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  • FIRST POST
    • ed44
    • By ed44 12th Oct 16, 8:44 PM
    • 22Posts
    • 29Thanks
    ed44
    TD Direct sold to Interactive Investor
    • #1
    • 12th Oct 16, 8:44 PM
    TD Direct sold to Interactive Investor 12th Oct 16 at 8:44 PM
    https://www.moneymarketing.co.uk/interactive-investor-acquires-td-direct/

    http://www.tddirectinvesting.co.uk/special-pages/customer-information/?_ga=1.259966666.1942136220.1414500024

    No change to the TD service in the short term.
    Last edited by ed44; 12-10-2016 at 9:05 PM. Reason: changed link
Page 5
    • Economic
    • By Economic 9th Jun 17, 5:21 PM
    • 123 Posts
    • 79 Thanks
    Economic
    from TD website forwardslash customer-information?

    "We believe that customers should be charged clear and fair prices based on how they invest. We will introduce a fixed fee per customer for our standard trading and investing services which will be held as a credit towards trade commissions for buying and selling. When that credit has been used we will charge a simple, low commission for each trade you place."

    It might seem churlish to switch because of a £80pa fee on an infrequently traded £600k ISA share portfolio but I work out my annual allowance as being 1/40th of the value so £80 would be half a percent of my income. Goodbye TD and II.

    I'm confident I can ignore IG's spreadbetting temptations and I can't find any better options unless anyone here can point to one.
    Originally posted by Nerdlinger
    And you can get £250 to transfer:
    https://www.ig.com/uk/investments/share-dealing/transfer-investments
    • eskbanker
    • By eskbanker 9th Jun 17, 6:05 PM
    • 5,789 Posts
    • 5,672 Thanks
    eskbanker
    It might seem churlish to switch because of a £80pa fee on an infrequently traded £600k ISA share portfolio but I work out my annual allowance as being 1/40th of the value so £80 would be half a percent of my income. Goodbye TD and II.
    Originally posted by Nerdlinger
    Are you saying that you have a £600K portfolio and draw down 1/40th from this every year, i.e. £15K? If so, you could indeed express £80 as 0.5% of your income but by that reckoning you'd also be paying zero for the remaining 39/40ths of your portfolio so I'm not sure it's appropriate to measure the fee specifically as a proportion of the (relatively) tiny income fragment, unless I'm misunderstanding your situation?
    • Nerdlinger
    • By Nerdlinger 9th Jun 17, 6:36 PM
    • 16 Posts
    • 7 Thanks
    Nerdlinger
    eskbanker your sums are right.

    I think it is appropriate and essential to consider fees as a proportion of income.
    • eskbanker
    • By eskbanker 9th Jun 17, 7:14 PM
    • 5,789 Posts
    • 5,672 Thanks
    eskbanker
    eskbanker your sums are right.

    I think it is appropriate and essential to consider fees as a proportion of income.
    Originally posted by Nerdlinger
    It's obviously your prerogative to carve up the numbers however you see fit - I'm just observing that when you're shopping around for providers, you'll need to be clear about the basis of charging, and in general platform fees, etc, involving percentage-based charging are stated as a proportion of portfolio size rather than as a proportion of how much you choose to withdraw each year!
    • TCA
    • By TCA 9th Jun 17, 8:49 PM
    • 1,313 Posts
    • 751 Thanks
    TCA
    Originally posted by Economic
    If TD are moving to fixed fee charging, then this is beginning to look like a no-brainer transfer to me. I wouldn't be frequently trading so not that bothered about what the actual IG platform is like. I'm also with iWeb after all. I don't see a dividend reinvestment option with IG but not fussed about that either. Free transfers out, no platform charges and cashback seems like a winning deal.

    I've also got some investment trusts held free of charge at Hargreaves Landsdown (only because I took advantage of their transfers-in cashback offer last year to escape Best Invest's ongoing charges), so I'm tempted to move some of those to IG too. It would cost £25 per line of stock but I could move enough that I receive the maximum bonus from IG and still earn a few quid, safe in the knowledge that I can move on from IG free of charge if they change their terms. I think. And keeping a bit of stock at HL would satisfy their cashback conditions of last year.

    Thinking hat on.
    • economic
    • By economic 9th Jun 17, 9:21 PM
    • 1,878 Posts
    • 1,024 Thanks
    economic
    where do i find the new charges for TD (as part of II)?

    thanks
    • cloud_dog
    • By cloud_dog 9th Jun 17, 10:23 PM
    • 3,251 Posts
    • 1,813 Thanks
    cloud_dog
    Goodbye TD and II.

    I'm confident I can ignore IG's spreadbetting temptations and I can't find any better options unless anyone here can point to one.
    Originally posted by Nerdlinger
    The other option is Jarvis X-O.

    Am I correct in thinking IG do not accommodate OIECs / UTs?

    If this is the case then they appear very similar to X-O (other than not offering the switch inducement).

    As mentioned previously they have the other added advantage for me (OH) that we could switch the OH SIPP (from HL) to X-O and be refunded X-Os annual fee.

    I use X-O for my own dealing/ISA accounts and it is functional but not feature rich. If you simply want a vehicle to buy / sell / hold investments then it is fine. But, for example, it doesn't offer regular investment options (like IG).

    Think, think, think, think
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • cloud_dog
    • By cloud_dog 9th Jun 17, 10:26 PM
    • 3,251 Posts
    • 1,813 Thanks
    cloud_dog
    where do i find the new charges for TD (as part of II)?

    thanks
    Originally posted by economic
    I think we are all assuming by the way the information is presented that they will go with the standard II platform charges.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • economic
    • By economic 9th Jun 17, 10:58 PM
    • 1,878 Posts
    • 1,024 Thanks
    economic
    the buying funds charge of £10 wil be annoying as currently its free under TD.
    • isasmurf
    • By isasmurf 10th Jun 17, 5:51 AM
    • 1,718 Posts
    • 738 Thanks
    isasmurf
    the buying funds charge of £10 wil be annoying as currently its free under TD.
    Originally posted by economic
    Unless the timing of the purchase is important, you can reduce the cost by buying them on your monthly investment plan for one month remembering to delete them from the plan once they've been bought. It's the £10 selling charge that is annoying.
    • Nerdlinger
    • By Nerdlinger 10th Jun 17, 8:36 AM
    • 16 Posts
    • 7 Thanks
    Nerdlinger
    Thanks cloud dog but I don't like the transfer out and ISA closure fees there at x-o.

    I've gone ahead and opened an IG ISA, I haven't applied to transfer my portfolio yet because I don't own a printer to print out the application form (this is the 21st century).
    • frugalmacdugal
    • By frugalmacdugal 10th Jun 17, 8:43 AM
    • 6,156 Posts
    • 5,276 Thanks
    frugalmacdugal
    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.
    Y'all take care now.
    • Nerdlinger
    • By Nerdlinger 10th Jun 17, 10:05 AM
    • 16 Posts
    • 7 Thanks
    Nerdlinger
    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.
    • Economic
    • By Economic 10th Jun 17, 11:23 AM
    • 123 Posts
    • 79 Thanks
    Economic
    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.
    Originally posted by Nerdlinger
    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
    • By TCA 10th Jun 17, 1:50 PM
    • 1,313 Posts
    • 751 Thanks
    TCA
    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.
    Originally posted by Economic
    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
    • By EdSwippet 10th Jun 17, 2:06 PM
    • 593 Posts
    • 564 Thanks
    EdSwippet
    I would *think* there would be an opportunity to move free of charge as this would represent a change in the T&Cs....
    Originally posted by TCA
    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
    • By cloud_dog 10th Jun 17, 2:07 PM
    • 3,251 Posts
    • 1,813 Thanks
    cloud_dog
    Thanks cloud dog but I don't like the transfer out and ISA closure fees there at x-o.
    Originally posted by Nerdlinger
    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

    Sometimes.... I am like a dog with a bone
    • ed44
    • By ed44 10th Jun 17, 2:43 PM
    • 22 Posts
    • 29 Thanks
    ed44
    I would *think* there would be an opportunity to move free of charge as this would represent a change in the T&Cs.
    Originally posted by TCA
    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.
    • Economic
    • By Economic 10th Jun 17, 3:02 PM
    • 123 Posts
    • 79 Thanks
    Economic
    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)
    Originally posted by cloud_dog
    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
    • By JohnRo 10th Jun 17, 3:31 PM
    • 2,458 Posts
    • 2,213 Thanks
    JohnRo
    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
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