Buying an ISA
Once you've made the decision as to which ISA to purchase you now have to decide where to buy it from.
Remember the vast majority of ISAs come with various fees attached.
Firstly, the initial fee is payable when you purchase the ISA. On average this ranges from anywhere between 2.5% and 5%. On a £7,000 ISA this equates to £175 - £350. Secondly you'll have to pay an annual management fee. Again, on average, this can be anywhere between 0.5% and 2.5% of the total value of your ISA.
Fund Managers
If you already know what ISA you want one of the easiest ways to buy one is to go directly to the fund management company themselves.
Names and numbers can be found in the financial press or alternatively have a look at Hemscott's ISA provider directory below.
Fund Supermarkets
If you don't fancy doing much of the leg-work yourself, you could head to one of the many 'fund supermarkets' found on personal finance web sites. These area sort of one stop shop which allows you to buy ISAs from a range of providers in a single place. One of the advantages of using a fund supermarket is that the entire purchase and management process can be carried out completely online. In many cases both the initial charge and management fees will be lower online.
Independant Financial Adviser (IFA)
If you require specific or in depth financial advice in order to purchase your ISA it's probably best to go and see an independant financial adviser. An IFA is there to give you objective advice as to which ISA is most suitable for you.
Remember IFAs will charge and they'll come in the form of either commission on the product they sell you or an hourly fee.
Stockbrokers
Probably one of the best options for buying a self select ISA to purchase one via one of the myriad of online stockbrokers. Fees and charging structures are different for all the providers and can be somewhat confusing but a distinct advantage is cost. Dealing online historically is much cheaper than both telephone based dealing and face to face.
