Investment query

TonyY7

Morning all
My first post and would firstly like to say that I have gained some great advice from reading this forum, so thank you to the many posters on here.
After much reading, and with interest rates on savings so low I have decided to open up a S&S ISA and buy into the HSBC GS balanced portfolio. 

I will be doing this through cavendish online (on fidelity platform), but my question is I don’t understand about the trade date & settlement date and whether I pay the stock price that is on the day that I order the trade or whether I pay the stock price on the settlement date (or even a date in between these two dates!), as I understand that this can go down/up and will affect the number of stocks that I buy?
Any advice much appreciated - many thanks in advance 😀

cloud_dog

Funds, OIECs, use forward pricing.   This means if you execute a trade (buy/sell) the price you trade at will be the price for the fund at the next valuation point.  Usually this might be midday on the following working day, but the time can vary for different funds/managers.

Settlement date is where the sold monies would be available to you to use to trade another fund.  This can be 3 days (or longer).

If you execute a 'sell', then you would need to wait for the settlement date before having access to the money before executing a 'buy'.  If you are able to execute a 'switch' from one fund directly to another fund you do not need to wait for the settlment, the provider will manage the process.

TonyY7

Many thanks for explaining that clouddog - much appreciated 👍