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  • FIRST POST
    • ifti
    • By ifti 29th Nov 17, 6:21 PM
    • 334Posts
    • 40Thanks
    ifti
    Minimum JISA monthly advice
    • #1
    • 29th Nov 17, 6:21 PM
    Minimum JISA monthly advice 29th Nov 17 at 6:21 PM
    Hi

    A family member would like to start saving in a JISA S&S

    Funds are tight so they are thinking of £15-20 a month

    They can possibly put an lump sum after the year but are confused as is this possible ?

    So they could open an ISA with a lump sum of £500 and then put another £500 every year

    Is this correct.

    They looking at Hargreaves Lansdown or Charles Stanley.

    The fee's at HL are little much so CL looks better.

    Thanks for any replies in advance
Page 1
    • Alexland
    • By Alexland 29th Nov 17, 9:03 PM
    • 787 Posts
    • 487 Thanks
    Alexland
    • #2
    • 29th Nov 17, 9:03 PM
    • #2
    • 29th Nov 17, 9:03 PM
    At that value then investing in funds will make more sense than shares and a platform with no trade fees and a percentage based charge.

    Charles Stanley Direct and Cavendish FundsNetwork will both charge 0.25% and will give you a good choice of funds. They are both a minimum of £50 per month or £500 lump sum.

    Or if you are happy to be restricted to funds from Vanguard (and friends) then Vanguard Investor charge 0.15% and don't require you to maintain a cash balance to pay fees. They have a minimum of £100 per month or £500 lump sum.

    I guess every 2 years it should be possible to deposit £500?

    Or if you go with HL they will accept £25 per month?

    Some of the friendly societies will accept less but the fees are very high.

    Alex
    Last edited by Alexland; 29-11-2017 at 9:15 PM.
    • Tom99
    • By Tom99 29th Nov 17, 10:07 PM
    • 695 Posts
    • 417 Thanks
    Tom99
    • #3
    • 29th Nov 17, 10:07 PM
    • #3
    • 29th Nov 17, 10:07 PM
    If you email Cavendish they may accept less than £50 pm for a JISA, they have for me.
    • Alexland
    • By Alexland 29th Nov 17, 10:33 PM
    • 787 Posts
    • 487 Thanks
    Alexland
    • #4
    • 29th Nov 17, 10:33 PM
    • #4
    • 29th Nov 17, 10:33 PM
    Interesting, how low did they go and did you already have the account setup and funded?
    • Tom99
    • By Tom99 30th Nov 17, 4:19 AM
    • 695 Posts
    • 417 Thanks
    Tom99
    • #5
    • 30th Nov 17, 4:19 AM
    • #5
    • 30th Nov 17, 4:19 AM
    Interesting, how low did they go and did you already have the account setup and funded?
    Originally posted by Alexland
    £20 pm no existing account, I just emailed and asked if they would accept less than £50.
    • ifti
    • By ifti 30th Nov 17, 2:12 PM
    • 334 Posts
    • 40 Thanks
    ifti
    • #6
    • 30th Nov 17, 2:12 PM
    • #6
    • 30th Nov 17, 2:12 PM
    At that value then investing in funds will make more sense than shares and a platform with no trade fees and a percentage based charge.

    Charles Stanley Direct and Cavendish FundsNetwork will both charge 0.25% and will give you a good choice of funds. They are both a minimum of £50 per month or £500 lump sum.

    Or if you are happy to be restricted to funds from Vanguard (and friends) then Vanguard Investor charge 0.15% and don't require you to maintain a cash balance to pay fees. They have a minimum of £100 per month or £500 lump sum.

    I guess every 2 years it should be possible to deposit £500?

    Or if you go with HL they will accept £25 per month?

    Some of the friendly societies will accept less but the fees are very high.

    Alex
    Originally posted by Alexland
    thank you for your reply

    after the initial lump sum, can the £500 be paid every 2 years ? cant see it written anywhere on any sites

    ive emailed Charles Stanley and Cavendish online for more info

    thank you in advance
    • ifti
    • By ifti 30th Nov 17, 6:46 PM
    • 334 Posts
    • 40 Thanks
    ifti
    • #7
    • 30th Nov 17, 6:46 PM
    • #7
    • 30th Nov 17, 6:46 PM
    If you email Cavendish they may accept less than £50 pm for a JISA, they have for me.
    Originally posted by Tom99
    I have received a reply form Charles Stanley

    ”The minimum amounts you are referring to are in relation to investments. You can open a JISA and hold anything up to £4,128 in it this tax year. The minimum investment into a fund on a monthly basis is £50. If you were to invest on an ad-hoc basis, the minimum is £500 for the initial investment and £100 thereafter.
    If you wish to fund the JISA with £500 per annum you are welcome to do so".

    I'm confused about the thereafter payment of £100, would this be monthly or yearly ?.

    I have emailed them for clarification.

    Here's the reply form Cavendish Online

    "You can set up Junior ISA’s for a lump sum of £500 and then monthly payments. The minimum Fidelity FundsNetwork will accept into a fund each month is £25 and so you would have to pay £25 a month or you could just start the Junior ISA’s for £50 a month and not make the lump sum payment."

    Thanks
    • ifti
    • By ifti 1st Dec 17, 9:45 AM
    • 334 Posts
    • 40 Thanks
    ifti
    • #8
    • 1st Dec 17, 9:45 AM
    • #8
    • 1st Dec 17, 9:45 AM
    " £100 thereafter does not need to be paid at any specific time, as mentioned you can invest as and when you wish to. You are not required to subscribe to the account monthly or invest monthly. The £100 minimum refers to any time you wish to make another ad-hoc payment into a fund you have already invested in."

    Sounds good
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