Halifax/Scottish Widows S/S ISA

wannalot

Hello all

I'm looking for some advice. I called in to my HBOS branch to order some foreign currency for a holiday and within a few minutes I found myself sitting in front of a financial adviser. I currently have £15,000 in a cautious managed stocks and shares ISA and £16,000 in a cash ISA.

The adviser suggested that I should move my S/S ISA into a Scottish Widows "progressive managed" fund (basically a medium-risk account), and increase my monthly payments.

I feel a bit unsure about this. The whole situation felt like it was a hard sell. The adviser completely ignored my complaints that I had just found out that my cash ISA had dropped to an interest rate of 0.5% months ago (I'm now going to transfer this), and only seemed interested in getting me to transfer my S/S ISA and increasing my monthly payments.

Does anyone know if this Scottish Widows ISA is a good deal? The adviser told me that there is a management fee of 2% but apart from that I know nothing about it.

opinions4u

http://www.guardian.co.uk/money/2012/sep/10/scottish-widows-funds-worst-performers

The adviser completely ignored my complaints that I had just found out that my cash ISA had dropped to an interest rate of 0.5% months ago

It's a fairly pointless complaint.

1. That's what they told you the account would do when you opened it.

2. They wrote to tell you that the rate was going to drop before it did.

dunstonh

I currently have £15,000 in a cautious managed stocks and shares ISA and £16,000 in a cash ISA.

If that is the old Halifax cautious managed then you do need to review it but not with a bank sales rep.

The adviser completely ignored my complaints that I had just found out that my cash ISA had dropped to an interest rate of 0.5% months ago (I'm now going to transfer this), and only seemed interested in getting me to transfer my S/S ISA and increasing my monthly payments.

The branch FAs typically do not work within the same areas as the branch staff. Their role is to sell investments. Not savings.

Does anyone know if this Scottish Widows ISA is a good deal?

No. What you already have and what they are proposing are pretty poor.

wannalot

opinions4u wrote: »

It's a fairly pointless complaint.

1. That's what they told you the account would do when you opened it.

2. They wrote to tell you that the rate was going to drop before it did.

I complained only in the sense that I said I was more interested in exploring better ways of increasing the interest on my cash ISA than in changing my Stocks and Shares ISA. Why is this a pointless complaint?

And, for whatever reason, no I did not receive a letter on the rate drop.