Hargreaves Lansdown funds

Andrew2010

I've found that even to invest in funds that require £1000 lump sum, to open an account with H-L requires a minimum of 3000. Do they expect you to invest in multiple funds?

jimjames

From their website, if you setup a monthly DD for £50 you can invest lump sums of £1000.

http://www.h-l.co.uk/investment-services/isa/frequently-asked-questions

What is the minimum amount I can invest per fund?

The minimum lump sum investment into a new fund is £1000. If you are topping up a fund that you already hold the minimum investment is £250.
You are also able to set up a monthly regular savings instruction of £50 a month if applying online or £100 a month if applying via the post. This is subject to a minimum of £50 per fund.

Andrew2010

Thanks, that's a bit confusing. When I try to apply, it tells me to enter the amount and then reports an error saying that it requires £3000. I'll have a look for the DD bit although how long is that for?

Lokolo

Upto you how long. 1 month, 6 months, its just a "rolling" month. Cancel at anytime.

sabretoothtigger

I think they'd close the fund if you just did one payment of 50 Though you'd get the profit meantime too

L&G do trackers at 50 a month only and probably a few other places. Holding more then one fund is a good idea usually as some funds like ftse100 are not that diversified

jimjames

sabretoothtigger wrote: »

I think they'd close the fund if you just did one payment of 50

But you could do the monthly payment of £50 and lump sum of £1000 if that was what you wanted.

The HL platform is very flexible as you can log in and adjust your funds that are bought by DD each month either by different funds or change the amounts.

Jake'sGran

Andrew2010 wrote: »

Thanks, that's a bit confusing. When I try to apply, it tells me to enter the amount and then reports an error saying that it requires £3000. I'll have a look for the DD bit although how long is that for?

Are you applying for an ISA? I have an idea that the £3000 refers to them. Could be wrong so I'll go take a look - should have done this first of course, sorry.

Jake'sGran

Jake'sGran wrote: »

Are you applying for an ISA? I have an idea that the £3000 refers to them. Could be wrong so I'll go take a look - should have done this first of course, sorry.

The £3000 is the amount "they would normally request" for a Vantage Stocks & Shares ISA so there must be exceptions. With their Vantage system you do get a small piece of the commission they receive from the fund managers each year.

If you just want to invest £1000 in a fund without an ISA wrapper I feel sure you can.

Andrew2010

jimjames wrote: »

But you could do the monthly payment of £50 and lump sum of £1000 if that was what you wanted.

The HL platform is very flexible as you can log in and adjust your funds that are bought by DD each month either by different funds or change the amounts.

You mean end the DD after one payment? That sounds reasonable provided the minimum lump sum is in doesn't it?

RobertR

Andrew2010 wrote: »

You mean end the DD after one payment? That sounds reasonable provided the minimum lump sum is in doesn't it?

I have just contacted H-L seeking clarification as to whether they will allow this. I am currently saving £50 per month but would like to increase the number of funds in my holding.

I have asked if it is possible to increase my dd to £150 per month for two months, leaving £50 in four additional funds, then suspend the payments (to do this you just need to change the monthly amount to 0) then add further minimum deposits of £250 as and when.

It will be interesting to see what they say, or if they even bother to reply, but I thought it was best to try and check first before simply going ahead.

Ginger_Red

RobertR wrote: »

I have just contacted H-L seeking clarification as to whether they will allow this. I am currently saving £50 per month but would like to increase the number of funds in my holding.

I have asked if it is possible to increase my dd to £150 per month for two months, leaving £50 in four additional funds, then suspend the payments (to do this you just need to change the monthly amount to 0) then add further minimum deposits of £250 as and when.

It will be interesting to see what they say, or if they even bother to reply, but I thought it was best to try and check first before simply going ahead.

Why not just give them a call - they are very helpful on the phone and you always get knowledgeable help in their offices rather than a call centre somewhere.

I've called with very "basic" questions before and they have always been very patient and helpful with me.