This is a very different process from depositing cash into a savings account.
Investment funds are not accounts designed for easy access cash, these are financial products to help you grow your money over the long term.
When you put your money into an investment fund, you are not simply depositing cash you can easily access, you are actually buying units of that fund (see 'units' in investments basics for more on this).
There is a lead time to buy and sell your fund units, meaning it will take a few days to fully process.
You can take your money out of one of the BlackRock Consensus funds whenever you like, just bear in the mind the lead times that when you sell fund units there will be a delay of a few days before the money becomes available to you (see more below). No withdrawal fees apply.
When you move your money into a fund, you are effectively buying into it. This is not the same process as depositing cash into a savings account.
It can take 6 to 9 working days for your money to clear processing and be actively invested into a fund.
We’ve outlined the process below:
It can take 3 to 5 working days for your money to leave a fund and return to your bank account.
This is not the same process as withdrawing from a savings account. To take your money out of a fund you need to sell your fund units.
On the day you want to take your money you can select how many fund units you want to sell, we’ll give you a cash value estimate based on the day’s fund unit price.
But bear in mind your units will actually be sold within the next 2 working days, so the money you ultimately receive may be slightly lower or higher than this estimate. See more about this below.
When you sell fund units we’ll show you an estimated value based on the day’s price, but you may get more or less back than this amount. This is because the sale of your fund units will take place 1-2 working days after you request to sell.
This is nothing to be worried about, fund units generally are less likely to suddenly shift significantly in value in a single day like with single stocks and shares trading.
This is because investment funds are spread across a wide variety of different assets (stocks & shares and bonds). In essence, even if one asset suddenly changed in value, other assets in the fund may have increased in value, negating some of the effect of the fall in the first asset.
See 'investments basics' for more about how investments funds work.
If your fund is growing it’s likely you’ll receive more than our estimate. On the other hand, if your fund is falling in value, you may receive less than our estimate.
Remember your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.