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  • FIRST POST
    • Audaxer
    • By Audaxer 19th Mar 17, 11:08 PM
    • 322Posts
    • 106Thanks
    Audaxer
    Halifax Share Dealing - best flat fee provider?
    • #1
    • 19th Mar 17, 11:08 PM
    Halifax Share Dealing - best flat fee provider? 19th Mar 17 at 11:08 PM
    Looking at comparison tables and Snowman’s spreadsheet, Halifax Share Dealing with a flat admin fee of only £12.50 per annum is by far the cheapest platform for me when compared to most others. As I am starting with a large investment, including an ISA transfer, into one fund (probably a VLS40) with very few other annual trades planned, it seemed a no-brainer to go with Halifax in my situation.

    However I’ve now read some reviews saying their service was poor and some reviewers experienced problems that Halifax were slow to sort out or couldn’t fix. The reviews were from about 4 or 5 years ago, so not sure if any problems have now been ironed out? I’d be interested to hear views from anyone who currently uses them.

    If I don’t go for Halifax, what other brokers with a flat platform fee would you recommend – it doesn’t have to be the cheapest but not keen to pay for a percentage fee provider. I’m looking for a reliable provider (preferably not just web-only) with very good customer service, should any problems occur.
Page 1
    • jdw2000
    • By jdw2000 19th Mar 17, 11:11 PM
    • 415 Posts
    • 108 Thanks
    jdw2000
    • #2
    • 19th Mar 17, 11:11 PM
    • #2
    • 19th Mar 17, 11:11 PM
    I've been with them for a couple of months or so. Their customer services are good. And their website is nice.

    No complaints so far.
    • dales1
    • By dales1 19th Mar 17, 11:49 PM
    • 21 Posts
    • 14 Thanks
    dales1
    • #3
    • 19th Mar 17, 11:49 PM
    • #3
    • 19th Mar 17, 11:49 PM
    2 isa transfers in, and divis reinvested, in last 9 months -- no problems at all.
    • bigadaj
    • By bigadaj 20th Mar 17, 12:04 AM
    • 9,628 Posts
    • 6,131 Thanks
    bigadaj
    • #4
    • 20th Mar 17, 12:04 AM
    • #4
    • 20th Mar 17, 12:04 AM
    They've been fine for me, occasional trades, transferred soem cash isas in over the last few months and all has gone well.

    iWeb are basically the same white label operation as an alternative and have now reduced their opening fee and trades are cheaper.
    • Eco Miser
    • By Eco Miser 20th Mar 17, 1:38 AM
    • 2,942 Posts
    • 2,725 Thanks
    Eco Miser
    • #5
    • 20th Mar 17, 1:38 AM
    • #5
    • 20th Mar 17, 1:38 AM
    I've been using Iweb (trading name of Halifax) for a couple of years with no problems. They have zero annual fee, but an opening fee equivalent to two years at Halifax. Their transaction fee is lower than Halifax's normal fee, but higher than their regular investment fee.
    Eco Miser
    Saving money for well over half a century
    • BLB53
    • By BLB53 20th Mar 17, 8:56 AM
    • 1,065 Posts
    • 867 Thanks
    BLB53
    • #6
    • 20th Mar 17, 8:56 AM
    • #6
    • 20th Mar 17, 8:56 AM
    I have had my VLS fund with them for 2 yrs and no problems. Also they were behind the interactive investor platform before ii went on their own in 2012 and I had been with the ii site for many years, again with no problems until they left Halifax.
    "A low-cost index tracker is going to beat a majority of the amateur-managed money or professionally managed money" Warren Buffett
    • picks
    • By picks 20th Mar 17, 11:35 AM
    • 173 Posts
    • 62 Thanks
    picks
    • #7
    • 20th Mar 17, 11:35 AM
    • #7
    • 20th Mar 17, 11:35 AM
    Looking at comparison tables and Snowman’s spreadsheet, Halifax Share Dealing with a flat admin fee of only £12.50 per annum is by far the cheapest platform for me when compared to most others.
    Originally posted by Audaxer
    I use IWeb which seems to be spin off from Halifax. There's a £25 start-up cost, £5 fixed dealing charge and no annual charge. I've encountered a few hiccups which they've resolved and my £25 up front cost was quickly covered by the savings over a number of £5 deals.
    • longleggedhair
    • By longleggedhair 20th Mar 17, 11:44 AM
    • 225 Posts
    • 303 Thanks
    longleggedhair
    • #8
    • 20th Mar 17, 11:44 AM
    • #8
    • 20th Mar 17, 11:44 AM
    I've used them for ten years, good value and service. Recommend.
    • Rollinghome
    • By Rollinghome 20th Mar 17, 12:40 PM
    • 2,090 Posts
    • 2,276 Thanks
    Rollinghome
    • #9
    • 20th Mar 17, 12:40 PM
    • #9
    • 20th Mar 17, 12:40 PM
    I use IWeb and by and large it's fine compared with several platforms I've used. It's basic but seems to work well enough. To be nit-picking I've sometimes been surprised they don't offer some fairly mainstream funds and ETFs though I'm told others have persuaded them to add the funds they want.

    I'm not aware of any real difference between the Halifax, BOS, or IWeb offerings. If so, would think IWeb the best bet for most people now that they've lowered the previous £200 initial fee to £25. Just 4 trades a year over two years would cost £125 on Halifax or £65 on IWeb.
    • green_man
    • By green_man 20th Mar 17, 12:55 PM
    • 187 Posts
    • 79 Thanks
    green_man
    I've been using Halifax S&S ISA products for 20 years or so, no major issues at all. I don't think some of their subsystems are as slick as say H&L, but I've had no issues. There were a couple of funds I fancied that they didn't host but other than that, if you have high value and won't be very active they are the best bet IMO.
    • moneyfoolish
    • By moneyfoolish 20th Mar 17, 1:09 PM
    • 447 Posts
    • 261 Thanks
    moneyfoolish
    Presumably if you transfer £15000 in from a cash ISA and hold as cash (can you do this?) and then make 12 monthly fund purchases with that £15000 that is much more expensive than just making one fund purchase with the £15000?
    • jimjames
    • By jimjames 20th Mar 17, 1:11 PM
    • 11,947 Posts
    • 10,358 Thanks
    jimjames
    Presumably if you transfer £15000 in from a cash ISA and hold as cash (can you do this?) and then make 12 monthly fund purchases with that £15000 that is much more expensive than just making one fund purchase with the £15000?
    Originally posted by moneyfoolish
    Yes. With iWeb it would cost 12 x £5 not just £5 so 12x as expensive.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • JohnRo
    • By JohnRo 20th Mar 17, 1:28 PM
    • 2,376 Posts
    • 2,108 Thanks
    JohnRo
    Yes. With iWeb it would cost 12 x £5 not just £5 so 12x as expensive.
    This is why folks need to think about how they're going to operate the investment account in the months and years after it's open once they've made their first deposit.

    A typical percentage broker at 0.25% pa, for the same £15K in 12 equal monthly transactions would cost just under £19 in year one as opposed to £60 (plus the £25 one off) in year one at iweb.
    'We can't solve problems by using the same kind of thinking we used when we created them.' ― Albert Einstein
    'Facts do not cease to exist because they are ignored.' ― Aldous Huxley
    • picks
    • By picks 20th Mar 17, 2:53 PM
    • 173 Posts
    • 62 Thanks
    picks
    This is why folks need to think about how they're going to operate the investment account in the months and years after it's open once they've made their first deposit.

    A typical percentage broker at 0.25% pa, for the same £15K in 12 equal monthly transactions would cost just under £19 in year one as opposed to £60 (plus the £25 one off) in year one at iweb.
    Originally posted by JohnRo
    For anyone contemplating smaller regular (monthly) investments I suggest they look at Selftrade at £1.50, but for larger sporadic purchases consider IWeb at £5.
    • Audaxer
    • By Audaxer 20th Mar 17, 3:20 PM
    • 322 Posts
    • 106 Thanks
    Audaxer
    Thanks all. Interesting about IWeb, but I think I'll probably feel more comfortable going with Halifax, even although IWeb is a bit cheaper and operated by Halifax anyway.

    I intend to start with this year's ISA allocation. As long as I put the full £15,240 in the Halifax S&S ISA before 6 April, would it still all count as this year's allocation, even if I didn't move it all into funds before the deadline?

    Do you need to leave a nominal amount of cash in the ISA anyway to cover the admin and trading fees?
    • picks
    • By picks 20th Mar 17, 3:37 PM
    • 173 Posts
    • 62 Thanks
    picks
    I intend to start with this year's ISA allocation. As long as I put the full £15,240 in the Halifax S&S ISA before 6 April, would it still all count as this year's allocation, even if I didn't move it all into funds before the deadline?

    Do you need to leave a nominal amount of cash in the ISA anyway to cover the admin and trading fees?
    Originally posted by Audaxer
    Just make sure you check the deadline for this financial year's allocation with Halifax and get it there a few days' before in case of gremlins. After that you don't need to invest in securities by any particular time.

    It's a good idea to leave some cash in the ISA at all times. Not only for fees but occasionally you might be offered things like a rights issue. One of the problems with ISAs (unlike non ISA dealing) is that, once you've fully subscribed for the year, you can't easily just pop in some more cash to take advantage of such offers.
    • Eco Miser
    • By Eco Miser 20th Mar 17, 4:21 PM
    • 2,942 Posts
    • 2,725 Thanks
    Eco Miser
    As long as I put the full £15,240 in the Halifax S&S ISA before 6 April, would it still all count as this year's allocation, even if I didn't move it all into funds before the deadline?
    Originally posted by Audaxer
    Yes, in theory 23:59 on April 5th would be OK - but don't leave it that late.

    Do you need to leave a nominal amount of cash in the ISA anyway to cover the admin and trading fees?
    Originally posted by Audaxer
    I don't know the procedures at Halifax, but at Iweb, you specify how much you want to spend, and they buy £5 less than that of the fund you want, and keep the fiver for themselves. (For shares, the stamp duty is also deducted, reducing your actual purchase even further). No annual fee either, so no need to leave cash in the account. For Halifax, it would be as well to check how they take the annual fee, and leave enough cash to cover it.
    Eco Miser
    Saving money for well over half a century
    • badger09
    • By badger09 20th Mar 17, 5:44 PM
    • 5,112 Posts
    • 4,325 Thanks
    badger09
    Thanks all. Interesting about IWeb, but I think I'll probably feel more comfortable going with Halifax, even although IWeb is a bit cheaper and operated by Halifax anyway.

    I intend to start with this year's ISA allocation. As long as I put the full £15,240 in the Halifax S&S ISA before 6 April, would it still all count as this year's allocation, even if I didn't move it all into funds before the deadline?

    Do you need to leave a nominal amount of cash in the ISA anyway to cover the admin and trading fees?
    Originally posted by Audaxer
    I've suggested this on other threads to people who are starting S&S ISAs for the first time.

    Rather than rush into a decision over choice of platform, which you may soon regret, why not open any bog standard instant access cash ISA to buy some time. Fund it with £15240, then ask your well chosen S&S provider to arrange the transfer of that cash on or after 6th April.
    • Audaxer
    • By Audaxer 20th Mar 17, 6:18 PM
    • 322 Posts
    • 106 Thanks
    Audaxer
    I've suggested this on other threads to people who are starting S&S ISAs for the first time.

    Rather than rush into a decision over choice of platform, which you may soon regret, why not open any bog standard instant access cash ISA to buy some time. Fund it with £15240, then ask your well chosen S&S provider to arrange the transfer of that cash on or after 6th April.
    Originally posted by badger09
    Thanks, yes that is a possibility, but I think I've now made up my mind on Halifax for my VLS fund.

    I've also got funds in other Cash ISAs that I want to transfer to a different S&S ISA and invest in Investment Trusts, when I research a bit more and establish what ITs I want. I know that I could also add them to the Halifax S&S ISA, but rather than have all my eggs on one platform, being ultra cautious I was thinking of opening them on another platform, maybe even HL as their platform fee for Investment Trusts is capped at £45. As that will be transferred ISA funds rather than new ISA funds, presumably I can still open another S&S ISA on another platform in the same tax year if I wish?
    • george4064
    • By george4064 20th Mar 17, 6:38 PM
    • 796 Posts
    • 838 Thanks
    george4064
    Thanks, yes that is a possibility, but I think I've now made up my mind on Halifax for my VLS fund.

    I've also got funds in other Cash ISAs that I want to transfer to a different S&S ISA and invest in Investment Trusts, when I research a bit more and establish what ITs I want. I know that I could also add them to the Halifax S&S ISA, but rather than have all my eggs on one platform, being ultra cautious I was thinking of opening them on another platform, maybe even HL as their platform fee for Investment Trusts is capped at £45. As that will be transferred ISA funds rather than new ISA funds, presumably I can still open another S&S ISA on another platform in the same tax year if I wish?
    Originally posted by Audaxer
    The rule is you can only subscribe new money to 1 S&S ISA per tax year, remember that ISA transfers are not new money. So if you were to open a new ISA for the sole purpose of facilitating a transfer from another ISA is fine and doesn't count as new money.

    With regard to holding ITs with HL, this is exactly what I do (along with some shares and ETFs) and its great with the £45 capped annual charge. Trades are £11.95 each, they have a fantastic dividend re-investment program which covers all holdings (so many other platforms have a petty list of assets that are eligible for the automatic dividend reinvestment reduced charges).
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

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