New to Fidelity Platform – A Few Questions…
I’ve just opened a JISA with Fidelity UK and whilst i’ve done a ton of research on the fund i'd currently like to invest in and the platform i want to use, now that i’ve come to make my first investment i’m a bit unclear as to what the actual process is from adding cash to the account and how it’s used to buy regular funds and how long that typically takes. I was hoping someone who uses Fidelity might be able to help explain.
I opened the account in my name (on behalf of my 2 year old son) by setting up a monthly DD from my personal bank account. In addition to the DD i also manually transferred £200 from my personal account (just to get an investment underway as i wait for the monthly DD to take effect).
The £200 cash transfer registered in the JISA as ‘cash available to invest’ which i immediately used (100% of) to buy investment in the fund i’ve chosen to invest in once the DD (regular saving plan) is up and running.
However, both the £200 ‘cash in lump sum’ and the subsequent fund purchase from 4pm yesterday (18/08/21) are still showing as ‘pending transactions’ which raised a few questions…
- The ‘cash in lump sum’ shows a settlement date of 23/08/21. Does this mean it takes 5 days for any cash transfer to clear before it can actually be used to purchase the fund i’ve 'invested in' and have it register in the JISA account as an investment?
- Will the purchase price of the fund reflect the price as of 18/08/21 (day of investment) or that of 23/08/21 (settlement date)?
- The fund purchase itself (Vanguard ESG Developed World All Cap Index) looks to be reflected by two currently pending transactions, a ‘Buy’ transaction type (£200) and a ‘Cash Out For Buy’ transaction type (-£200), neither of which have a settlement date currently listed. What is actually happening here, is the cash waiting to be bought before it can be used to buy the fund? Again i'm new to this and it would be good to understand the process currently underway and when i can expect to see the investment reflected in my sons JISA account.
Screenshot of the current transaction overview...