Investing for beginners - Stocks and Shares Isa

Thrugelmir

EmmaG04 said:

Alexland said:

To celebrate the start of a new tax year today my wife and I just opened L&G S&S ISAs to get a total of £213 TopCashBack. We have gone with the £500 lump sum then £100 per month profile. Once the cashback goes payable we will stop paying the £100 per month but ensure the accounts have the required minimum £2,500 of contributions (over the 24 months) before the end of this tax year. Next tax year we will probably make our S&S ISA contributions elsewhere if another provider has a good signup offer. Then just after the minimum 24 months offer clawback period, transfer the L&G ISAs into our larger iWeb ISAs.

Next job is to start filling up our S&S LISAs...

Alex, has your L&G stocks and shares isa been set up? I signed up 2 days ago and made my first payment. I got an email pretty much immediately saying my application has been approved, but I've not heard anything since and  I've not received my customer number to set up my account. When I signed up it said they send it out through email.

Will be processing delays no doubt. Companies are not working at full capacity for very obvious reasons. 

Alexland

EmmaG04 said:

Alex, has your L&G stocks and shares isa been set up? I signed up 2 days ago and made my first payment. I got an email pretty much immediately saying my application has been approved, but I've not heard anything since and  I've not received my customer number to set up my account. When I signed up it said they send it out through email.

My wife received her customer number and invitation to enrol within about 2 hours of signing up. I waited a couple of days then phoned them yesterday and it turns out I already had an L&G account from years ago when I had an insurance product with them and they were expecting me to use those old login details for the ISA which worked and I could see the initial money had been invested on the 6th. Their user interface seems very basic.

grumiofoundation

EmmaG04 said:

Alexland said:

To celebrate the start of a new tax year today my wife and I just opened L&G S&S ISAs to get a total of £213 TopCashBack. We have gone with the £500 lump sum then £100 per month profile. Once the cashback goes payable we will stop paying the £100 per month but ensure the accounts have the required minimum £2,500 of contributions (over the 24 months) before the end of this tax year. Next tax year we will probably make our S&S ISA contributions elsewhere if another provider has a good signup offer. Then just after the minimum 24 months offer clawback period, transfer the L&G ISAs into our larger iWeb ISAs.

Next job is to start filling up our S&S LISAs...

Alex, has your L&G stocks and shares isa been set up? I signed up 2 days ago and made my first payment. I got an email pretty much immediately saying my application has been approved, but I've not heard anything since and  I've not received my customer number to set up my account. When I signed up it said they send it out through email.

I signed up on the 6th for this, only received customer number today. 

EmmaG04

Alexland said:

EmmaG04 said:

Alex, has your L&G stocks and shares isa been set up? I signed up 2 days ago and made my first payment. I got an email pretty much immediately saying my application has been approved, but I've not heard anything since and  I've not received my customer number to set up my account. When I signed up it said they send it out through email.

My wife received her customer number and invitation to enrol within about 2 hours of signing up. I waited a couple of days then phoned them yesterday and it turns out I already had an L&G account from years ago when I had an insurance product with them and they were expecting me to use those old login details for the ISA which worked and I could see the initial money had been invested on the 6th. Their user interface seems very basic.

Thanks 🙂 I will leave it until Tuesday and see if I receive it.

carpy

Alexland said:

carpy said:

unfortunately iweb are not currently accepting new applications. is there somewhere else i could use as an alternative or holding account until i could switch it over to iweb?

Oh - I see it's the same for Halifax Share Dealing too. These cashback offers are best for smaller accounts. Other fixed price platforms such as Interactive Investor are a bit expensive at £120 pa for a £40k investment. If you want to invest in funds that would also rule our Jarvis X-O or capped fees on AJ Bell, HL on Fidelity. You could just use Vanguard Investor at 0.15% until iWeb reopen applications? If you invest in a Vanguard fund available on both platforms then you should be able to transfer it later in-specie without any exit fees or time out of the market.

40k into VLS at 0.22% + 0.15% = £148   or
Nutmeg (12 months free AMC) so just 0.19% (fund) + 0.08% = £108

until such a time when iWeb are taking new applications again and then transfer to them?
what i'm unsure about is the transfer to iWeb (when available) in terms of cost, do i have to cash out, time frame.....
i think VG are free of any exit fees (you suggest above i could potentially transfer across 'in specie' and therefore i assume this would be at no cost/time out of market etc. ?
i think Nutmeg would charge a £25 fee for the transfer of one fund?....but also it says about having to 'cash out' to that would mean a longer transfer process i assume and time out of market....?
so i think it's a case of £40 extra fees (pro rata) with VG or the cost/time transfer of Nutmeg? 
thanks for the advice

badger09

carpy said:

Alexland said:

carpy said:

unfortunately iweb are not currently accepting new applications. is there somewhere else i could use as an alternative or holding account until i could switch it over to iweb?

Oh - I see it's the same for Halifax Share Dealing too. These cashback offers are best for smaller accounts. Other fixed price platforms such as Interactive Investor are a bit expensive at £120 pa for a £40k investment. If you want to invest in funds that would also rule our Jarvis X-O or capped fees on AJ Bell, HL on Fidelity. You could just use Vanguard Investor at 0.15% until iWeb reopen applications? If you invest in a Vanguard fund available on both platforms then you should be able to transfer it later in-specie without any exit fees or time out of the market.

40k into VLS at 0.22% + 0.15% = £148   or
Nutmeg (12 months free AMC) so just 0.19% (fund) + 0.08% = £108

until such a time when iWeb are taking new applications again and then transfer to them?
what i'm unsure about is the transfer to iWeb (when available) in terms of cost, do i have to cash out, time frame.....
i think VG are free of any exit fees (you suggest above i could potentially transfer across 'in specie' and therefore i assume this would be at no cost/time out of market etc. ?
i think Nutmeg would charge a £25 fee for the transfer of one fund?....but also it says about having to 'cash out' to that would mean a longer transfer process i assume and time out of market....?
so i think it's a case of £40 extra fees (pro rata) with VG or the cost/time transfer of Nutmeg? 
thanks for the advice

If you arrange for your £40k cash ISA to be transferred into Vanguard and invest in one of the VLS funds, when IWEB reopen to to new customers, you'll be able to transfer in specie, so no time out of the market & no additional transaction cost, just the £25 account opening fee. You'll also only pay Vanguard's 15% charge while they hold your ISA.

You wouldn't be able to transfer your ISA from Nutmeg in specie, because they only offer in house portfolios. So you'd have to convert to cash. Transfer of cash should be much quicker than in specie stock/fund transfers, but you'd be out of the market during the transfer process. You'd also have to pay £5 to purchase VLS.

carpy

i guess it depends on how long it takes for iWeb to resume....
each month with VG is £3.33 more than with Nutmeg
there is also the difference in how the respective funds perform during that period...(any thoughts on whether VLS funds are better than Nutmegs own equivalents?).
also in these volatile times i guess time out of market might not be a bad thing if you miss a few days of bad falls!! 

afis1904

You could also miss another rally and invest right before a couple of days of falls so swings and roundabouts.

VXman

Alexland said:

To celebrate the start of a new tax year today my wife and I just opened L&G S&S ISAs to get a total of £213 TopCashBack. We have gone with the £500 lump sum then £100 per month profile. Once the cashback goes payable we will stop paying the £100 per month but ensure the accounts have the required minimum £2,500 of contributions (over the 24 months) before the end of this tax year. Next tax year we will probably make our S&S ISA contributions elsewhere if another provider has a good signup offer. Then just after the minimum 24 months offer clawback period, transfer the L&G ISAs into our larger iWeb ISAs.

Next job is to start filling up our S&S LISAs...

I applied for a L & G via topcashback yesterday and got 2 confirmations one minute apart. 2 separate account numbers one digit apart. I thought I'd done something wrong as I did have an issue with the debit card for the £500 first payment. I emailed them but no response as yet.
However, today my wife set one up and had had exactly the same issue! Anyone, experienced this or have any ideas?

Alexland

Yes they are system transaction numbers not duplicate accounts. One transaction is for the initial deposit and another is for the regular direct debit setup. They will also email you a contract note for the initial deposit when it is invested but then they don't email out contract notes after you have registered for the online account.