Tilney Bestinvest £60 to close ISA account

Bertieburt
Bertieburt Posts: 6 Forumite
in Savings & investments
Hi I have a funds ISA with Tinley BestInvest - I recently sold all of my investment funds held in the ISA wrapper and withdrew the cash. All the sale proceeds except £60 were paid into my bank account.

It seems I am unable to withdraw the final £60 If I close the account the £60 will be taken by Bestinvest as an account closure fee.

I have asked Bestinvest how I can obtain my £60 - it seems to me unreasonable for them to retain this sum especially as % fees were charged monthly on the investment funds in my ISA - needless to say I have drawn a blank on getting my money out.

Does anyone know how I could proceed ? for example if I bought £60 worth of a new investment fund - I know its possible to move funds out - could I move them to another manager then sell the fund and withdraw all of my proceeds ?

any advice much appreciated

Comments

  • coyrls
    coyrls Posts: 2,432 Forumite
    First Anniversary Name Dropper First Post
    If their account closure fee is £60, then you have to pay it when you close the account, so my advice is to pay it.
  • TCA
    TCA Posts: 1,530 Forumite
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    You presumably signed up to these charges when you opened the account, so should have been aware. If you buy and then transfer another investment to a new provider they'll charge £25, although transferring cash might be free. You'd need to bear in mind any new provider might have custody charges, dealing charges and/or more closure charges.
  • Keep_pedalling
    Keep_pedalling Posts: 16,618 Forumite
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    They have a £20 per asset fee on transferring out. This is something you will have signed up,to when you opened the account, so you have lost that £60 I am afraid.

    https://www.bestinvest.co.uk/media/1602/keyfacts-non-advised.pdf
  • greatkingrat
    greatkingrat Posts: 325 Forumite
    First Anniversary First Post
    No point paying them the £60, might as well use the money to buy a fund and leave the account open.
  • Keep_pedalling
    Keep_pedalling Posts: 16,618 Forumite
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    Keep_pedalling wrote: »
    They have a £20 per asset fee on transferring out. This is something you will have signed up,to when you opened the account, so you have lost that £60 I am afraid.

    https://www.bestinvest.co.uk/media/1602/keyfacts-non-advised.pdf

    Edit - re-reading the OP this was a closure rather than a transfer out, so that is a fee of £50, with presumably a little bit more held back for the 0.45% management fee for the period since that was last billed.
  • Keep_pedalling
    Keep_pedalling Posts: 16,618 Forumite
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    greatkingrat wrote: »
    No point paying them the £60, might as well use the money to buy a fund and leave the account open.

    He can't bridges already burnt here, the fees still need to be paid.
  • eskbanker
    eskbanker Posts: 30,995 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Keep_pedalling wrote: »
    Edit - re-reading the OP this was a closure rather than a transfer out, so that is a fee of £50, with presumably a little bit more held back for the 0.45% management fee for the period since that was last billed.
    The £50 closure fee is quoted exclusive of VAT, so I suspect it's that which takes the figure to £60, unless the 20% difference is entirely coincidental!
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