Stocks ISA minimum investment required

alanmiow

I am thinking of cashing in my endowment policy which has about 4 years to run to maturity and to invest it into a stocks ISA. If its split between my wife and I we should be within the allowance levels. We would then look to invest monthly into the ISA. We have been advised by a financial adviser that to get the best deals we need to invest a minimum of £100 per month each. Is this correct? We are considering doing this as the endowment is very likely going to be short of what we require for the mortgage.

King_Of_Bling

alanmiow wrote: »

advised by a financial adviser that to get the best deals we need to invest a minimum of £100 per month each. Is this correct?

Not really, most places let you put £50 a month into a stocks and shares ISA.

jamesd

Yes, it's possible that the IFA is considering a place that offers lower pricing but has a £100 minimum. There are places that go down to £50 a month but those might not be cheapest.

Ark_Welder

Do you know what the surrender value of the endowment is? Have you considered making the endowment paid-up? Are you financially able to contribute to an ISA without cashing in the endowment?

You may be better off to keep the endowment until maturity, but starting an ISA with the monthly contributions that were going into it.

dunstonh

We have been advised by a financial adviser that to get the best deals we need to invest a minimum of £100 per month each. Is this correct?

Most platforms start at £50. Unbundled platforms tend to be closer to £100.

You say its an FA you saw, thats not a good idea. Use an IFA as the options will be wider.