Interactive Investor - Regular Investing Dates

masonic

Thrugelmir said:

swleventhal said:

I've been back in touch and they've spoken with the "SIPP people". The response was that because the free Regular Investing monthly service is so popular, they have had to change the investment date from the 3rd Wed to the 1st Wed for new customers (me!). They must have hit some sort of purchase/trading limit. They have raised this as an issue and apparently a number of other people have also complained. So I guess I'm stuck with it for the foreseeable. 

Probably to spread their internal work load and reduce the pressure on access to market makers. With a high volume of low value transactions.  

The point is that they consolidate the transactions into larger orders and customers benefit from not having to pay the trading fee. It sounds like the problem is orders getting too large, hence they've added a second date, but rather than let customers pick the date that suits them, they are imposing a date based on when you became a customer. The second date will in effect double up on the number of orders needed, as it is unlikely there will be much difference in what investments are bought on one date vs the other.

EthicsGradient

It's fair enough using a 2nd investment date for some customers, and makes most sense to leave existing regular investors on their date, and put all new ones on the new one. But they ought to give them the equivalent DD date - the 26th. I think that would work with all bank holiday possibilities with the 1st Wednesday of the month.

older_and_no_wiser

EthicsGradient said:

It's fair enough using a 2nd investment date for some customers, and makes most sense to leave existing regular investors on their date, and put all new ones on the new one. But they ought to give them the equivalent DD date - the 26th. I think that would work with all bank holiday possibilities with the 1st Wednesday of the month.

Exactly. They need to change the DD date. Each month, the DD payment cash is just sitting in the cash pot for 3 weeks when it could be earning.... although the way the markets are currently, cash is a better option ;-)