Welcome dear reader to my first and very possibly last Plum Investment ISA update.
More info on the funds I picked with Plum can be found HERE
After 6 months on the platform I’ve made decision based on a couple of factors:
FEES
Currently, Plum charge me £3 for their PLUS account which not only includes the fee for the ISA but also other features including creating automated saving pots.
As mentioned in previous blogs I am historically a terrible saver, and the ability to deduct a calculated amount from my bank and split into different savings pots and the ISA was great!
However, there are FREE alternatives to that. And whilst I haven’t found one that automatically calculates for you an amount to save, I decided to open a Starling bank account which allows you to save in different ‘Spaces’ and work out roughly what Plum was taking each month, and set up a standing order from my bank to Starling to transfer that amount on a weekly basis.
With regards to the ISA, Trading 212 offer a FREE Stocks & Shares ISA so once my last auto deductions take place on 31st July 2020, I’m ready to take the funds out of Plum and transfer it to the Trading 212 ISA – the transfer form is filled in and ready to go!
DIVERSIFICATION
When I started with Plum I did not think about diversification – I completely ignored European Essentials and Best of British.
Once I transfer my stocks from my Trading 212 basic account to the ISA account, I will set up a new ETF pie which hopefully will cover the whole globe.
If you have any suggestions for ETFs leave them in the comments below!
So, on to the first/final Plum Investment ISA Update……
Currently have £504.48 sat in my ISA split over the following categories…
As you can see all the ‘funds’ have given excellent returns.
I’m just hoping now I pick the right ETFs which can match those returns if not better!
Don’t get me wrong, Plum was great especially with being a rubbish saver before. However, the more I understand about the Trading 212 platform and the fact its FREE make this decision a no-brainer.
Fingers crossed it all goes to plan…knowing highly unlikely!
Until next time reader 👍
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🆓️ Do you want a free £100 share worth up to £100? Create a Trading 212 Invest account using this link and we both get a free share!
Idiot Investor 