should I get rid of my maxi ISA

littlepixel72

Hi,
I'm very new to all this and would really appreciate some help. A financial advisor helped me to set up a maxi ISA for the 1999 and 2000 tax years.

Now I'm not sure what to do - I find dealing with Fidelity and Jupiter very frustrating as I find their communications - (correspondence and internet services) opaque to say the least. I can't pretend to understand how the various funds are performing: I think a few of them may be fine while most have been pitiful all along.

I have invested up to my £3000 limit in a mini-cash ISA for the current year (with SMILE).

So...my questions are: should I get what is left in the old maxi-ISAS back from Jupiter and Fidelity, so I can use the money for something else? What (if any) penalties am I likely to incur? I think I might like to put whatever money is left towards reducing my mortgage when my fixed rate finishes later this year but I don't know if this would be a good thing to do.

Any advice welcomed!

carnet

Remember that 1999/2000 saw the top of the market and we've had a market crash since then - the FTSE100 is still down almost 30% from its all-time high of New-Years Eve 1999.

Both Jupiter and Fidelity are large and highly respected fund managers - it all depends which of their funds you hold.

Remember also that if you sell your holdings you've lost your ISA entitlement for those years. If you don't need the money but don't like the funds you hold you would perhaps be better switching to other funds managed by the same managers or another manager altogether. Its easy and costs very little to switch, especially if you're in a fund supermarket such as Cofunds or Fidelity FundsNetwork.

dunstonh

A transfer to a fund supermarket seems to be exactly what is in order here.

The method of using the fund manager to provide the admin and the fund is rather old hat now and you are at the mercy of their admin. Using a fund supermarket to handle the admin side is more convenient and usually provides better service. Basically, you are leaving the admin to the admin specialists and the fund management to the fund managers.

paul666

Agreed 100% with posters. A money supermarket will help you reduce your costs, see how your funds are doing and let you make cheap and easy switches if you wish. Also see http://www.fidelity.co.uk/direct/buy/transfer/index.html for how to re-register you jupiter and fidelity funds to the fidelity funds supermarket and see http://www.cavendishonline.co.uk for cutting your costs.

Some fidelity and jupiter funds have done very well over time. Don't do anything hasty just yet :-)

blinko

you also have hargreaveslansdown.com they are pretty cheap no annual fee, most of there funds are available at 0.5% inital fee and they do renewal comission !

littlepixel72

Thank you very much indeed to all who have answered with great advice - I will certainly be switching to a funds supermarket and then will hopefully be able to start to work out what my various funds are doing!

competitionscafe

littlepixel72 wrote:

I can't pretend to understand how the various funds are performing: I think a few of them may be fine while most have been pitiful all along.

There are a couple of good sites for checking fund performance and comparing it against the relevant index (eg: FTSE) and against competing funds in the same sector:

Try:
http://www.morningstar.co.uk/

http://www.trustnet.com/ut/

The fund performance tables in Money Observer magazine are good too:
http://www.moneyobserver.com

[You can get a free copy of the magazine from]:
https://www.time.ca/secure/moneyobserver.net/freecopynew.htm

(Maximum of one free copy per household per year.
Offer subject to availability and open to non-subscribers only.)