HL SIPP

sevenhills

I have set up my bank details and the monthly amount, £600, but will this be like a direct debit, or do I need to add the money myself.

There is a helpline, but always busy.

So the cash to be held on account pending investment is £600; but surely it will remain as cash untill I buy shares or unit trusts with it?

mramra

For ongoing monthly investments, you need to go into the 'Monthly Savings' tab. There you can set up how much to invest each month and where you want it to be invested. Once set up, this will auto-repeat each month unless amended.

For the original £600, you will probably need to manually invest that if Monthly Savings haven't already been set up.

sevenhills

mramra said:

For ongoing monthly investments, you need to go into the 'Monthly Savings' tab. There you can set up how much to invest each month and where you want it to be invested. Once set up, this will auto-repeat each month unless amended.

Yes it states monthly, but I cannot see where it states the date.

mramra

From their website https://www.hl.co.uk/help/managing-your-online-account/regular-savings/regular-savings/when-is-the-collection-date-for-regular-savings

When is the collection date for Regular Investing?

The direct debit is collected on 7th of each month (or the next working day if the 7th falls on a weekend). If you have given an investment instruction, the money will be invested on the 10th of the month or within three working days thereafter if it’s not possible to invest on the 10th.