TD Direct sold to Interactive Investor

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  • frugalmacdugal
    frugalmacdugal Posts: 10,077 Forumite
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    Hi,

    copy form to a stick, and local library, or a mate will print it off for you.

    Library about 10p, mate 3/4 pints at least. :beer:
  • Nerdlinger
    Nerdlinger Posts: 22 Forumite
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    Ha ha. My old Dad has a printer, I'll use that when I'm there in a couple of weeks, no rush. I will also 'phone TD/II and give them a chance to waive the platform fee and keep my business.
  • System
    System Posts: 178,093 Community Admin
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    Nerdlinger wrote: »
    Ha ha. My old Dad has a printer, I'll use that when I'm there in a couple of weeks, no rush. I will also 'phone TD/II and give them a chance to waive the platform fee and keep my business.
    I suspect that they will also introduce exit fees to transfer shares out to another broker if they are going to keep the II charges.
  • TCA
    TCA Posts: 1,530 Forumite
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    Economic wrote: »
    I suspect that they will also introduce exit fees to transfer shares out to another broker if they are going to keep the II charges.

    I would *think* there would be an opportunity to move free of charge as this would represent a change in the T&Cs. Failing that, it might depend on their interpretation of the existing II rules and whether they consider a former TD client as a "new" customer:

    Transfers Out:

    £0 for up to 10 lines of stock – for customers who have been with us for less than a year

    £15 per line of stock – when an account has been open for more than a year

    http://www.iii.co.uk/our-services/our-accounts/charges
  • EdSwippet
    EdSwippet Posts: 1,588 Forumite
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    TCA wrote: »
    I would *think* there would be an opportunity to move free of charge as this would represent a change in the T&Cs....
    Ahem... AJ Bell Youinvest. A large fee increase, but full exit charges payable by anyone transferring out due to the increase. And not just once but twice, first in 2014 and then again at the end of 2016.

    However, up to now Interactive Investor have shown a much more customer friendly attitude when fiddling with T&Cs and charges. I don't think I would expect them to act as AJ Bell do.
  • cloud_dog
    cloud_dog Posts: 6,044 Forumite
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    Nerdlinger wrote: »
    Thanks cloud dog but I don't like the transfer out and ISA closure fees there at x-o.
    I agree but, it isn't extortionate at £50 (plus obviously any lines of stock transfer charges @£15). Even the SIPP transfer out is only £50 (plus lines of stock @£15)
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • ed44
    ed44 Posts: 22 Forumite
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    TCA wrote: »
    I would *think* there would be an opportunity to move free of charge as this would represent a change in the T&Cs.

    That's correct. From the TD help pages:
    If there are any changes to your current TD services in the future then we will always give you notice of those changes and help you to understand what any changes mean for you. If those changes are not appropriate for your investing needs then you will be able to close your TDDI account or transfer your portfolio without penalty at that time.
  • System
    System Posts: 178,093 Community Admin
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    cloud_dog wrote: »
    I agree but, it isn't extortionate at £50 (plus obviously any lines of stock transfer charges @£15). Even the SIPP transfer out is only £50 (plus lines of stock @£15)
    If you have 10 shareholdings then that is £200! Exit fees discourage competition and encourage bad customer service. The problem is that many customers pay too little attention to such charges until they want to move broker.
  • JohnRo
    JohnRo Posts: 2,887 Forumite
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    I'm debating whether to jump now for free or wait and see what's offered for certain. I'm sick of platform switching, having only fairly recently moved these holdings over to TD from CSD, in theory transferring is no big deal but I find it unsettling for some reason.

    The portfolio value held with TD in ISA and unwrapped is currently into six figures and costing nothing to hold there so, assuming II imposes it's current structure on TD a move is going to be required since I'm not actively trading on this account now.

    The dilemma is where to go that's cheaper than the presumed II takeover charges but also as comprehensive as TD and likely to remain stable longer term.

    I'm thinking iWeb are the obvious compromise, I don't need international access and their website is much improved which helps but these holdings will require a £25 opening fee. I can't imagine they have a limited IT availability but will have to check.

    My only concern with them, looking at all the other platforms including their parent co., is their low cost, I'm expecting them to increase and/or change their charging structure at some point although I was a few years ago and it hasn't happened. Then again knowing my luck..

    Any other suggestions for a platform to hold a purely IT portfolio cheaply, bearing in mind things like timely dividend payments being transferred to a nominated bank?

    It would irritate me if I had to wait days for a dividend I knew had been due and not received that same day without good reason. Something I believe II are or were notorious for ? and if still the case another reason I'm keen to transfer.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • cloud_dog
    cloud_dog Posts: 6,044 Forumite
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    edited 10 June 2017 at 4:22PM
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    Economic wrote: »
    If you have 10 shareholdings then that is £200! Exit fees discourage competition and encourage bad customer service. The problem is that many customers pay too little attention to such charges until they want to move broker.
    I don't disagree but TD Direct is one of the few who do not charge a transfer out fee per line of stock, and are in the minority. The more usual figure I have seen tends to be around the £25 per line of stock.

    Moving brokers is (hopefully) a relatively rare occurrence and so this needs to be factored in to the decision making process.

    Unfortunately we cannot guard against the stupid, or more PC, people who can't be bothered to check the impact of their decisions.

    I appreciate this is slightly off topic but, for me the consideration is around the savings I (OH) would benefit from by paying zero ISA platform fee and zero SIPP platform fee and incurring a cost in (potentially) approximately 15 years time when I need to consider the best platform for transitioning to income etc.

    Over that time we would save over £1700 in fees from the OH SIPP with X-O, and save potentially even more than simply leaving the SIPP with HL. Obviously I would need to offset trading costs in this calculation but these are the considerations.

    I appreciate that for the SIPP consideration I could almost halve the platform fees by moving to another lower cost provider. So, for me these are the things to consider, not only the ISA aspect.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
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