Avoiding share dealing exit fees?

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vigman
vigman Posts: 1,377 Forumite
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edited 22 January 2018 at 3:39PM in Savings & investments
I have only about 6 holdings with X-O and had been thinking of a HL S&S ISA. However I see there is a £15 per holding charge to transfer out of xo

Would it make sense to cash out the xo holdings then rebuy within HL?

Selling in xo would cost £5.95 a holding. Haven't checked buying per holding in HL

Or should I leave the xo shares where they are and start a new HL account?

Total holdings only 2k

Any thoughts welcomed

TIA

Vigman
Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
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  • ColdIron
    ColdIron Posts: 9,053 Forumite
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    HL charge £11.95 per transaction and 0.45% pa capped at £45 which on £2,000 you are nowhere near benefiting from. On such a small amount you will be picking up trx charges on both ends, exit charges and an annual fee which you don't currently have. HL can be competitive but it's hard to see the benefit to you in your circumstances from a purely cost perspective. What was your reasoning behind the move?
  • cloud_dog
    cloud_dog Posts: 6,044 Forumite
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    What he said......
    ColdIron wrote: »
    What was your reasoning behind the move?
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Ditto again, even though I’m with HL I don’t see the point of this.
  • badger09
    badger09 Posts: 11,211 Forumite
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    You're holding 6 different shares, with a total value of £2k.

    Why?
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
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    Remarkable that this is a thread about avoiding fees.
    Splitting £2k into 6 holdings and transferring them to HL sounds more like a recipe for spending as much as possible in fees
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • vigman
    vigman Posts: 1,377 Forumite
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    When Selftrade closed I sold of all but half a dozen shares which I moved to XO.

    Since then I have been looking into S&S ISAs as in other threads

    I had settled on HL so just thought of consolidating all share holdings in one place then adding about £10k.

    Vigman
    Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
  • ColdIron
    ColdIron Posts: 9,053 Forumite
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    X-O provide ISAs if you don't already have one. On the face of it you would be better leaving your shares there and adding £10,000 rather than incurring fees for moving and charges once moved. HL aren't bringing anything to the party from a cost point of view
  • vigman
    vigman Posts: 1,377 Forumite
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    Thanks Coldiron. It's interesting to know about XO ISAs and I have just read about the 'bed and ISA' way to get existing funds into the XO ISA

    The reason I was interested in HL is that I wanted a managed account and thought an XO ISA would be more hands on.

    There is not much obvious blurb about what is available in the XO ISAs but I'll log in and take a look

    I basically want to state an amount to invest, a risk category and then let the fund managers get on with it.

    As mentioned in other threads I have poor health and the reason I considered moving shares away from XO was consolidation.

    Frankly I'm fed up with keeping track of various stranded amounts of money all in different online accounts with different usernames and passwords.

    That includes holdings such as Universal Coal which I held under Selftrade that suddenly moved to Australia and is now sending cheques for small amounts of Australian dollars!

    Vigman
    Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
  • eskbanker
    eskbanker Posts: 31,068 Forumite
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    Perhaps Piers Morgan would be interested in buying the Vigman shares? ;)
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
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    x-o is cheap and basic. But I think you can get everything that HL do except retail funds. But I wouldn't want them anyway. Charges tend to be higher, and I can't shake the suspicion that if fund managers had some overpriced assets or high charges they needed to park somewhere they would park them in the retail funds, since they aren't likely to get the scrutiny of the funds held by large investors.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
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