Best place to buy City of London investment trust for IS

IvorBiggun

Where is the cheapest reputable place online to buy a s&s isa maxed out with city of London investment trust? (this financial year).
TIA.

ColdIron

It very much depends on the sums involved and whether it is a one off lump sum purchase or regular investing

IvorBiggun

Max out the isa (think that is 15k this financial year) lump sum.

bowlhead99

http://www.x-o.co.uk/isa-information.htm

https://www.youinvest.co.uk/isa/charges-and-rates

IvorBiggun

bowlhead99 wrote: »

http://www.x-o.co.uk/isa-information.htm

https://www.youinvest.co.uk/isa/charges-and-rates

Thanks. Really useful.

regglad

I apologize in advance for what might be a very stupid question but is it not possible to buy the IT directly from City of London ?

I am interested in buying this IT on a monthly payment basis through an ISA so if I have to do so through a third party, will I have to pay charges every month ?

John

Ifts

regglad wrote: »

I am interested in buying this IT on a monthly payment basis through an ISA so if I have to do so through a third party, will I have to pay charges every month ?

From the two that bowlhead has suggested for the OP, I don't think X-O do a regular investment option but AJ Bell Youinvest do offer it - its only £1.50 per month (Minimum investment is £25 per month):

https://www.youinvest.co.uk/our-services/regular-investments

jimjames

regglad wrote: »

I apologize in advance for what might be a very stupid question but is it not possible to buy the IT directly from City of London ?

City of London is the investment trust listed on the stock exchange. It's possible that the investment manager may offer a share purchase scheme, I know some other companies do such as Aberdeen.

greenglide

The investment manager for City of London is Henderson.

According to trustnet they do have their own ISA wrapper and a savings plan but there is no mention of that on the trust website. Henderson seem to direct investors to https://az768132.vo.msecnd.net/documents/25162_2016_02_05_09_51_23_233.gzip.pdf

The web site for the trust is https://www.henderson.com/ukpi/fund/169/the-city-of-london-investment-trust-plc

redux

Some investment trust managers have been closing down administering their own savings schemes, and perhaps Henderson has done so.

Also Jupiter and RIT Capital Partners that I'm aware of in the last few months. These both offered transfer to Hargreaves Lansdown, though equally investors could choose any platform. Not too bad for charges, no annual fee outside ISA, and 1% fee (£1 min) on dividend reinvestment.

There's a balance to be struck on charges, depending on the investment size and whether it's lump sum or regular savings. There's flat rate or pro rata (with maximum or minimum) for dealing costs, and some have an annual fee some don't (more common on ISA wrappers than without).

Also some may offer monthly savings only on a reduced number of the most popular trusts.

Someone posted a comparison of platform fees a while ago, but I can't remember where it was (Telegraph article, maybe, but I think also somewhere else).

I'd suggest also Alliance Trust Savings, [STRIKE]iWeb (part of Halifax, run in conjunction with AJBell)[/STRIKE], and one I very recently discovered was a Daily Mail This is Money deal with The Share Centre, which has low charges for monthly savings and dividend reinvestment.

edit: I forgot iWeb had increased its opening fee to £200

Ifts

This short animation explains the three simple steps to buying an investment trust, managed by Henderson -

https://www.henderson.com/ukpi/post/9010/3-simple-steps-to-owning-an-investment-trust

https://www.henderson.com/ukpi/howtoinvest?tab=tab-0-1