Funding your account
How to fund your account
Open your account online and you can be up and running within just 10 minutes by paying-in up to £11,000 using your debit card. Once you’ve completed the remaining formalities, such as providing us with an up-to-date bank statement, you can pay-in further amounts as and when you want.
There’s a variety of ways to credit your account, the quickest and easiest of which of to do so online via your debit card. You can also transfer funds between Dealing and Shares ISA portfolios you hold with us. Once credited, your portfolio's 'available cash' balance will show you the amount you have available for trading or withdrawal.
The payment options available to you are:
| Payment option | Use of funds | Considerations |
|---|---|---|
|
Debit card online (Switch/Maestro or Visa/Delta) |
Immediate, once the payment has been approved by your card issuer. | Money paid in, up to £20,000 per occasion, is available for immediate use. Your card must be registered at the same address that we have on our records. Payments cannot be accepted into a SIPP Dealing Account: credits should be arranged via your SIPP Trustee / Administrator. |
| Debit card, by phone | Immediate, once the payment has been approved by your card issuer. | As above. Please have your account details to hand: we will ask you various security questions to confirm your identity. |
| Direct Debit, arranged online or by telephone | Available to use once received by us: payments requested by 3 p.m. will usually be available by the 5th working day thereafter. | The debit can only be claimed by us from your nominated bank account. We will use the authority given at the time you opened your account or any subsequent change. Your Bank may reject the direct debit where it has not been used for some time. If a new direct debit is to be established, please allow sufficient time for this to become active, typically 10 working days. Payments cannot be accepted into a SIPP Dealing Account: credits should be arranged via your SIPP Trustee / Administrator. |
| Cheque sent to us by post. | Available to use once we receive value; typically 5 working days from the date your cheque is received by us and credited to your account. | Cheques must be drawn on your nominated bank account, in your own name, and made payable to Selftrade. Please write on the reverse of your cheque your account number and the type of portfolio to be credited (e.g. Shares ISA). Cheques cannot be accepted to credit a SIPP Dealing account: credits should be arranged via your SIPP Trustee / Administrator |
| Inter-account transfer online or by phone | Available for immediate use. | You can move money between Dealing and Shares ISA accounts in your own name. Having logged-in, select the portfolio you wish to credit, open the Payments tab then select Option 2. If moving money out of an ISA we'll remind you that it cannot be replaced at a later stage unless you have scope within your Annual ISA Allowance. You cannot transfer money into or out of a SIPP Dealing account: these cash movements must be arranged via your SIPP Trustee / Administrator. |
| Monthly direct debit instruction | Available to use as soon as it is credited to your account, typically 3 working days after being debited from your bank account. |
Download, complete and send to us a Direct Debit form. Choose either the 1st or 15th monthly. You should allow up to 10 working days for the direct debit to be effected. Direct debits cannot be made directly to a SIPP Dealing account: credits should be arranged via your SIPP Trustee / Administrator. |
| CHAPS payment arranged via your Bank |
Available to use once received by us: if not shown on your account please call us to confirm receipt. CHAPS payments are usually received the same working day. |
You will normally be required to give instructions to your Bank by noon for a transfer to be effected that day There will normally be a charge by your Bank for this service. |
To arrange payments into your account online, 24/7, simply log-in, choose the portfolio you wish to credit and click the 'Payment' tab. Then follow the simple steps.
Where both you and a partner both hold an account with us and registered at the same address, we can transfer funds between the two accounts. The person sending the money should call our Customer Services or send a secure message. To comply with Anti-Money Laundering requirements, where accounts in different names or at different addresses we may need to see a marriage/civil partnership certificate as confirmation before the transfer is effected. The transfer can take up to 48 hours to complete but funds are then available for use as soon as credited to the receiving account.
Transferring stock or cash
You can also fund your Selftrade account by transferring in existing holdings, either from certificates or from an account with another broker.
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Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.
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