Is it good advice to invest ISAs in different companies in order to keep balances under £85000?
28 September 2021
Question by joy
Is it good advice to invest ISAs in different companies in order to keep balances under £85000? I already have "green" ISA pots with Nutmeg and Wealthify and am thinking about opening another with AJBell but am also wondering whether this is worth the extra fees. (Boring Money has already helpfully answered my query about what would happen to balances over £85K if these companies went bust. )
Answered by Joshua Gerstler
It is sensible that you are thinking of ways to protect your money.
I believe it is better to have your Stocks & Shares ISAs in one place with one Platform provider as most will offer lower fees for larger investments.
If you are with a well established provider and your investment is well diversified then the chances of you losing any of your money in the event of a provider going bust are very slim.
I hope that helps!
Feel free to get in touch if you would like to discuss further.