Frequently asked questions

The Vantage Service is a fund supermarket or wrap platform made up of the Vantage ISA, SIPP, Fund Account and Share Account. The Vantage Service offers the flexibility of a wide investment choice as well as the ability to consolidate your existing holdings in one portfolio which is easier for you to monitor and to manage your investments.

For simplicity we often refer to the Vantage Fund Account and Vantage Share Account as separate accounts however when you apply you will actually hold a single Vantage Fund & Share Account. There is no charge to hold funds or shares within the account however dealing charges apply to shares.

• A choice of more than 2,000 funds from leading fund managers, shares, investment trusts, Exchange Traded Funds (ETFs), gilts, corporate bonds and cash.
• Savings of up to 5.5% on funds initial charges and annual savings of up to 0.5%. No dealing fee to buy or switch funds. Please note the annual savings are not available in the Vantage SIPP.
• The best information – regular newsletters written by experts to help you make your own investment decisions. Free online research, fund alerts and investment news. Telephone Help Desks if you ever have a query.
• A comprehensive and consolidated statement twice yearly.
• All accounts can be managed online, by telephone or in writing.

We can save you money on new and existing investments and reduce your paper work.

To read more about each account follow the links below:

Vantage ISA
Vantage Fund Account
Vantage Share Account
Vantage SIPP

You can set up an ISA, SIPP, Fund Account or Share Account online using a debit card.

Alternatively, you can send us an application form via the post. Application forms can be downloaded here or can be requested from our Help Desk on 0117 900 9000.

The Vantage ISA and SIPP can also be opened over the telephone with a debit card. To open an ISA call 0117 980 9950 (Mon to Fri 9am – 5pm). To open a SIPP call 0117 980 9897 (Mon to Fri 9am – 5pm). Please have your National Insurance Number to hand. If you already hold ISAs, funds, pensions or shares with other providers it's simple to transfer them into the Vantage Service. Our transfer forms are available online and we will open an account for you as soon as we receive the form.

We usually refer to open ended collective investments as funds. This includes Unit Trusts, OEICs (Open Ended Investment Companies), ICVCs (Investment Company with Variable Capital) and SICAVs (Société d'investissement a capital variable). Funds can invest in a number of asset types including shares, bonds, commodities, property and other funds. Funds can provide varying levels of diversification by collectively investing the money of individuals in a number of assets such as shares or bonds. Investors may also benefit from scale economies resulting from the size of funds and their ability to spread costs. The majority of funds are actively managed by a fund manager with the aim of outperforming the market or sector the fund is invested in.

The vast majority of funds price daily (on working days), mostly at midday. The forward pricing system means that when you place a deal it will be traded at the next available valuation point, typically at midday on the next working day. This means that you will not know the exact price that you will buy or sell at when you place the deal.

The class of unit held will affect the way income generated from the fund is treated. With income units, income is paid into your Vantage account as a cash amount. This is then paid out, held on your account or reinvested depending on how you have instructed us to deal with income in your account. With accumulation units income is retained within the fund, although the number of units remains the same the price of each unit increases and hence the value of your holding rises.

We have negotiated terms with fund management companies which allow us to offer savings on initial charges. The way in which this saving is applied depends on whether the fund is a dual priced Unit Trust or single priced such as an OEIC. More information on how this saving works is detailed in the HL Guide to Fund Prices, Savings and Yields.

We produce a great deal of research to help our clients make their own informed investment decisions. Vantage clients receive our Investment Times magazine in which we regularly highlight funds that we feel our clients might like to consider. In the Investment Times Performance and Discount Review and on our website we also offer the Wealth 150, a list of our favourite funds in each sector. Monitored by Mark Dampier and our fund analysts it is many of our clients' first stop for investment ideas.

We also feature fund factsheets on our website in the 'Fund research & discounts' section. These factsheets provide detailed information on where and how a fund is invested, as well as performance graphs and fund comment.

If you would prefer someone else to make the day to day decisions on which funds to buy, sell or hold then a Multi-Manager fund may be of interest. As a type of fund of funds, a multi-manager fund is a professionally managed portfolio of individual funds. Hargreaves Lansdown operate four independent multi-manager funds with different investment objectives: Cautious, Balanced, Income and Growth and Special Situations. You can find out more about Multi-Manager Funds here.

If you require personal financial advice regarding your investment portfolio, we have a team of Financial Practitioners who would be able to offer you this service. They can help you take control of your financial situation or even manage your investments on a discretionary basis through our Portfolio Management Services. You can find out more about our advisory service here, or you can contact our Advisory Help Desk on 0117 317 1690.

The Wealth 150 is our research team's list of their favourite funds in each sector. It covers a range of investment areas and themes, and is updated as and when our research team feel it appropriate. Our team of experts look for Fund Managers whose stock picking talent will provide investors with returns above that of their peers and their benchmarks. If a fund is not on the Wealth 150 list this is not a recommendation to sell. However, if you are thinking of making a new investment we believe that the funds on this list are superior alternatives. The current Wealth 150 list can be viewed here.

Many funds offer you the choice between income and accumulation units. If you choose income units the income you receive will be dealt with as per the income instructions for your Vantage ISA, SIPP or Fund & Share Account.

The Vantage ISA and Fund & Share Account can be set up to treat income in one of three ways. The Vantage SIPP can be set up for reinvestment or deposit only:

1. Reinvestment -  Income will be held within your account and accumulated until it exceeds £50 per holding for Unit Trusts/OEICs and £200 per holding for other investments, when it will be automatically reinvested. We will do this within 10 working days of the end of each month.
2. Deposit -  Income will be held on your account pending your further investment instructions.
3. Pay out an Income - Income will be paid out directly to a nominated bank/building society account. This payment will be made within 10 working days of the end of each month.

The instruction you give will apply to all holdings within that account.

You can set up a direct debit to invest into a fund on a monthly basis in a Vantage Fund Account. It is possible to set up the instruction online or by sending us an application form. The minimum monthly amount we ask for if setting up the regular savings instruction online is £50. If applying for a regular savings plan into the Fund Account via the post, the monthly minimum is £100. This is subject to a minimum of £50 per fund.

Payment will leave your bank account on the 7th of each month (or the next working day if the 7th is not a working day) and investments are made on the 10th (or the next working day if the 10th is not a working day).

If you wish to change the amount of money we request from your bank account or wish to change the funds you are investing in, please contact our Help Desk on 0117 900 9000 quoting your master password. Alternatively complete a Regular Savings - Change to Contribution form or a Change your Fund Choice form.

If you wish to cancel your direct debit please provide us with a written instruction. If you would like to change the bank account from which the monthly payments are made, we will require a new direct debit mandate.

We will need to receive any new instructions no less than 10 working days before the next payment is due to be made.

Hargreaves Lansdown receives annual renewal commission from most Fund Managers. We share this renewal commission with our Vantage clients in the form of an annual saving, which we call the Loyalty Bonus. The Loyalty Bonus is credited to a separate Loyalty Bonus Account within your Vantage portfolio.

The Loyalty Bonus can be withdrawn (subject to a minimum of £5) on receipt of a signed letter of instruction, or you can complete and return our Cash Withdrawal Form. Alternatively, you could use this money to fund a further investment into a Vantage account.

Within each Vantage account cash is held in two separate cash management accounts, the Income account and the Capital account. Any dividends or tax credits you receive are paid into your Income account. Any other payments you make into your Vantage account are held on the Capital account.

A Vantage Fund & Share Income Account can be set up to treat income received in one of three ways:

1. Reinvestment: Income will be held within your Income Account and accumulated until it exceeds £50 per holding for Unit Trusts/OEICs and £200 per holding for other investments, when it will be automatically reinvested. We will do this within 10 working days of the end of each month.
2. Deposit: Income will be held on your Capital Account pending your further investment instructions.
3. Pay out an Income: Income will be held temporarily within your income account and then paid out directly to a nominated bank/building society account. This payment will be made within 10 working days of the end of each month.

The monies held in the Vantage Fund & Share Capital account can be used for investment.

We will pay interest on money held as cash in the Capital account. The rate of interest will depend on the value of the cash you hold. View current rates of interest.

Interest is not payable on money held in the Income account.

The interest on cash held in your Vantage Capital account is calculated on a daily basis and credited to your Vantage account monthly (within the first 10 working days of the month).

In order to withdraw cash from a Vantage Stocks & Shares ISA we would require you to send us a signed letter of instruction or, if you prefer you can complete and return a Cash Withdrawal Form. If you provide us with your bank details (account number, sort code, and if applicable the building society reference number) we can arrange a payment of this money by BACS. Alternatively, we will send you a cheque.

The length of time taken to transfer a holding into the Vantage Service will depend on how quickly your existing manager completes the necessary administration. This varies from manager to manager however on average a transfer of stock (where your existing holdings are brought across as they are) will take approximately 3-4 weeks. A cash transfer (where the existing investment is sold and transferred to us as cash) is likely to take approximately 10 working days. You are out of the market for the duration of a cash transfer however you will retain any associated ISA wrapper.

In order to invest directly into the stock market you must be over 18 years of age. If you would like to invest for a child you can do so in a designated Vantage Fund & Share Account. This is an account set up in the name of an adult for the benefit of a child. If you would like further information please contact our Help Desk on 0117 900 9000 to request our Investing for Children pack.

It is also possible to invest in a SIPP for a child, please read our SIPP frequently asked questions for further information.

Online: If you're registered, simply log in to your account to place a deal. If you're not already registered you can request a PIN here.

Telephone: Provided you have a master password on your account, call our stockbrokers on 0117 980 9800.

Post: Send a signed letter of instruction to: One College Square South, Anchor Road, Bristol, BS1 5HL.

Alternatively, you can download and return a dealing form.

Funds:
There is no dealing charge for switching funds, you would be out of the market overnight and on the repurchase of a new fund you would incur the initial charge for this fund, minus any discount we can offer.

Shares:
If you are trading in shares, you will incur dealing commission. View our current dealing tariff.

Yes. You can transfer ISAs, pensions, fund or share holdings into the Vantage Service. For further information on how to transfer these different types of investment please select from below:

• Cash ISA
• Stocks & Shares ISA
• Funds
• Shares
• SIPP – pension transfers

Any deal placed will need to settle before the cash proceeds are available to be paid out. The settlement period for Unit Trusts/OEICs is four working days. The settlement period for shares and investment trusts is three working days. We can pay out cash on the day of settlement, assuming that we have received a signed written instruction to do so.

If you already have access to your Vantage portfolio online, any new accounts you open in your name will be displayed in the same place.

If you apply for an account online, you will set up online access to your account as part of the application process. If you apply by post or over the telephone, we will automatically send you a PIN number via the post which will allow you to register for online access.

If you have an existing account and would like to set up online access, you can register for online access on our homepage.

We send an Investment Report containing a valuation and statement of your account twice a year. These arrive with our clients in mid May and mid November. You can view historic Investment Reports online if you have online access set up to your Vantage account.

In May you will receive a consolidated tax certificate with your Investment Report. This will detail the dividends and income received in your Vantage Fund & Share account and the tax which has been deducted. Usually you will be able to simply attach this to your tax return.

Yes. It is possible to trade in ETFs (Exchange Traded Funds) in any of our Vantage accounts. Exchange Traded Funds or ETFs are stock market traded investments which track an index i.e. the FTSE 350. They are open ended mutual funds listed on the stock exchange and can be bought or sold through a stockbroker in the same way as an Investment Trust or ordinary company shares. Further information about ETFs can be found here.

ETFs are subject to our standard dealing commission of 1%, min £10 (£15 in the Vantage Share Account) - max £50. No stamp duty is applicable on ETF purchases. If you would prefer to deal online, most ETFs are available online. Our online dealing tariff is:

We have put together a summary of the key protections that apply to you as a private investor:

How safe is your investment with Hargreaves Lansdown

Yes. If you need financial advice on your portfolio, or guidance as to how to save tax and make the most of your money then our Financial Practitioners can help. They can help you take control of your financial situation or even manage your investments on a discretionary basis in our Portfolio Management Service if you prefer. Further information can be found here.