iWeb Change to Scottish Widows

MK62

EthicsGradient said:

SevenUpPear8 said:

For the regular investing, I'm a bit confused by the separate subscription and investment plans. Sometimes the subscription date is a few days before the investment date, but sometimes they're on the same date. Sometimes there's a 2-day gap between the subscription and investment, and sometimes it's longer.

It's probably made worse by the upcoming bank holidays, but it makes me feel a bit uneasy. Maybe the way to go is just set up the investment plan, and set reminders to add cash manually by debit card a couple days earlier?

I think in the below picture, the pairs are supposed to be 1&4, 12&17, 17&22, 24&[date in Jan], but because the dates seem to move month by month because of weekends etc, and potentially crossover into the following month, it's still a bit fuzzy for me.

Looks like 2 clear working days between the debit and the investment day. That works for the first 3 pairs; for the last, the 24th and the 31st are both LSE half days, which probably does complicate it - they appear to have opted to wait for Fri 2nd Jan for the investment day (that would be "3 working days from the start of the debit day to the start of the investment day" still).

Why the days between debit days vary so much, I can't tell, though.

My take on it is that as you can only select one-off or monthly subscription and investment dates, the subscription direct debit will be taken from your bank on the first subscription date after your selected date each month.......and likewise for regular investment, that will happen on the first investment day after your selected date.....
So, looking at Dec25 (pictured above), if you select the eg 15th as your subscription date and eg 19th as your investment date, the subscription direct debit will be taken from your bank on the 17th, and the investment will happen on the 22nd.

masonic

MK62 said:

EthicsGradient said:

SevenUpPear8 said:

For the regular investing, I'm a bit confused by the separate subscription and investment plans. Sometimes the subscription date is a few days before the investment date, but sometimes they're on the same date. Sometimes there's a 2-day gap between the subscription and investment, and sometimes it's longer.

It's probably made worse by the upcoming bank holidays, but it makes me feel a bit uneasy. Maybe the way to go is just set up the investment plan, and set reminders to add cash manually by debit card a couple days earlier?

I think in the below picture, the pairs are supposed to be 1&4, 12&17, 17&22, 24&[date in Jan], but because the dates seem to move month by month because of weekends etc, and potentially crossover into the following month, it's still a bit fuzzy for me.

Looks like 2 clear working days between the debit and the investment day. That works for the first 3 pairs; for the last, the 24th and the 31st are both LSE half days, which probably does complicate it - they appear to have opted to wait for Fri 2nd Jan for the investment day (that would be "3 working days from the start of the debit day to the start of the investment day" still).

Why the days between debit days vary so much, I can't tell, though.

My take on it is that as you can only select one-off or monthly subscription and investment dates, the subscription direct debit will be taken from your bank on the first subscription date after your selected date each month.......and likewise for regular investment, that will happen on the first investment day after your selected date.....
So, looking at Dec25 (pictured above), if you select the eg 15th as your subscription date and eg 19th as your investment date, the subscription direct debit will be taken from your bank on the 17th, and the investment will happen on the 22nd.

How very confusing. It's a nice touch that there are multiple investment dates available for each month, but when compared to, say, AJ Bell's system where the subscription and investment dates are the first working day of the month and the 10th of the month (or next working day) respectively and the direct debit is taken, and order executed, on those dates, if the situation at SW is as you've described, it looks like a bit of a dog's breakfast.

I'd assumed I'd pick the 17th as my subscription date, which would be when the DD pulled, and then 22nd as the investment date which is when the order would be executed, and I'd potentially have until the close of the 21st to make any changes to the investments being purchased. I'm not sure where 15th and 19th have come from? They are not dates I see offered in the lists.

EthicsGradient

MK62 said:

EthicsGradient said:

SevenUpPear8 said:

For the regular investing, I'm a bit confused by the separate subscription and investment plans. Sometimes the subscription date is a few days before the investment date, but sometimes they're on the same date. Sometimes there's a 2-day gap between the subscription and investment, and sometimes it's longer.

It's probably made worse by the upcoming bank holidays, but it makes me feel a bit uneasy. Maybe the way to go is just set up the investment plan, and set reminders to add cash manually by debit card a couple days earlier?

I think in the below picture, the pairs are supposed to be 1&4, 12&17, 17&22, 24&[date in Jan], but because the dates seem to move month by month because of weekends etc, and potentially crossover into the following month, it's still a bit fuzzy for me.

Looks like 2 clear working days between the debit and the investment day. That works for the first 3 pairs; for the last, the 24th and the 31st are both LSE half days, which probably does complicate it - they appear to have opted to wait for Fri 2nd Jan for the investment day (that would be "3 working days from the start of the debit day to the start of the investment day" still).

Why the days between debit days vary so much, I can't tell, though.

My take on it is that as you can only select one-off or monthly subscription and investment dates, the subscription direct debit will be taken from your bank on the first subscription date after your selected date each month.......and likewise for regular investment, that will happen on the first investment day after your selected date.....
So, looking at Dec25 (pictured above), if you select the eg 15th as your subscription date and eg 19th as your investment date, the subscription direct debit will be taken from your bank on the 17th, and the investment will happen on the 22nd.

I don't understand what "selecting the eg 15th" would be, because SW says they'll only take the debit on the 17th (or next working day, in months where that's necessary). You would be, in reality, selecting the 17th. They offer you the 1st, 12th, 17th and 24th, for every month.

Sea_Shell

If the cash is already sitting in your linked current account, why would you not just go  for the earliest available date ?

I could understand it if you were setting it up and waiting for payday etc. so push back to after the 25th or so.

masonic

Sea_Shell said:

If the cash is already sitting in your linked current account, why would you not just go  for the earliest available date ?

Direct debit will take a minimum of 3 working days, whereas debit card payment is instant. Then you can pick the earliest available investment date.

I would not set up a regular subscription for a one-off investment.

ivormonee

Do we have any information on what time the regular investment deals are put through or whether there is a designated time?

ivormonee

I've spoken to SW and they've told me that you're not allowed to have a regular investment plan set up unless you also have a subscription plan set up. I explained I want to be able to invest cash already sitting in my account but they said to me it has to be new money. I thought that was odd and I'm wondering if they've advised me incorrectly. 

masonic

ivormonee said:

I've spoken to SW and they've told me that you're not allowed to have a regular investment plan set up unless you also have a subscription plan set up. I explained I want to be able to invest cash already sitting in my account but they said to me it has to be new money. I thought that was odd and I'm wondering if they've advised me incorrectly. 

That would be very disappointing if true, but it appears the investment plan can be set up without subscription plan. The only way to know for sure is to test it. What really matters is what works in practice.

If true, a workaround could include setting up a subscription plan with a date later than the investment plan, then cancelling/changing it after the investment plan triggers.

ivormonee

I posted quite a detailed explanatory update on here but for some reason it seems to have vanished! I wonder how or why that would even have happened. Anyway, I'm not feeling I have the energy to re-write everything, as it was very lengthy and time-consuming, suffice to say the conclusion was that it is possible to set up a regular investment plan without needing to also set up a subscription plan. I just wanted to let everyone know.

MK62

EthicsGradient said:

MK62 said:

EthicsGradient said:

SevenUpPear8 said:

For the regular investing, I'm a bit confused by the separate subscription and investment plans. Sometimes the subscription date is a few days before the investment date, but sometimes they're on the same date. Sometimes there's a 2-day gap between the subscription and investment, and sometimes it's longer.

It's probably made worse by the upcoming bank holidays, but it makes me feel a bit uneasy. Maybe the way to go is just set up the investment plan, and set reminders to add cash manually by debit card a couple days earlier?

I think in the below picture, the pairs are supposed to be 1&4, 12&17, 17&22, 24&[date in Jan], but because the dates seem to move month by month because of weekends etc, and potentially crossover into the following month, it's still a bit fuzzy for me.

  

Looks like 2 clear working days between the debit and the investment day. That works for the first 3 pairs; for the last, the 24th and the 31st are both LSE half days, which probably does complicate it - they appear to have opted to wait for Fri 2nd Jan for the investment day (that would be "3 working days from the start of the debit day to the start of the investment day" still).

Why the days between debit days vary so much, I can't tell, though.

My take on it is that as you can only select one-off or monthly subscription and investment dates, the subscription direct debit will be taken from your bank on the first subscription date after your selected date each month.......and likewise for regular investment, that will happen on the first investment day after your selected date.....
So, looking at Dec25 (pictured above), if you select the eg 15th as your subscription date and eg 19th as your investment date, the subscription direct debit will be taken from your bank on the 17th, and the investment will happen on the 22nd.

I don't understand what "selecting the eg 15th" would be, because SW says they'll only take the debit on the 17th (or next working day, in months where that's necessary). You would be, in reality, selecting the 17th. They offer you the 1st, 12th, 17th and 24th, for every month.

Not logged in at the time (posted from mobile), so was going off memory (which ain't what it was... )......but even so, if you select 17th and 22nd as subscription and investment days, then surely they mean they will take the direct debit on the 17th or the first subscription day after the 17th, and will execute the investment instruction on the 22nd or the first investment day after the 22nd........or am I missing something here?