on the first £20k you invest in it each year.

Nutmeg General Investment Account Review
Nutmeg

Name: Nutmeg General Investment Account

Description: Owned by J.P. Morgan, Nutmeg is an excellent option for those new to investing who want a simple and relatively low-cost way to invest in the stock markets. The main benefit of Nutmeg is that it is very simple to use, and you don’t have to pick your own individual investments, instead you choose to invest in a small selection of four pre-made diverse portfolios that include stocks, bonds and funds from the UK, US and emerging markets.
Capital at risk. Tax treatment depends on your individual circumstances and may change in the future

Summary

  • Investments: Pre-made portfolios
  • Minimum deposit: £500
  • Account types: GIA, ISA, Pension, JISA, LISA
  • Management fee: 0.75%-0.45%
  • Dealing fee: £0

Fees:

Nutmeg charge 0.75% for their managed portfolios which drops to 0.35% for balances over £100k. For their fixed allocation portfolios, they charge 0.45% dropping to 0.25% for balances over £100k. For all portfolios, there is an additional charge by the investment fund managers of around 0.2% and the market spread on buying and selling portfolios is currently between 0.04% and 0.09%. More information on fees and products can be found here.

Pros

  • Simple investment platform for beginners
  • Regular investing available (one off payments or Direct Debits)
  • Scaled account fees that reduce as your portfolio grows

Cons

  • Cannot invest in individual shares
  • Pricing
    (4)
  • Market Access
    (3.5)
  • Online Platform
    (4.5)
  • Customer Service
    (4.5)
  • Research & Analysis
    (4)
Overall
4.1
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