Investment platforms explained

The cheapest way to buy an ISA is through a website, often called a platform.

Platforms are regulated by the Financial Conduct Authority (FCA).

There are a wide range of platforms in the UK, each with varying features. As throughout your life you will want to see all your investments in one place, it would be sensible to choose a platform that can support you over the long term.

A good platform would have a wide range of accounts and also access to thousands of funds. You should be able to buy both fixed income and equity funds.

Each platform charges to look after your investments. There should not be an initial or exit charge but they need to charge for admin. They should also be ‘flexible’ to allow you take money out of an ISA and put it back within the same year. You have complete control of your investments and it should take no longer than 2 weeks to withdraw your money from any platform.

The platform also enables you to buy and sell your investment funds. This charge may be included in the admin fee or separately charged.

Platforms will have a minimum initial amount that is required to open your account. This could vary from £0 to £300. The platform should also allow you to invest on a regular basis but there also maybe a minimum amount.

The platform should also have an app to allow you to monitor your investments. It might also have some tools to analyse your portfolio.

If you wish to tidy up your investments you should be able to place them all on the same platform to help you monitor all your financial needs.