Fidelity JISA 9 November 2021 at 9:22AM in ISAs & tax-free savings 7 replies 114 views

Polly05

Hi 
I see you can open one of these with £25 a month but how long does that £25 a month need to last? I'm not sure I want to commit to that forever.. I was thinking more of putting a bit then then ad hoc additions and birthdays and christmases etc. 
Anyone know? 
Thanks

MX5huggy

I don’t think any platforms (Fidelity being a platform). Kick you off if you stop regular payments. There’s no minimum balance for a regular ISA if you withdraw money. 

Polly05

Thanks for that.

Also does anyone know how investing the £25 a month works? Can you invest it straight away or do you need to wait until it gets to a higher amount before you invest it?
Also I notice the fees bit from their website says;

• £1.50 for deals as part of a regular savings or withdrawal plan, or for a reinvestment of income or a dividend.
• Simple charge of £10.00 for each deal placed online

£10 seems a bit steep. How do I avoid that? Can I avoid that? Is that for every time you invest? Or for the adhoc money that isn't the £25 a month?
And if you do put £25 in a month, £1.50 of that is a fee? Also for reinvestment of dividends. How that include if you choose an accumulation fund?

Sorry for all the questions! 

Albermarle

The charges only apply to buying investments directly from the stock market ( like shares ).
There is no charge for buying funds and if you pick an accumulating fund then there are no dividends to be reinvested . It all happens within the fund .
The only fee you will pay is the charge of the fund you pick and that is paid from the fund so you never see it .
I would try to stick to the £25 a month at least , if you want to build up a reasonable sum .

Polly05

Ahh right I did read that the fees were only for shares and not funds but that's not clear on their website and I started to think I had made it up! 

Alexland

Just to be super clear you need to buy traditional OEIC type funds not ETFs to avoid paying any trade fees.
I cancelled the £20+£5 monthly contribution into our kids Fidelity SIPPs after 5 months and they didn't complain. I only opened the accounts as a punt to get them a protected access age of 55 which is no longer available to new customers 

MFW2026

Alexland said:

Just to be super clear you need to buy traditional OEIC type funds not ETFs to avoid paying any trade fees.
I cancelled the £20+£5 monthly contribution into our kids Fidelity SIPPs after 5 months and they didn't complain. I only opened the accounts as a punt to get them a protected access age of 55 which is no longer available to new customers 

This is good to know, opened my children’s SIPPs with Fidelity about 18 months ago so is the protected access age 55 still as wondered if it was still being consulted. Thankyou 

Alexland

MFW2026 said:

This is good to know, opened my children’s SIPPs with Fidelity about 18 months ago so is the protected access age 55 still as wondered if it was still being consulted. Thankyou 

The consultation completed, Fidelity made a statement that their SIPP scheme rules had an unqualified right of access at 55, further comments on the drafting were publicly debated, the government feels it has addressed the main industry concern last week, the window to open a scheme with early access age protection is now closed (unless perhaps armed forces etc) and all we are waiting for is the amendments to the finance act to be approved.There is a dedicated thread on this topic although we are still unclear if further contributions will break the protection (unlikely) or what might happen if trying to transfer more assets into such an existing scheme.
https://forums.moneysavingexpert.com/discussion/6240982/increase-to-minimum-pension-age-from-55-to-57-update-04-11-hmt-closes-protection-window/p1