You won’t make a million with a Cash ISA! But £300 a month in a Stocks & Shares ISA may do it

first_imgSimply click below to discover how you can take advantage of this. Royston Wild | Thursday, 23rd July, 2020 You won’t make a million with a Cash ISA! But £300 a month in a Stocks & Shares ISA may do it Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Image source: Getty Images. Want to get rich? Perhaps even make a million and retire early? It’s a dream that most of us have, and yet one that very few of us give ourselves a chance of realistically achieving. If you’re one of those people who simply lock their monthly savings up in something like a Cash ISA, I have bad news for you — you’ll likely be working right up until your mid-60s. Maybe even longer.Forget about joining the millionaires club. Interest rates are so low on cash accounts that the prospect of making any sort of decent return is dead in the water. Ultra-low Bank of England base rates means that the yield on Cash ISAs is quite pathetic. And rates are in danger of falling further given the high chance of more rate cuts during the 2020s to support the UK economy.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Don’t despair, though. It’s pretty straightforward for the average Joe to make changes to their savings strategy with a view to getting rich and possibly even making that million. It means casting aside that Cash ISA and investing the bulk of your money in great UK shares via a Stocks and Shares ISA instead.Bad returnsLet me crunch some numbers to show you what you could be missing out on by sticking with a Cash ISA. Consider someone aged 30 who saves £300 a month, every month, up until the age of 65. Based on the best-paying rate of 0.9% today, that person would have made £148k.It’s not too bad a figure at face value. But dig a little deeper and the pitfalls of the Cash ISA become apparent. For the £126,000 that the saver squirreled away over three-and-a-half decades they’d have made a paltry profit of just £21,939. In my book that seems to be a small return for half a lifetime of financial sacrifices and hard work. Make a million with UK sharesThis is where the beauty of investing in UK shares comes in. Studies show us that the average long-term investor can expect to make a return of between 8% and 10% per year. Based on these figures, that person who invested £300 each month from the age of 30 to 65 would make a total return of between £643,000 and £1.02m. Yes, they really could have realised their goal to make a million.Investing in a Stocks and Shares ISA improves your chances of becoming a millionaire with UK shares. These particular products save you having to pay anything to the taxman. And with a maximum annual investment allowance of £20k, these ISAs meet the needs of the vast majority of people.We here at The Motley Fool believe that share investing is the best way to make your money work for you. The recent stock market crash provides a way to turbocharge the returns on your hard-earned savings too, by allowing you to buy UK shares at low prices and then watching them rise in value as the economic recovery takes hold. And there’s a wealth of top quality stocks out there to help you make a fortune.center_img Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Our 6 ‘Best Buys Now’ Shares I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Enter Your Email Address “This Stock Could Be Like Buying Amazon in 1997” See all posts by Royston Wildlast_img read more

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