Vanguard account opening

buffbuff

Hi all, I'm just about to open a s&s isa account with Vanguard to purchase VLS80 with regular payments via direct debit.

Does anyone know if my 1st payment will have to be made using a debit card or do I have to wait until the direct debit is set up?

Thanks

lindabea

I think you may have to provide some evidence of your bank account before vanguard open your account such as a bank statement.  Once your Vanguard account is open and the direct debit mandate is set up, you should be able to make a payment by debit card as and when you like; the direct debit will then be taken on the due date.     

buffbuff

lindabea said:

I think you may have to provide some evidence of your bank account before vanguard open your account such as a bank statement.  Once your Vanguard account is open and the direct debit mandate is set up, you should be able to make a payment by debit card as and when you like; the direct debit will then be taken on the due date.     

I have just opened it and you are correct my account has been put on hold until they have checked the bank statement I've just uploaded.  

Fly100

I always pay with a Debit Card, takes a day or two to be available, but I do lump sums rather than monthly. 

buffbuff

Fly100 said:

I always pay with a Debit Card, takes a day or two to be available, but I do lump sums rather than monthly. 

I will be adding the odd lump sum via debit card every now and then.

lindabea

buffbuff said:

lindabea said:

I think you may have to provide some evidence of your bank account before vanguard open your account such as a bank statement.  Once your Vanguard account is open and the direct debit mandate is set up, you should be able to make a payment by debit card as and when you like; the direct debit will then be taken on the due date.     

I have just opened it and you are correct my account has been put on hold until they have checked the bank statement I've just uploaded.  

It may also be prudent to pay the platform charges by direct debit rather than have the charges coming out of your ISA account as this will have the effect of reducing your ISA investment.  It may not make a lot of difference if you do not have a large fund, but paying charges direct from your bank account keeps your account more neatly.

buffbuff

This was something I was looking at doing I will change it to come out of my bank account once I'm verified. 

Swipe

I opened a Vanguard ISA in May but was not asked for any ID check apart from my NI number. I just paid in £500 by debit card  and didn't set up a direct debit as I was transferring in some old cash ISAs. However, a friend who opened his ISA with them on the same day was asked for proof of ID but he also set up a direct debit.

buffbuff

Swipe said:

I opened a Vanguard ISA in May but was not asked for any ID check apart from my NI number. I just paid in £500 by debit card  and didn't set up a direct debit as I was transferring in some old cash ISAs. However, a friend who opened his ISA with them on the same day was asked for proof of ID but he also set up a direct debit.

I set up a monthly direct debit and then it said we cant verify your bank account I don't know if this is because I've just changed bank account as its not showing on my credit report yet.

A_T

I suppose if you open with a debit card then bank details are automatically verified (otherwise you wouldn't be able to make the payment) - not so with a DD.

kipsterno1

I openned an account about six weeks ago. Same plan as you. I set up a monthly DD and at the same time paid in £100 using my debit card. To verify my account I scanned in a void cheque (once i had found my dusty cheque book) and uploaded it direct on their message system. This was how Vanguard requested I verify my UK bank details for the DD.
As stated previously once up and running set up paying the fees by DD.