Is there any downside to using lots of different investment apps?

07 September 2022

Question by Matthew

There are lots of different GIA stocks and shares apps available.

I was thinking of opening several and using them all over the next year or so the gauge which one best suits me.

Is there any downside to doing this?

Answered by Boring Money

Hi Matthew

You're right that there are a lot out there.

There is no reason why you can't do as you suggest, but you must be careful that you don't invest in more than one new Stocks and Shares ISA in a year, as you are not allowed to do so.
By all means deposit into as many GIAs as you like, as there is no limit on this.

The only downside as far as I can see is keeping track of them all, but from a user experience and preference viewpoint I can see the benefit.

Personally I would start from working out the investment fund or portfolio I want to invest in and go from there looking at which platforms offer that investment and which don't, which should help narrow things down.

All the best with it


Answered by

Boring Money