NuWealth Stocks & Shares ISA review 

NuWealth presents DIY investments in its cell app

NuWealth is an funding app that gives particular person shares and exchange-traded funds. You may make investments tax-free in a Shares & Shares ISA. Right here’s every little thing you should learn about NuWealth to get began. 

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Right here at Be Intelligent With Your Money, we’re not regulated to present you monetary recommendation. We intention to provide the info a few supplier or funding nevertheless it’s as much as you to determine if it’s appropriate for you. For those who’re searching for extra personalised steerage, discover a monetary adviser who may give you particular recommendation. Do not forget that your capital is in danger when investing — don’t make investments greater than you are ready to lose. 

What’s the NuWealth Shares & Shares ISA?

The NuWealth Shares & Shares ISA is a free account throughout the NuWealth platform. Till December 2024 it was often called Wombat Make investments. It’s owned by the monetary recommendation agency Quilter. 

You should use your ISA allowance with it, so you possibly can make investments as much as £20,000 in every tax yr with out paying any tax in your earnings, although beware that the allowance is cut up between different ISAs you could have. 

You may switch your present ISA over to NuWealth. That is achieved both as money or ‘in specie’, which signifies that you keep your present investments so long as they’re additionally out there to put money into with NuWealth. Transferring an ISA would imply you don’t double up on utilizing your ISA allowance when transferring to a brand new supplier and might allow you to transfer ISAs from earlier tax years. 

Different NuWealth merchandise

You may also put money into a Common Funding account with NuWealth, though you wouldn’t get the tax advantages the ISA permits, so that you’d actually solely need this should you’ve already used your ISA allowance within the present tax yr. There are different tax-free allowances with Common Funding accounts, though they’re not nearly as good.  

You would additionally make investments in your youngsters with a Junior ISA. Then, after they flip 18, they’ll get management of the account and might make investments for themselves or withdraw the cash. NuWealth doesn’t have a Lifetime ISA or any pension merchandise.  

What you possibly can put money into with NuWealth

NuWealth is a DIY funding platform – it doesn’t do any ready-made portfolios. It presents exchange-traded funds and particular person shares, in addition to fractional shares. You’ll be answerable for your individual portfolio with NuWealth, so that you’ll have to hold observe of how they’re performing. 

Trade-traded funds (ETFs) are funds which can be purchased and bought on inventory exchanges. These are in all probability the best choice for inexperienced persons to take a position with a DIY platform, as they’re collections of investments created and managed by specialists. You may simply select a couple of ETFs to create a various portfolio.  

NuWealth has an enormous vary of ETFs out there, together with a couple of “thematic funds” — these are just about simply funds which have been renamed to establish what kind of corporations they put money into. For instance “The British Bulldog” themed fund is absolutely simply the iShares FTSE 100 UCITS ETF. Whereas this might appear pointless, it does assist inexperienced persons perceive what makes up a fund and make higher sense of what they’re investing in. 

One factor I actually like about NuWealth is that it exhibits you the way dangerous every of the funds are with a “chilli scale” that’s not in contrast to a sure cheeky hen store’s scale. Two chillis replicate conservative funds, whereas seven chillis are for “aggressive” funds.

You may also go for particular person or fractional shares. For those who select these, you’d have to have a fairly stable understanding of investing. You may select a mixture of funds and particular person shares should you simply wish to dip your toes in. Fractional shares are precisely what they sound like, they’re small components of shares — so for corporations which have a excessive share worth, (for instance, only one Samsung share is greater than £1,000 on the time of writing) you should buy half a share or one other fraction. This offers you extra alternative to diversify, as you possibly can have a number of totally different corporations in your portfolio as an alternative of shopping for one share of 1 firm. 

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NuWealth charges

NuWealth prices a 0.25% platform charge — labored out utilizing the worth of every little thing in your account. Plus there’s a £2 subscription charge every month. The subscription charge covers all of the accounts you could have with NuWealth. 

There aren’t any fee charges, so that you gained’t be charged for getting or promoting investments, however there’s a 0.75% international trade charge, which is the price of altering your cash into one other forex — one thing you might have to do should you purchase shares of corporations overseas, like Apple or Amazon. 

Once you put money into funds, you’ll need to pay a fund supplier charge (that is the case irrespective of which platform you go for). This will depend on the funds you select, however ranges between 0.07% and 0.75% and might be discovered within the fund data earlier than you make investments. 

NuWealth options for newbie traders

Regardless of being a DIY funding app, NuWealth is a fairly good possibility for inexperienced persons as you possibly can put money into exchange-traded funds and select which of them you wish to put money into primarily based on their threat. It additionally has a variety of guides on the way to make investments and select investments. For those who wish to check out selecting their very own investments, you possibly can have a go together with solely small quantities by shopping for fractional shares. 

If managing your individual portfolio is a bit too faffy for you, otherwise you simply don’t really feel comfy investing your self, you might desire a robo-advisor or a supplier that gives ready-made investments, reminiscent of Wealthify, InvestEngine or Dodl. 

Is NuWealth protected?

NuWealth is FCA-regulated within the UK, and the cash that you simply deposit is roofed by the Monetary Providers Compensation Scheme (FSCS).

FSCS protects you if NuWealth or any of its companions had been to go bust and also you lose cash consequently — as much as £85,000 is protected on this occasion. 

The right way to open a NuWealth Shares & Shares ISA

If you wish to open a NuWealth Shares & Shares ISA, you’ve obtained to be 18 or over and have legitimate ID at hand. Then, you should obtain the NuWealth app — that is an app solely supplier. 

Then, you select “Create an account” and observe the directions — you’ll be requested for private particulars and guided via organising a password.

As soon as in, you select which account you wish to open. If you wish to switch your present ISA to NuWealth, you possibly can open an ISA then contact NuWealth to provoke a switch into it. 

Execs and cons of NuWealth

Execs

• ETFs organised by threat
• Appropriate for newbie traders
• Low value investing

Cons

• £2 month-to-month charge
• App solely
• No ready-made choices

NuWealth evaluations

Over on our sister web site, Good Cash Individuals, NuWealth prospects have rated it 4.83 out of 5. 

Constructive evaluations discover the app actually simple, assume it’s nice for newbie traders and price the customer support provided after they wanted assist. 

There aren’t many unfavourable evaluations, however they have a tendency to narrate to points with shopping for shares or accessing the app. 

Read customer reviews of NuWealth 

Is NuWealth any good?

Zoe’s evaluation

I actually like NuWealth, and have been utilizing it for a number of years for my very own investments. It’s a very easy app with a fairly good vary of investments. I discover it to be a great one for inexperienced persons due to the best way it presents its funds and the truth that you may get began with only a small amount of cash. 

Nonetheless, with the charge being doubled in March 2025, it may be a fairly costly funding platform towards those who cost a proportion charge. Whereas this isn’t the costliest platform, it’s definitely not the most affordable one. 

NuWealth is let down by the truth that it’s app solely — typically you do exactly need to have the ability to open up your portfolio in your net browser, nevertheless it’s not an enormous concern. 

The variety of guides out there and steerage for locating investments are fairly good — it’s not overwhelming and you’re feeling such as you perceive each stage. Plus, the Shares & Shares ISA is free, in contrast to another funding platforms the place you’ve obtained to pay for a subscription to have the ability to use the ISA.

For those who’d desire a much less hands-on strategy to investing, this will not be the one for you. You could be higher off with a robo-advisor or platform that offers ready-made portfolios.