HL S&S ISA -Couple of Questions-

Botany

Hello; I'm interested in opening an S&S Isa, and I'm considering using H&L. My idea was to invest £100 per month regular payment (then possibly increase as I grow more confident and learn more about investments).

So here are my 2 questions:

-A Is my plan to invest £100 monthly (with no initial lump sum whatsoever) possible? I'm asking because I was reading the 'fine print' in the FAQ section and it talks about the possibility of investing a lump sum and "also" setting up regular payments. Does this mean you have to invest a lump sum and afterwards you are able to top this up with regular payments, or does it mean you can invest a lump sum OR regular payments?

-The second question is this: let us say that I set up regular payments towards Fund X. After a number of months I want to keep my units in Fund X, but I want any further contribution to be redirected to Fund Z. I understand that such redirection of regular contributions is possible but I'm not clear as to whether this would incur a cost (eg a 'redirection fee'?) and particularly whether you must have reached a certain level of investments in Fund X or invested regularly for so many months before you can redirect. In other words, should it take my fancy, would I be allowed to redirect each month (so each month my money is invested in a different fund), and if so how much would this cost? ***

*** Please note, before someone jumps at me pointing out that monthly redirection would be a bad tactic, that I am not actually planning to do this. I am, however, curious as to whether it would be possible because this would influence the investment choices I make at the start -for various reasons I shall not bore you with !

Thank you very much for any light you may shed on the question(s) :beer:

Lokolo

1) Yes you can, I did this.

2) Instead, you fill in a change of DD form thing. You say what you want to change. For mine. I said £0 for Funds 1 and 2. Then £50 a month in Fund 3. So stopped putting money into Funds 1 and 2 but started contributing to Fund 3.

Botany

Loloko, thank you very much.

Regarding point 2, I imagine you did the 'switch' without incurring any cost?

Lokolo

Well printing a page of paper and paying for an envelope. Other than that no.

Botany

Well, that is great, thank you Loloko :T

Botany

Lokolo (or others),

sorry to revive an oldish thread but I'd like to know where you find the abovementioned DD switch form. Is it on the HL website for anyone to print and complete? If so, could I please have a link to it - I'm damned if I can find it. Otherwise, if I have to call and ask them directly for the form, what is this form actually called so I know I'm asking for the right thing?


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A related question: is this "switching of the DD" possible and penalty-free also within an HL SIPP? Or does it apply to S&S ISA only?


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Thank you

pressuredrop_2

To change funds/amounts:

1. Phone 'em

or

2. Log-in and DIY

No form required.

mtc95

To change it online, login and follow the "Add Money Online" link, then "Add Money". You should then see a tab for "Monthly Savings". Click on that and it shows your existing details and gives you the option to change it.

Botany

WoW thanks; I feel silly now because I must have checked my online account a dozen times and I never saw that 'Monthly Saving' tab before, with the Change button.

Thanks for spotting that!

May I ask, does the same tab/facility exist in a HL Sipp, or it is just for ISAs?

Lokolo

Botany wrote: »

WoW thanks; I feel silly now because I must have checked my online account a dozen times and I never saw that 'Monthly Saving' tab before, with the Change button.

Thanks for spotting that!

May I ask, does the same tab/facility exist in a HL Sipp, or it is just for ISAs?

They have only changed it 'recently'. Not sure when recently, but someone asked the same question, I stated the form, and someone replied to me saying you can do it online

mtc95

Botany wrote: »

WoW thanks; I feel silly now because I must have checked my online account a dozen times and I never saw that 'Monthly Saving' tab before, with the Change button.

Thanks for spotting that!

May I ask, does the same tab/facility exist in a HL Sipp, or it is just for ISAs?

It took me a while to find it as well. They don't make it very obvious do they.

Sorry I cannot answer the question about the Sipp as I only have an ISA with them.