Shepherds Friendly Stocks & Shares ISA @ QuidCo
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Shepherds Friendly Stocks & Shares ISA @ QuidCo

13
Found 10th Mar 2014
I was looking for an ISA and the rates are dire as you well know. Santander are for example offering 2.3% (one of the highest rates today).
So I looked at Stocks and Shares ISA, and looked on Quidco for cashback to boost any saving made.

This one from Shepherds Friendly (in Cheadle) pays £350 cashback for Stocks & Shares ISA application with a monthly premium of £900.01 and above. As rates are so low I was going to withdraw from current ISA (not transfer) and pay monthly into this ISA (minimum you have to pay is 3 months so you could reduce after 3 months to £50). Alternatively you get £140 for for a Stocks & Shares ISA with a lump sum of £11,520 and above. Remember these investments can go down as well as up, but its a LONG term saving plan.

Please provide feedback if its not a good deal or you know better as I will be applying in next few day, will help the HUKD community too!
(Help by explaining why your voting cold please!)

13 Comments

Normally not a good idea to withdraw from an ISA to put into another one . I'd check into their annual/initial charges and compare to say Fidelity . I know they're after your business but they're not giving you £350 for nothing ,you may find out their charges compared to others may outweigh the £350 cashback and remember the £350 is a one off , management charges are ongoing every year however they're taken from your account be it by an annual lump sum or a percentage (management ) charge on your investment .

3% initial charge and 1.5% annual charge to bear in mind!

Get a 123 account it pays more

sherbolton

Get a 123 account it pays more


I think we're talking about a Stocks and Shares ISA not a Cash ISA ( which you can only put £5760 in this year ). 3% initial charge seems hefty to me .

rogparki

I think we're talking about a Stocks and Shares ISA not a Cash ISA ( … I think we're talking about a Stocks and Shares ISA not a Cash ISA ( which you can only put £5760 in this year ). 3% initial charge seems hefty to me .


123 account is a Santander current account. Pays3% on balances upto £20k.

Original Poster

rogparki

I think we're talking about a Stocks and Shares ISA not a Cash ISA ( … I think we're talking about a Stocks and Shares ISA not a Cash ISA ( which you can only put £5760 in this year ). 3% initial charge seems hefty to me .

However as its Stocks and Shares will go up considerably more than what the fees are. (Hopefully).

Original Poster

Oneday77

123 account is a Santander current account. Pays3% on balances upto £20k.


Im trying to get alot more than 3%!
Hence stocks and shares which out perform banks (judgin by past history)

Oneday77

123 account is a Santander current account. Pays3% on balances upto £20k.


Which is taxable ,while once your money is in an ISA its free of the taxman for life . I'm hoping rates will rise over the next year or two then I can transfer my tax free ISA pot into a Cash ISA paying a decent rate . After tax you may get 0.5 % more at the moment but you wont have a Tax free pot to transfer when rates go up .

single_lonely

Im trying to get alot more than 3%! Hence stocks and shares which out … Im trying to get alot more than 3%! Hence stocks and shares which out perform banks (judgin by past history)


I like to think of my investments as a pint of beer . The body is formed by boring premium bonds and Cash ISAS the froth by Stocks and shares investments . Whilst my glass is now overflowing with froth due to the outstanding performance of equities over the last 3 or 4 years it was looking a pretty flat pint from 2006 - 2010 . Not for widows and orphans they say . Do check on comparable initial and annual management charges , they can knock a big hole in your investment (far bigger than 1% would suggest ) . Also bear in mind stock markets are at an historical high ,is there any value left ? I havent a clue , but it is fun being in the market provided you can accept that some losses could be round the corner .

I couldn't vote hot or cold on this one without checking out the figures .On the face of it the charges seem high compared to Fidelity who I have my equity ISAS with . If it were my money I'd do my sums very carefully as I suspect the £350 cashback may not be the present it appears to be taken over time . My gut feeling would be to keep my present ISA intact and pay monthly sums into a Fidelity or Hargreaves Lansdown Stocks and Shares ISA in perhaps 2 or 3 different funds .

rogparki

I like to think of my investments as a pint of beer . The body is formed … I like to think of my investments as a pint of beer . The body is formed by boring premium bonds and Cash ISAS the froth by Stocks and shares investments . Whilst my glass is now overflowing with froth due to the outstanding performance of equities over the last 3 or 4 years it was looking a pretty flat pint from 2006 - 2010 . Not for widows and orphans they say . Do check on comparable initial and annual management charges , they can knock a big hole in your investment (far bigger than 1% would suggest ) . Also bear in mind stock markets are at an historical high ,is there any value left ? I havent a clue , but it is fun being in the market provided you can accept that some losses could be round the corner .




Who's a clever boy, then?

I've had one of these for both myself and the wife but through Another Provider, based on what I saw I picked the funds and we've invested the total allowance (current tax year £11,520) each, I promise I'm not showing off we've just had a good few years with both of us working and living frugal so had decent savings. Year on year after charges we've had 7.2% growth. For us the additional risk seems to have paid off quite nicely.

For anyone else that wants to do similar I'd advise getting some genuine advice from a qualified financial adviser first. Best to make sure to check they are on the FCA (financial conduct authority) register. There are lots of rules related to this so make sure you do research, as shown above the risk is higher but you can spread it out and reduce it to some extent.

Voted HOT because for me it has been positive
Edited by: "alternatum" 10th Mar 2014

Fidelity are far cheaper and I believe there is also £100 cashback at Quidco.
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