Order types

The value of investments can fall as well as rise and you could get back less than you invest. If you’re not sure about investing, seek independent advice.

When you buy and sell investments, you give us an ‘Order’ – it’s an instruction to buy or sell the investment you’ve chosen.

There are different order types for different asset classes and it’s important to understand how they work. We’ve set them out below, with the types of investment they apply to.

Single fund investment or sale

This is a one-off fund purchase or sale. You place one instruction for each fund whenever you want to buy or sell. Your instruction will receive the next available fund manager valuation point after our next internal cut-off time.

Regular investment – funds/shares/ETFs/investment trusts

You can give a single instruction to make repeated purchases of a specific fund, share, ETF or investment trust on a monthly, quarterly, half-yearly or annual basis.

At best – shares/ETFs/investment trusts/gilts and bonds

Get the best price available to us at the time for the investment and quantity you want to buy or sell. You can place at best orders at any time and if the market is closed, your order will be processed when it reopens again. Because you can’t set a price, the actual price at which you buy or sell may be higher or lower than you expected.

Quote and deal – shares/ETFs/investment trusts

Buy or sell an investment almost instantly whenever the relevant market is open. You’ll get a real-time quote, held for 15 seconds, so you know the exact price.

Limit order – shares/ETFs/investment trusts

Buy or sell at a price set by you, which can either be higher or lower than the current market price. Your order will be placed automatically once the set price is reached or exceeded. We monitor your limit orders automatically until the order expires. If your set price isn’t reached, your order will expire without an order being placed. You can place limit orders for up to 30 business days.

Limit order – gilts and bonds

Set a limit for the price you’re willing to pay to buy or sell your chosen investment. This can either be higher or lower than the indicated current price, however, if the price can’t be achieved at the time you place your order, no deal will be executed. Your order won’t be kept or watched for any period of time but will be placed or rejected as soon as appropriate.


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