Quick question about adding cash to a Vanguard ISA

barnstar2077

I just opened a Vanguard ISA and added some cash. My ISA value is correct, but available cash still says zero, which as a consequence means I am unable to pick anything to invest in. Which is weird because adding funds to online accounts is usually instant with a debit card.

Is this usual for Vanguard, is there normally a delay?

Aidanmc

Next business day it will be available.
https://www.vanguardinvestor.co.uk/need-help/answer/why-is-my-cash-not-available-to-invest

barnstar2077

Aidanmc wrote: »

Next business day it will be available.
https://www.vanguardinvestor.co.uk/need-help/answer/why-is-my-cash-not-available-to-invest

Thank you.

Not very impressed though, they are basically sitting on my money for a day for no reason.

Wildsound

barnstar2077 wrote: »

Thank you.

Not very impressed though, they are basically sitting on my money for a day for no reason.

"Cash added using a debit card won't be available to invest until the next business day, when the money clears."

In other words, they don't physically have your money yet as it is still being processed through the banking/payments system.

Even if you did have it now though and did place a buy order on a fund, it wouldn't deal until tomorrow anyways as most funds deal around midday the following day. If you put the order on first thing tomorrow morning, you may meet the same day cut off point, but all depends on Vanguard.

barnstar2077

Wildsound wrote: »

"Cash added using a debit card won't be available to invest until the next business day, when the money clears."

In other words, they don't physically have your money yet as it is still being processed through the banking/payments system.

Even if you did have it now though and did place a buy order on a fund, it wouldn't deal until tomorrow anyways as most funds deal around midday the following day. If you put the order on first thing tomorrow morning, you may meet the same day cut off point, but all depends on Vanguard.

I understand what they are saying, I just don't entirely believe them! If I use my debit card anywhere else, including my SIPP, the money is there instantly. So either they are using Morse code over two paper cups and a piece of string to talk to Visa, or they are sitting on my money (and everyone elses) for a day.

A_T

Something must have changed because it used to be available immediately.

poppy10_2

This is the same with most investment platforms. Cash will take a day or two to clear.

Alexland

Although card payment authorisation only takes a few seconds it can take a few working days for clearing and settlement. Some investment platforms prefund the contribution to enable you to trade in advance of them receiving the money.