Cavendish admin fee(s) and Fidelity ISA account

Reggie_Perrin

Hi

I was hoping someone with experience of Cavendish might be able to answer my question below [I've searched this forum and Cavendish's website, but can't seem to find a definitive statement that answers it]

I currently invest monthly into a Fidelity ISA though a direct debit mandate, and when possible, add additional small lump sums; for example £250. Once every few years I'll switch funds, or start drip-feeding into a new fund.

So receiving a trail refund and paying reduced initial fees seems like a good idea/deal, and for only £25 seems almost too good to be true.

If I register my Fidelity ISA account with Cavendish, paying the £25 admin fee, will I have to pay further £25 admin fees to Cavendish everytime I top up with £250, or buy into a new fund?

Like I said earlier; I've not read in any of the posts that there is 'top up' admin fee, but likewise I've not seen it written that you don't have to pay a fee, hence my confusion.

Thanks in advance ... Reggie.

P.S. Also does anyone have any opinions on Cavendish, e.g. are they reliable, 'low maintenance', ...?

dunstonh

P.S. Also does anyone have any opinions on Cavendish, e.g. are they reliable, 'low maintenance', ...?

Cavendish are irrelevant to your transaction.

jem16

Reggie_Perrin wrote: »

If I register my Fidelity ISA account with Cavendish, paying the £25 admin fee, will I have to pay further £25 admin fees to Cavendish everytime I top up with £250, or buy into a new fund?

This example would suggest not.

http://www.cavendishonline.co.uk/investments/examples.php

See the bit about After year 10 - total fee to cavendish is £25.

P.S. Also does anyone have any opinions on Cavendish, e.g. are they reliable, 'low maintenance', ...?

It's not Cavendish you need to worry about as they just set it up. It's Fidelity you need to worry about. Fidelity is a bundled platform and as the FSA have said that bundled platforms will be banned ( no exact date as yet but probably from around 2013), Fidelity will have to change its charging structure. It has already introduced a yearly Account Fee which at the moment is an option but will probably become the norm.

At the moment it's a good deal to use Cavendish to set up Fidelity but will change in the future.

talexuser

I would say the £25 is just to set up a new fund - how you pay in is up to you - but why not phone up and confirm? I have no problems with their admin or website, and an error I made was quickly sorted out by CoFunds via them. I reinvested a few hundred £ of rebate in a year where already had maxed the ISA so it went into the fund outside the ISA. One phone call, and they reversed the transaction with virtually no loss except a couple of pence. So if you want to reinvest commission during the course of the year, leave some leeway if investing ISA limit at beginning of the tax year. By next April I will have around £700 rebate in the kitty for reinvestment, which is a good deal in my book.

Reaper

Reggie_Perrin wrote: »

If I register my Fidelity ISA account with Cavendish, paying the £25 admin fee, will I have to pay further £25 admin fees to Cavendish everytime I top up with £250, or buy into a new fund?

My wife uses CoFunds via Cavendish. Assuming the same holds true (which I am sure it does) the Cavendish fee is a true one off. Having set up an account you can add/sell funds, add/remove money without paying them anything else. Fidelity may charge you, but not Cavendish.

Reggie_Perrin

Thanks for the information.. it's appreciated. I'll contact Cavendish tomorrow and ask for full T&C's, etc.

cheers
Reggie