Charles Stanley Direct - a couple of questions

Azza_1
Azza_1 Posts: 74 Forumite
First Post First Anniversary Combo Breaker
in Savings & investments
When funding by monthly DD can you amend the amount online or do you have to ring / post out a new instruction?

When funding by monthly DD is there a minimum 'top up' amount on funds? E.g. With Fidelity it's £250.

Does they offer an online switching service on funds? Or do you have to sell then rebuy?

Thanks.

Comments

  • mf78
    mf78 Posts: 117 Forumite
    I think you can amend the DD online. As for the top-up, there is a slight issues where if you try to set a monthly amount to invest in a fund, that is less than the cost of 1 unit (or share) in the fund, the order is rejected. For example, a Vanguard fund that costs £120 per unit and you try to setup a £100 monthly drip. However its just a glitch in their system (not sure if its ironed out by now) and a quick mail to customer services will sort it out. I've found them very good when contacting them.
  • Marazan
    Marazan Posts: 142 Forumite
    mf78 wrote: »
    I think you can amend the DD online. As for the top-up, there is a slight issues where if you try to set a monthly amount to invest in a fund, that is less than the cost of 1 unit (or share) in the fund, the order is rejected. For example, a Vanguard fund that costs £120 per unit and you try to setup a £100 monthly drip. However its just a glitch in their system (not sure if its ironed out by now) and a quick mail to customer services will sort it out. I've found them very good when contacting them.

    Yeah, the glitch is still happening. I question how diligently they are working to correct it given that it's been happening for months now!

    Customer SErvice, as you say, is very good though.
  • edinburgher
    edinburgher Posts: 13,462 Forumite
    Name Dropper First Anniversary First Post
    The glitch was happening a year ago, IIRC.

    I don't think that they intend on fixing it.

    Edit: and because nobody else has answered it, their minimum monthly contribution is £50 for a fund.
  • JohnRo
    JohnRo Posts: 2,887 Forumite
    First Anniversary Combo Breaker First Post
    I don't think that they intend on fixing it.
    I've been told by their customer service manager that some major website upgrades are coming in the next 3 months. I'd hope that these sorts of issues and one or two others will be addressed by that.

    They do seem to be constantly amending some web portal features so it's an ongoing process but I remember detailing this problem with them a year ago too.

    As for £50 a month, I'm not sure that applies to new purchases? Is it not the case that the regular £50 minimum is just for topping up existing holdings?
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • mf78
    mf78 Posts: 117 Forumite
    Despite what some of the notes seem to read, I think you may be ok starting with just £50. When I started my ISA there I was under the impression the initial purchase of the fund I wanted (Vanguard Lifestrategy) had to be £500 or £1000 - I forget which - before you could top up with £50pm minimum. But when my wife started hers a few months later, I just set it to drip feed £200pm from scratch and it all went through ok.
  • Azza_1
    Azza_1 Posts: 74 Forumite
    First Post First Anniversary Combo Breaker
    I’m with Fidelity at the moment and you can amend DD online. So it’s really easy to add a few extra £ each month or drop it down to the minimum £50 across every fund if needs be. Sounds a bit of a hassle having to do that by post and then having to telephone to make sure the units are bought if it's less than 1.
  • mf78
    mf78 Posts: 117 Forumite
    No need to phone them, its arranged via a quick message on their online portal. If you want to alter the DD to draw finds from your bank it does look like you need to post a new form off, but you can easily alter the amount going to each fund every month online and instantly pay more in via debit card if you wish to alter the amount you pay in to the ISA on a monthly basis. There are no dealing fees at all for funds, whether it be by regular monthly investing or lump-sum.
  • Marazan
    Marazan Posts: 142 Forumite
    JohnRo wrote: »
    As for £50 a month, I'm not sure that applies to new purchases? Is it not the case that the regular £50 minimum is just for topping up existing holdings?

    I started an Isa with 0 initial purchase and a £50 a month monthly purchase. It looks like one off purchase amounts are in the region of £250-£500 depending on the fund.
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