Inspired me to do some digging in my own Nutmeg LISA . Paid Ā£39.89 total fees in the 2 years of having this account (not bad, they have to operate a sustainable business plus they actively manage the portfolio) and my current monthly fee is Ā£3.20/month so tracking around Ā£40/year.
So with Dodl at 0.15%, Iāll personally save Ā£25+ a year at my current LISA value once they enable transfers over. The more we get to keep in our pockets via lower fees and higher returns the better as compounding interest/fees works both ways.
Has anyone else dug into their account platform fees and potential for savings to be made elsewhere?
Ah really? Yes, by investing one off it allowed me to buy fractional shares of Vanguard Lifestrategy 80%. In iOS donāt have ability to invest monthly at the moment, but Iād be surprised if it was only whole shares for investing monthly.
Hmm, the app is definitely trying to make me buy in whole shares for invest monthly on android. Iāll check with CS what the deal is. They say they donāt do fractional shares, but that seems to be what youāve done
Chatting to CS has been like trying to communicate with another planet. Maybe itās me being useless, but I canāt get any sense out of them. They keep banging on about whether Iāve accepted the investor key information or not.
I tried uploading screenshots, but I canāt allow the app to access storage - there are no permissions listed under app settings.
Hmmm.
Not that thereās any great hurry for me, as they still havenāt got Lisa transfers in android yet
Hmm, I think this is either a bug, or buy design for investing monthly specifically. As their FAQs does say āfor shares, they donāt have fractional sharesā which Iād interpret to mean on the 50 U.K. individual shares available that this applies.
Clearly Vanguard 80% is a fund so you shouldnāt be seeing this error, bit odd. My second thought is maybe itās to do with available cash in your account, but then even still the error message doesnāt make sense.
Iām stumped, Iām sure the answer is somewhere but itās not great CS isnāt a better experience at this early stage of probs low thousand of users.
Yeah, I think it must be a bug or poor workflow because Iāve purchased a fraction just fine manually.
If it requires money to be in your account first, thatās a bit silly, as obviously I want to do monthly deposits. I thought it might send me to the direct debit workflow, which would make more sense. Or am I supposed to know I have to set up a direct debit first?
Iāve also seen in the FAQ that they recommend keeping enough in cash to cover your monthly fees. Now that is not great, particularly if like me you want to set up a monthly amount and forget about it. It sounds like itāll require periodic interaction, which Iām not keen on. Or over-depositing or something. Iād rather they took fees by separate direct debit or selling a fraction.
Havenāt heard back from CS, so will see what they do with my screenshotsā¦
I think thereās great potential, but still finding its way it seems
Turns out itās a bug that will be fixed soon. Thank goodness.
Also, side note, my 2 interactions with customer support so far have been quick and effective.
They must have had this from a few people, as they came back to me with an almost identical reply.
I think the CS rep I contacted went down the wrong route, treating it as user error, when I think my message was pretty clear and explicitā¦ Anyway - teething problems, as one would expect
Is it possible to transfer-in a Cash LISA to an Investment LISA? Thought they had to be the same type. Iāll be transferring my Nutmeg Investment LISA as soon as they make it possible.
Yes, it is supposed to be possible. There are problems if youāre over 40 (or used to be problems?), because you couldnāt technically open a new account. Massively poor design. I wonder if thatās sorted now thoughā¦
The main issue is that so few providers actually have the facility. Presumably itās just not very attractive or profitable, as transfers between providers are supposed to be free of charge (though obviously the cost must be factored in to rates etc.).
The weird thing with Lisas is that you canāt pay in to a cash and a stocks and shares in the same year - in contrast to the standard isa. So if you canāt transfer, youād end up paying into each type in alternate years only
Not really a problem we shouldnāt know about as they do highlight this when you set up the direct debit for the first time, but granted itās not the cleanest user experience as a lot of people will be caught out but this for their very first monthly schedule investment:
1st Dodl account fee came outā¦ and 1st Gov Lisa bonus came through, actually forgot this is the whole reason I have an investment LISA account till I saw this, so Iām no longer in the red . Back to having more money in the account than I put in
Nutmeg. Just to clarify havenāt started the process yet, just waiting on them to activate the feature. Theyāve removed the button from the app, probs best until itās actually ready.
Do you hold a LISA anywhere and would you transfer it? @Peter_G
. Paid Ā£39.89 total fees in the 2 years of having this account (not bad, they have to operate a sustainable business plus they actively manage the portfolio) and my current monthly fee is Ā£3.20/month so tracking around Ā£40/year. 
that will be fixed soon. Thank goodness.
. Back to having more money in the account than I put in 
