Halifax warns customers over a little-known £50 rule
Their Ready Made Investment ISA must have a minimum deposit of £500 lump sum or £50 a month.
A saver asked: "Do you have any minimum limits (for either a one off payment or regular monthly payments) when opening a stocks and shares ISA?"
In response, Halifax explained: "The Stocks and Shares ISA can be invested in at any time with any lump sum amount or any small amounts regularly."
They added: "Our Ready Made Investment ISA would have a minimum deposit of £500 lump sum or £50 a month."
Customers start with £50 a month or a £500 lump sum, and pick a level of investment risk you're happy with. You can apply and manage things online, using the Halifax app or Online Banking, per BirminghamLive.
Ready-Made Investments are looked after by experts, so you don't have to do a thing. Halifax advises: "Decide which level is right for you - cautious, balanced or progressive. You can change this if your circumstances or attitude to risk changes in the future.
"Open an Investment ISA or an Investment Account. Everyone wants their money to work harder for them, that's why more of our customers are choosing Ready-Made Investments.
Recommended reading:
"Our Ready-Made Investments contain investments picked by our experts helping take the worry and confusion away." It says: "Keep in mind, investing in stocks and shares is a longer-term commitment and it is not a substitute for cash savings.
"We recommend you leave your money invested for around five years. You should still make sure you have 'rainy day' cash savings to cover unplanned expenses and emergencies.
"It's always worth regularly reviewing your goals." You can adjust, track and top up using Online Banking or the app, like everyday banking.
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