Socks Isa Funds

PoGee

Hope someone can help as I find this confusing. I opened a stocks and shares isa with my bank as it's easier - all in one place. I spent around £100 as tipping a toe in water. I bought 10 units of a Baillie Gifford fund. I can't find the trading cut off time anywhere and as it's not the bank's own fund, they're not helpful. Is it always 11am?

lozzy1965

This reply is an excuse to crack the hilarious comment "Socks ISA Funds" sounds 'pants' to me 

I'll get my coat!

But even though I have no idea what a trading cut off time is, as I only deal in individual shares, a quick Google of "trading cut off time for Baillie Gifford fund" returns a time of 3:45

[Deleted User]

Hi,

you don't say which fund, have a look here, find your fund and scroll down for dealing time.

underground99

It will be different for different funds, so without knowing the exact fund it's difficult to say. For example, a number of Baillie Gifford funds (such as American Fund, Japanese Fund, Global Discovery Fund, Emerging Markets Growth Fund) have a valuation point of 10am daily, so the order would usually need to be with your ISA provider at some time before that to allow the ISA provider to send over all their customer orders to BG in time for the cut-off.  When logged into AJ Bell, their fund page says the American fund is 08.45 cut-off.  Just an example, I don't own it.

Your ISA provider should be able to tell you their internal cut-off. If you don't catch today's price you'll get the next one instead.  When you get the final contract note (once the price has been finalised) you'll be able to see what day's price you got.

grumiofoundation

lozzy1965 said:

This reply is an excuse to crack the hilarious comment "Socks ISA Funds" sounds 'pants' to me 

I'll get my coat!

The OP really put their foot in it there didn't they!

PoGee said:

Hope someone can help as I find this confusing. I opened a stocks and shares isa with my bank as it's easier *- all in one place. I spent around £100 as tipping a toe in water. I bought 10 units of a Baillie Gifford fund. I can't find the trading cut off time anywhere and as it's not the bank's own fund, they're not helpful. Is it always 11am?

Check with provider?
e.g. https://www.halifax.co.uk/investing/help-and-guidance/existing-customer/trading-support.html

*As this is MSE - be careful of the charging structure of the ISA - if may be quite expensive for small amounts?

Eyeful

Which bank is being unhelpful?

dunstonh

I opened a stocks and shares isa with my bank as it's easier - all in one place

You may think its easier but its not.  The left foot wont know what the right foot is doing.    Bank systems are not integrated like that.

 I spent around £100 as tipping a toe in water.

Hopefully, you took your socks off first.

I can't find the trading cut off time anywhere and as it's not the bank's own fund, they're not helpful. Is it always 11am?

When you DIY, you are meant to know these things yourself.  DIY systems facilitate your requests but they are not there to feed you information that is available on the KIID or similar documents.

george4064

Worth noting that whilst each fund will have their own cut-off time, if investing through a platform you will be subject to your platform's own cut-off time in order for the platform to the meet the fund managers cut-off time.

99% of platforms amalgamate their clients' fund trades together and issue them to the respective fund managers at or around the same time each day, this minimises trading costs and also makes the platform's life easier by processing the trades in a controlled manner.

For example, a fund manager may have a 9pm UK cut-off time but your platform has a 8.30am cut-off time, so you'll need to at least meet the platform's 8.30am cut-off to make the fund managers 9pm cut-off!

PoGee

Thank you for replies. I'm logging on as I've just had time to put my feet up..... I've put my glasses on now.
I think it may well be one of  the American ones as when I called the helpline (BG), they said 10am. The KIID nor other docs quoted the cut off time. The bank is Santander; they charged me less than a pound for the purchase.

virenque

I think BG funds in general have suffered from painful fallen arches recently.

underground99

PoGee said:

Thank you for replies. I'm logging on as I've just had time to put my feet up..... I've put my glasses on now.
I think it may well be one of  the American ones as when I called the helpline (BG), they said 10am. The KIID nor other docs quoted the cut off time. The bank is Santander; they charged me less than a pound for the purchase.

I assumed Santander's fund service didn't have a transaction fee for the service and instead charged a percentage based-fee per year depending on how much you had invested? If investing £100 for a year the overall costs would likely be less than a pound, but they will recur each year.