Frequently asked questions
What is monthly savings?
Monthly savings is a way to automatically top up your account each month via direct debit. There are two types of monthly savings: monthly cash saving or monthly investment savings. Cash savings will deposit money into your cash balance which you can invest when you want. Investment savings will purchase an amount of your chosen fund each month. All monthly savings are collected from your linked bank account on or around the 25th of the month.
How do I set up monthly cash savings?
Just follow these steps:
- Go to the account that you'd like to add the monthly cash savings to
- Navigate to the ‘Monthly savings’ tab and click on 'Add monthly cash saving'
- Follow the prompts on the screen to choose the amount of cash you want to add each month
What is the minimum monthly amount for cash?
The minimum amount for monthly cash savings is set at £50.
How do I set up monthly savings into a fund?
Just follow these steps:
- Go to the account that you would like to add the monthly investment to
- Navigate to the ‘Monthly savings’ tab and click on 'Add monthly investment'
- Follow the prompts on the screen to choose the amount you want to invest each month and which fund to invest in
What is the minimum monthly amount for funds?
The minimum amount for monthly savings is set at £50 as this is the minimum investment into most funds.
Can I set up monthly savings into shares?
No. We only provide the monthly savings for funds.
How do I amend/cancel a monthly saving?
You’ll need to be logged in to make any changes.
To amend:
- Select the relevant account and click the ‘Monthly savings’ tab
- Click ‘Edit’ next to the saving you wish to update
To cancel:
- Select the relevant account and click the ‘Monthly savings’ tab
- Click ‘Remove’ next to the saving you wish to cancel
- Click ‘Confirm’ to make the change
Changes made before the 10th will take effect in the current month. Changes made after this date will take effect the following month.
Can a monthly saving take me over my ISA allowance?
Don’t worry, if you’ve set up a monthly saving that will take you over your ISA limit, we will spot these, put it on hold and send you an email letting you know we haven’t processed it. Your saving will then restart automatically once you have unused allowance again, for example at the start of the new tax year.
How much does monthly savings cost?
It's free. There's no charge for setting up monthly cash or investment savings. We simply charge the annual service fee which is collected monthly in arears and is based on the value of the assets you hold. If you have a SIPP there is also the minimum £10 per month service fee.
