Legal and General ISA

leicsmarkyr

The Legal and General ISA shown at this link:

www.legalandgeneral.com/investments/isas/index-tracking-isa/your-options.html

It states:
You can invest a minimum lump sum of £500 or a regular minimum contribution of £50 per month.


Does anyone know how many months you have to put £50 month in or can you just do the one month?

Baldur

leicsmarkyr wrote: »

Does anyone know how many months you have to put £50 month in or can you just do the one month?

The phrase 'regular minimum contribution of £50 per month' suggests more than one monthly contribution - their annual fees on a single £50 subscription wouldn't even pay for the paperwork involved.

leicsmarkyr

Baldur wrote: »

The phrase 'regular minimum contribution of £50 per month' suggests more than one monthly contribution - their annual fees on a single £50 subscription wouldn't even pay for the paperwork involved.

I understand the term regular :rotfl:
And from the calculation I work, its 25p for every £50 added to the account that they charge.

The reason I ask is because with Quidco if you open an account with them, you get £110. So was thinking £50 in; I might make some money on the ISA but I would get some cash back too

YorkshireBoy

Discussed at length in several other threads on the site.

Use the forum search tool (top right of your screen), looking for "legal general quidco" (without the quotes).

leicsmarkyr

YorkshireBoy wrote: »

Discussed at length in several other threads on the site.

Use the forum search tool (top right of your screen), looking for "legal general quidco" (without the quotes).

Thanks YorkshireBoy, I did a search and found a few threads which have read. Should have done in the first place :rolleyes:

But I cant see any answer to if anyone has just paid say one month of £50 and just left the account to 'tick over'. If I put £50, I am happy just to leave it there and if lose it, not the end of the world

RayWolfe

You will have to give them a DD mandate. You can cancel that at any time but you may have to give 15 day notice. So I guess you could do it if you cancelled after your first payment was taken.
Why you would want to only invest £50 is another question.

leicsmarkyr

RayWolfe wrote: »

You will have to give them a DD mandate. You can cancel that at any time but you may have to give 15 day notice. So I guess you could do it if you cancelled after your first payment was taken.
Why you would want to only invest £50 is another question.

To get the £110 cashback from Quidco is the only reason.

I emailed L&G and they advised the following:

I understand that you have an enquiry relating to the monthly payment option for ISAs. I can confirm that you would be able to stop adding funds to the account if you wished to do so. You would need to contact our Retail Investments Team regarding this.

[SIZE=+0]They can be contacted via telephone on 0870 050 0955. Opening hours are 8:30 to 6pm, Monday to Friday. Alternatively, you can write to the following address:

Legal & General Retail Investments
Customer Services
PO Box 1004
Cardiff
CF24 0YS

In the meantime, if there are any other web related enquiries, please do not hesitate to contact us here at the Web Support Team, either via email or telephone on 0845 073 0785. Our opening hours are 8:30am to 6pm, Monday to Friday.

[/SIZE]

turbobob

Might be worth checking with Quidco whether that would be viewed as a genuine transaction. Bear in mind it typically take a few months for the cashback to go through. I don't think its in the spirit of what they are trying to achieve TBH.

Milarky

You could just pay for a month but the only guarantee of L&G paying the bonus to Quidco is if you keep the account open in the meantime. The terms and conditions allow them the right....

to close your Account by giving you one month’s notice. In particular, we may give you written notice to close your Account if it is no longer feasible to continue it because of changes to the Regulations, or if you fail to meet these Conditions, or if we breach the Regulations. We will not be liable to you for any loss, liability or damage you may suffer if we do close your Account for these reasons.

Where two successive direct debit Payments fail to be collected, we have the right to close your Account if the total value at that time is less than £350.

By coincidence, I just have just closed my 'Quidco' L&G ISA and got the funds today*. It was for £50 per month from opening - and I stopped after 8 months by contacting L&G to cancel the DD - and have cashed in 2 months after that. All this was done with the thought of repeating the exercise. For instance, I wanted to stop the payments before the new tax year so that I hadn't subscribed in2008/09 by default on the monthly payments. I am now free to choose a different S&S ISA provider and there is no reason it should not be L&G is there?


[*I got 434 back from 8 x 50 - in addition to £105 from Quidco - so that is a good return on the 'break even']

wellsie82

turbobob wrote: »

Might be worth checking with Quidco whether that would be viewed as a genuine transaction. Bear in mind it typically take a few months for the cashback to go through. I don't think its in the spirit of what they are trying to achieve TBH.

i agree with you, quidco will be on the lookout for people abusing the offer

we invested a lumpsum last year and did my mum, on both occasions the cashback wasn't paid very quickly and so i reckon they possibly check the accounts are still live before paying the cashback out

if i was you id be opting for the lump sum or pay the dd till the cashback goes on, you may even make a few bob on the investment too

Milarky

wellsie82 wrote: »

If I was you I'd be opting for the lump sum or pay the DD till the cashback goes on You may even make a few bob on the investment too.

Only if you have confidence in that investment, otherwise a lump sum is taking unnecessary risks. A monthly sub reduces the risk. Although you could get lucky, that is still a gamble

For example my units were bought as follows

Bought:
10 Aug 2007 69.60pence - 71.839units £0.00P/L
10 Sep 2007 71.39pence - 70.038units £1.29P
10 Oct 2007 81.29pence - 61.508units £16.33P
12 Nov 2007 77.11pence - 64.842units £6.83P

(5 Dec 2007 Quidco bonus received)

10 Dec 2007 78.41pence - 63.767units £10.32P
10 Jan 2007 77.58pence - 64.450units £7.56P
11 Feb 2008 70.32pence - 71.104units £21.22L
10 Mar 2008 68.17pence - 73.346units £31.27L

Sold:
16 May 2008 80.27pence - 540.894 units £34.18P

£500 worth bought on the first date, for instance (69.60pence), would have been in a consistent profit as happens - even on 11 Feb and 10 Mar - and could have been sold on the same date - 16 May for an additional 6 percent - £27 extra on my £400 plus £15.33 on the extra £100. But I preferred to play 'safe' - and with less money...