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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 8
    • ed44
    • By ed44 17th Jul 17, 2:34 PM
    • 22 Posts
    • 29 Thanks
    ed44
    This is new:

    Will transfer out fees be charged for TD Direct Investing customers who don’t want to stay with Interactive Investor when the new pricing approach is introduced?

    We want you to stay with us and to have plenty of time to try out our improved service, so we are pleased to confirm there will be no transfer out fees for existing TDDI customers until at least 1st October 2018.
    Will still be leaving if they introduce transfer out fees, but this gives more time to choose a new platform.
    • Economic
    • By Economic 17th Jul 17, 3:24 PM
    • 111 Posts
    • 67 Thanks
    Economic
    This is new:



    Will still be leaving if they introduce transfer out fees, but this gives more time to choose a new platform.
    Originally posted by ed44
    If they offer a good service then I do not why they need to charge exit fees except to reduce competition (with exit fees a new entrant would have to offer substantially lower prices to attract customers). Also, no exit fees means that if the service goes downhill then you can change broker at no cost. Anyway I have transferred one account to IG and will be transferring my ISA if TDDI introduce exit fees.
    • frugalmacdugal
    • By frugalmacdugal 17th Jul 17, 5:33 PM
    • 5,972 Posts
    • 5,156 Thanks
    frugalmacdugal
    Hi,

    well, I've got shares with TD, just share account and share ISA, so will all just transfer to II at no cost?
    Y'all take care now.
    • ed44
    • By ed44 17th Jul 17, 8:14 PM
    • 22 Posts
    • 29 Thanks
    ed44
    Hi,

    well, I've got shares with TD, just share account and share ISA, so will all just transfer to II at no cost?
    Originally posted by frugalmacdugal
    Yes. The fees are for transfers to other providers. III has taken over TDDI, so they are the same organisation.
    • darkidoe
    • By darkidoe 6th Aug 17, 3:04 PM
    • 815 Posts
    • 925 Thanks
    darkidoe
    Any progress on new pricing structure?? I am looking to pour some funds into my portfolio but slightly hesitant with the uncertainty surrounding this.

    I reckon given that they are introducing new pricing, current customers have a right to exit without fees within a certain period if they choose to without any fees?

    Anyone else with an all ETF portfolio having similar thoughts or ideas about where to go if the new pricing is less than ideal?

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    • greenglide
    • By greenglide 6th Aug 17, 3:51 PM
    • 2,780 Posts
    • 1,771 Thanks
    greenglide
    I reckon given that they are introducing new pricing, current customers have a right to exit without fees within a certain period if they choose to without any fees?
    Currently TD charge no fees for exiting, whether in specie, cash or whatever.

    The new charge structure has not been announced so it is still free.

    When the new structure is announced presumably we all have a while to decide whether or stay or go - they couldn't impose the new charging structure overnight.

    Paying new money in surely isn't a problem as any platform you wanted to move to in the future presumably won't be charging a fee for a transfer in?
    • tg99
    • By tg99 6th Aug 17, 4:20 PM
    • 491 Posts
    • 211 Thanks
    tg99
    When I spoke to TD a few weeks back they indicated the new fee structure (likely to be the same or very similar to current II offering) would be announced and implemented in two to three months.
    • bowlhead99
    • By bowlhead99 6th Aug 17, 4:24 PM
    • 6,581 Posts
    • 11,642 Thanks
    bowlhead99
    I reckon given that they are introducing new pricing, current customers have a right to exit without fees within a certain period if they choose to without any fees?
    Originally posted by darkidoe
    As highlighted in Ed44's post #141, they will let you transfer away fee-free for a year or so. That seems more than enough time.

    Then Economic said he didn't see why providers charge exit fees other than to reduce competition. Personally I think it's quite legitimate to charge some sort of fee because it takes work to process exits and close down accounts, and also it will have cost them time and effort in admin and compliance to create your account in the first place, yet very few providers have an up-front 'account opening fee'.

    So, if you take on their services, hold a bunch of shares/ETF assets with them without trading much (or just have a low value of funds so they only get a few pounds of platform fee) , and then later transfer out without letting them make much money out of you, you're essentially being subsidised by all their other customers. As one of those 'all their other customers' I don't really want them to have to set their £ charges or % charges higher for ongoing service just to have them give someone else a free ride, so I'm quite happy with the concept of activity-based charging (and entrance/exit is an activity).

    It only becomes unfair when the service is absolutely terrible which is pushing you out the door and they want to charge you for that (at the agreed 'exit charge' rates), even though they haven't delivered the good service promised. Or if the fee structure changes radically and you are getting a big fee to exit and at the time you came in, there was no big fee to exit.

    In the case of TD, they haven't got major service problems driving customers away (so far at least) and they are not introducing exit fees and planning to enforce them for existing customers for a long time after the changeover, so the point is moot.

    Anyone else with an all ETF portfolio having similar thoughts or ideas about where to go if the new pricing is less than ideal?
    You could search for the famous "Snowman's spreadheet" or other platform comparison tools (e.g. Lang Cat, Monevator) depending on what mix of assets you have.

    On the face of it, with an all ETF portfolio you would be best served with someone having a price structure like Halifax share dealing / IWeb / x-o.co.uk, who have low or no ongoing admin fees and just charge transaction-based fees for buys and sells and perhaps a one-off account opening fee.

    I don't have an all-ETF portfolio so for me the maths is different but if I do make a move it might be to AJBell Youinvest, with whom I have had a SIPP for about five years. For a non-SIPP account the percentage-based admin fee for ETFs/shares/ITs fees caps off relatively low, the transaction fees are not outrageous (especially if your purchases are via the 'regular investments' monthly facility, which is a bit more flexible than TD's), they allow trading on some foreign exchanges, and on the funds side they have a wider range than Halifax. And the service levels are fine.

    Of course it is not all about price, and some of the features that TD offer on their share dealing side are hard to find elsewhere (multi-currency cash accounts, large number of international markets, being able to trade on extended settlement terms etc). So I'll be taking a look at the new cost structure and 'enhanced' features of TD before moving; I've been with them for over a decade for an ISA, unwrapped, and a designated account.
    • tg99
    • By tg99 6th Aug 17, 4:27 PM
    • 491 Posts
    • 211 Thanks
    tg99
    Bowlhead99 - re your post above, are you aware of any other platforms / brokers that allow trading on extended settlement terms (the other accounts I have do not so it is only TD that I currently know of)?
    • bowlhead99
    • By bowlhead99 6th Aug 17, 5:45 PM
    • 6,581 Posts
    • 11,642 Thanks
    bowlhead99
    I don't, though I haven't done a comprehensive search.

    When I first got my TD account it was one of the most full-featured execution-only online brokerages around without paying silly money. They didn't do trailing stop-losses or derivatives or CFDs on the same platform - so were a little less full-featured than the North American brokers such as TD Ameritrade where I also have an account - but had everything else I might have wanted even if I rarely used it, and they had other account types to handle the other things like spreadbets or CFDs.

    Over time, other groups which were primarily funds platforms have added basic brokerage services and broker groups like TD have added/improved more on the fund platform side. But for joe bloggs the mainstream consumer, things like multi-currency cash, 10+ foreign markets, extended settlement etc are niche things that cost money to offer and the 'average' investor doesn't use. So many cost-focused online providers have never tried to add those things to 'compete', because it's not where the volume is.

    If your primary purpose of being able to trade extended settlement is to make use of margin for short term plays I guess you could take a look at IG's offering - their systems platform is decent, they cover lots of markets at reasonable prices, and they have a large and well known derivatives/ spreadbet offering. So you could take exposure via spreadbets rather than literally buy now pay later on a T+10, T+20 trade. Although I only have a spreadbet account with IG and haven't tried their sharedealing which is relatively newer, I think you can place spreadbets on their spreadbet side using assets on the brokerage side as margin.
    • tg99
    • By tg99 6th Aug 17, 6:52 PM
    • 491 Posts
    • 211 Thanks
    tg99
    I don't, though I haven't done a comprehensive search.

    When I first got my TD account it was one of the most full-featured execution-only online brokerages around without paying silly money. They didn't do trailing stop-losses or derivatives or CFDs on the same platform - so were a little less full-featured than the North American brokers such as TD Ameritrade where I also have an account - but had everything else I might have wanted even if I rarely used it, and they had other account types to handle the other things like spreadbets or CFDs.

    Over time, other groups which were primarily funds platforms have added basic brokerage services and broker groups like TD have added/improved more on the fund platform side. But for joe bloggs the mainstream consumer, things like multi-currency cash, 10+ foreign markets, extended settlement etc are niche things that cost money to offer and the 'average' investor doesn't use. So many cost-focused online providers have never tried to add those things to 'compete', because it's not where the volume is.

    If your primary purpose of being able to trade extended settlement is to make use of margin for short term plays I guess you could take a look at IG's offering - their systems platform is decent, they cover lots of markets at reasonable prices, and they have a large and well known derivatives/ spreadbet offering. So you could take exposure via spreadbets rather than literally buy now pay later on a T+10, T+20 trade. Although I only have a spreadbet account with IG and haven't tried their sharedealing which is relatively newer, I think you can place spreadbets on their spreadbet side using assets on the brokerage side as margin.
    Originally posted by bowlhead99
    Thanks. Though probably didn't word my initial question particularly well as rather than extended settlement it was more just paying on or by the actual settlement date I was interested in as per TD offering allows, rather than having to have the money deposited before you can place your buy order which seems to be the set up with other brokers I've used (though do have IG which gives you the flexibility you've noted above).

    For info I did ask TD if their current set up in this regard will remain once the integration with II is fully complete (as II do not currently cater for this I believe) but they were not able to confirm at this stage.
    • bowlhead99
    • By bowlhead99 6th Aug 17, 8:35 PM
    • 6,581 Posts
    • 11,642 Thanks
    bowlhead99
    For info I did ask TD if their current set up in this regard will remain once the integration with II is fully complete (as II do not currently cater for this I believe) but they were not able to confirm at this stage.
    Originally posted by tg99
    I suppose if you want to stay to "road test" whatever the new functionality is, you'll end up paying at least for the initial round of flat fees under the new structure. Probably not a huge amount in the grand scheme of things but I'd rather have clarity.

    The impression I get from the questions different people have asked in this thread and got responses from either ii or TD:

    - the TD software platform is the most recently updated and has the largest amount of assets, and so ii customers will be upgraded/migrated onto that platform and see more change from a platform perspective

    - while TD customers will get a change from a fees perspective and also a rebrand because "TD" belongs to the North American TD group who are keen for the UK broker/platform rebrand to happen now they're no longer responsible for it after selling it off.

    - So it is ii branding but not the old ii platform. However if some of the TD facilities currently offered are likely to be earning less money across the new customer base than they cost to maintain, you'd expect them to be dropped given the ultimate backers of ii and now TDDI are JC Flowers, a private equity investment group who are dedicated to investing in privately-held financial services businesses and developing their value to create gains for their investors.
    • LHW99
    • By LHW99 6th Aug 17, 9:25 PM
    • 828 Posts
    • 650 Thanks
    LHW99
    the TD software platform is the most recently updated and has the largest amount of assets, and so ii customers will be upgraded/migrated onto that platform and see more change from a platform perspective
    Interesting, because II have been trying to bring out a new style platform for the last considerable time, which I have generally avoided using apart from an odd occasion.
    • EdSwippet
    • By EdSwippet 6th Aug 17, 10:18 PM
    • 519 Posts
    • 485 Thanks
    EdSwippet
    ... the ultimate backers of ii and now TDDI are JC Flowers, a private equity investment group who are dedicated to investing in privately-held financial services businesses and developing their value to create gains for their investors.
    Originally posted by bowlhead99
    And by the same token, TD is a publicly listed bank that is dedicated to creating gains for its shareholders.
    • tusk
    • By tusk 7th Aug 17, 5:05 PM
    • 9 Posts
    • 3 Thanks
    tusk
    @ darkidoe,
    I also have an ETF only ISA with TD and will be transferring. I don't need all the bells and whistles, so I'll probably go with X-O, no charges, cheap trading a very extensive range and all e-mails have been answered within a hour or so. I all ready have an account with iWeb and don't want all my eggs in one basket, but if you don't mind cheap and cheerful they are fine. Just make sure they carry the ETF's you want.
    • darkidoe
    • By darkidoe 8th Aug 17, 6:07 PM
    • 815 Posts
    • 925 Thanks
    darkidoe
    @ darkidoe,
    I also have an ETF only ISA with TD and will be transferring. I don't need all the bells and whistles, so I'll probably go with X-O, no charges, cheap trading a very extensive range and all e-mails have been answered within a hour or so. I all ready have an account with iWeb and don't want all my eggs in one basket, but if you don't mind cheap and cheerful they are fine. Just make sure they carry the ETF's you want.
    Originally posted by tusk
    X-O pricing looks very reasonable. IWeb looks even cheaper! How do you find IWeb interface compared to TD's platform? TD's platform is actually very decent with very up to date pricing and information and simple to use. IWeb is probably my top choice to switch to for now.

    Do they publicise the range of funds or etfs available on their platform somewhere??

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    • JohnRo
    • By JohnRo 8th Aug 17, 10:39 PM
    • 2,367 Posts
    • 2,094 Thanks
    JohnRo
    iWeb's account portal is fairly basic but functional, account data retrieval options are limited but on screen it's perfectly adequate and very much improved since the recent facelift imho.
    '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
    • cloud_dog
    • By cloud_dog 9th Aug 17, 10:16 AM
    • 3,101 Posts
    • 1,677 Thanks
    cloud_dog
    X-O pricing looks very reasonable. IWeb looks even cheaper! How do you find IWeb interface compared to TD's platform? TD's platform is actually very decent with very up to date pricing and information and simple to use. IWeb is probably my top choice to switch to for now.

    Do they publicise the range of funds or etfs available on their platform somewhere??
    Originally posted by darkidoe
    Just for clarity, X-O do not offer OIECs/UTs.

    There is also SVS XO, who are similarly cheap but do not offer OIECs/UTs.
    Personal Responsibility - Sad but True

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    • tusk
    • By tusk 9th Aug 17, 1:20 PM
    • 9 Posts
    • 3 Thanks
    tusk
    @ darkidoe, i Webs site is very basic compared to TD's I do my research elsewhere. As far as I can see they do not have lists of their ETFs I think I asked the question sometime ago and received a no answer. If you go to their "research center" and into shares for ETFs put in the ticker and it will tell you if you can deal your choice.If you just put in ETFs you get a huge list but you can't trade them all. A bit long winded especially if you keep getting knocked back. For funds go into funds put in ticker or search options and a list will come up.
    • tusk
    • By tusk 9th Aug 17, 1:53 PM
    • 9 Posts
    • 3 Thanks
    tusk
    @darkidoe, if you already have investments probably the easiest way would be telephone or e-mail them to find out if they carry them, thats what I did before I originally opened an account.
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