Quidco - £110 Legal & General ISA

Saint77 · 28 December 2007 at 12:36AM

I'm reasonably new to this site, so apologies if this topic has been covered previously.

I note on the Quidco site that there is £110 for taking out a genuine, new Legal & General ISA.
I know that they don't offer a cash ISA option, but there is a reasonably low risk investment offered (portfolio is predominantly bonds with a little cash)and the charges seem pretty low with no exit penalty. I don't see mention of a minimum time limit, so I'm not sure whether you are able to sign up for a few months and then simply take your money out again.

Has anyone either taken this out or looked into it in more detail to see if there are any catches (aside from the stock market taking a dive) ?

Milarky · 28 December 2007 at 10:08AM

If it helps they also pay the cashback when you take out the £50 a month option. Took about 4-5 months to be received but in the meantime the monthly investment was only slightly up or down due to the small amount(s). If you start a 'regular saving' ISA remember that queers your pitch if you let the subs run into the following tax year - as you have then subscribed and cannot have another equity ISA in that year.

Special_Saver2 · 29 December 2007 at 10:59PM

Saint77, I have done this successfully - I paid in £50 per month and after 3.5 months quidco paid me the £110 at which point I then stopped the payments. I haven't had the heart to close down the plan - half of the money in it is effectively a joining gift from L&G so I have left the money where it is!

Dagobert · 4 January 2008 at 11:06PM

Milarky wrote:

If you start a 'regular saving' ISA remember that queers your pitch if you let the subs run into the following tax year

If you start that late in the tax year and have to wait 4-5 months for Quidco to pay out, how can you avoid running into the following year?

Does that mean you have to go for the lump sum option to avoid this situation?

Milarky · 4 January 2008 at 11:28PM

Dagobert wrote: »

If you start that late in the tax year and have to wait 4-5 months for Quidco to pay out, how can you avoid running into the following year?

Does that mean you have to go for the lump sum option to avoid this situation?

Technically you don't, still. If you paid one (or two or three) month(s) into the new tax year this small amount could be transferred by itself to another provider- and added to later - leaving the previous amounts where they were. What you can't do, of course, is start paying in somewhere else first - without a transfer to start off - and you don't want to risk pulling out too early in case L&G would refuse to pay Quidco.

Dagobert · 5 January 2008 at 11:37AM

Milarky, thank you for your reply.

I intend to keep the ISA going at least until Quidco have paid out. I have never had a stocks & shares ISA before and therefore I am not even sure whether I will utilize next year's at all.

Thank you for the transfer tip - that might be the way to go.

Quidco - £110 Legal & General ISA

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