Good for large balances but watch out for dividend reinvestment charges
3
Originally, I was attracted to the Alliance Trust Savings platform for its stocks & shares Isa because it charges a flat fee rather than siphoning off a percentage of the balance. The fees have been ratched up to £7.50 a month, but this can still work out well for larger balances. The platform works fine, it's easy to trade and check valuations, but it doesn't have as many bells and whistles as competitors like Hargreaves Lansdown. What took my by surprise is that ATS charges £5 every time it reinvests dividends, and it sets the threshold at £100 before any automatic reinvestment takes place. This means you face a choice between frequent chunky charges, or letting your dividends sit around in cash for ages.
Reviewed on: 12th April 2017
Chip is an app that makes saving so much easier because it looks at your current account, and uses whizzy algorithms to work out how much you can afford, then transfers small sums here and there into a savings account. Plus, you can earn up to 5% interest, which is an amazing rate right now. #MaxYourMoney
Reviewed on: 24th March 2017
