What is the best stocks and shares ISA?
Image source: Getty Images  A stocks and shares ISA provides a tax-efficient way to invest your money. Any investment growth or income earned within a stocks and shares ISA is tax free. If youve ever asked yourself this question, this article is for you. Compare stocks and shares ISAs If youre planning to open a stocks and shares ISA, choosing the right platform is important. To help you narrow down the choices, weve created a list of some of the top stocks and shares ISAs. Well, that depends on your needs and circumstances. Your tax savings will remain constant regardless of the ISA provider you choose. However, there are some key factors to consider when identifying the provider that is best suited to your personal circumstances. Fees  All stocks and shares ISA providers charge a number of fees. For example, you might have to pay a platform fee to use their service. Other fees you may have to pay include a fund dealing fee and an account closure or transfer fee. Needless to say, youll want to use a provider that offers the most competitive fees or charges for your chosen investment strategy. Selection of investments  Ideally, youll want a stocks and shares ISA provider that gives you access to an extensive range of investments, including individual shares, exchange-traded funds (ETFs), unit trusts, investment trusts and corporate and government bonds. Research tools  Investing is inherently risky. So, before you part with your cash, its in your best interest to do your research. At the very least, the stocks and shares ISA provider that you choose should have a good selection of research and analysis tools that will allow you to make informed decisions on your investments. This includes tools that allow you to analyse the past and current performance of certain investments. Customer service  Customer service is an essential component of the investing process and experience. So, spend some time researching the quality of customer service offered by various providers. How hands-on you want to be  Before you choose a provider, make sure to consider how hands-on youd like to be with your investments. There are two kinds of stocks and share ISA platforms:  Do-it-yourself (DIY) platform  Do-it-for-me platform  DIY platforms are more suited to more experienced investors, as well as those with more time on their hands to research, build and keep track of their own portfolio. Do-it-for-me platforms, also called robo-advisers, are best for newbie investors, those who dont want the responsibility of making investment decisions and those who prefer to have all of the hard work done for them. These all-too-common investing errors can cause you to miss out on the long-term wealth-building power that shares can hold. To help you side-step these pitfalls, and move forward on your path to wealth-building, weve created a free report, The 3 Worst Mistakes New Investors Make. Just enter you best email below for instant access to your free copy. Click here! In a word, no. You can only contribute to one stocks and shares ISA within a given tax year. However, you can open a different type of ISA, such as a cash ISA. You can contribute to more than one ISA within the same tax year. Just make sure you dont go over your total ISA allowance for the year, which is currently 20,000. Also, if your current provider is not meeting your needs, you can open a new stocks and shares ISA with a different provider when the new tax year begins and transfer your current ISA account. Final word  Ultimately, the best stocks and shares ISA is one that you can afford with features that align with your goals, preferences and investing strategy. To make the process of selecting your ideal ISA easier, weve compared some of the top-rated providers of stocks and share ISAs in the UK. As previously stated, stocks and shares ISAs are also available through robo-adviser products, some of which we have included in our top picks for investing solutions. Finally, remember that tax rules can change and the value of any benefits will depend on your personal circumstances. Get a free initial review lasting up to 1 hour, plus 50 off any follow-up advice. MyWalletHero has sourced you a 50 discount off the cost of advice when you find an independent or whole-of-market financial adviser through Unbiased.co.uk*. All advisers are FCA-regulated, qualified and give fully unbiased advice. To find yourself an adviser fast and for free  use the Unbiased matching tool. Find an adviser now! *This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here. About the author Sean LaPointe Sean is a personal finance writer with a strong passion for helping others become more financially literate and make better financial decisions. He covers everything from credit cards to savings to investing.