Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • LastbutFast
    • By LastbutFast 25th May 17, 8:31 AM
    • 19Posts
    • 8Thanks
    LastbutFast
    Iweb, some advice please
    • #1
    • 25th May 17, 8:31 AM
    Iweb, some advice please 25th May 17 at 8:31 AM
    Just opened a S&S isa account with iweb, intending to transfer a maturing Santander fixed cash isa. It matures on 2 June 2017. It is my first venture into such investments. I have downloaded the transfer form but nowhere on it says transfer upon maturity. Have used iweb chatline but am unable to get definitive 'advice' from them. I guess I can always delay sending the transfer by post until after maturity but thoughts anyone please?
Page 1
    • Chickereeeee
    • By Chickereeeee 25th May 17, 8:41 AM
    • 396 Posts
    • 236 Thanks
    Chickereeeee
    • #2
    • 25th May 17, 8:41 AM
    • #2
    • 25th May 17, 8:41 AM
    That is only 5 working days away, so unlikely to be transferred by then anyway, especially if you have not even posted the form yet!

    If you are really worried (would lose a bonus or something) then yes, wait until after the ISA 'matures'.

    K
    • pafpcg
    • By pafpcg 25th May 17, 9:06 AM
    • 142 Posts
    • 94 Thanks
    pafpcg
    • #3
    • 25th May 17, 9:06 AM
    • #3
    • 25th May 17, 9:06 AM
    As Chickereeeee suggests, wait a few days before posting. If the Santander account matures on Friday 2nd, then I'd post it on Tuesday or Wednesday of next week (if 1st Class post). You'll receive a letter within a few days of receipt at IWEB saying they have requested a transfer, then another letter saying they have received the funds. But since the ISA transfer process uses cheques it'll be about two weeks before you have the transferred funds in your IWEB Cash account. You can monitor progress by watching for the funds leaving your old Santander account and then about a week later the transferred funds should be listed in the IWEB Cash statement, but won't be available for investment for a further two working days. (That's my experience from several transfers for cash ISAs into IWEB.)
    • LastbutFast
    • By LastbutFast 25th May 17, 11:34 AM
    • 19 Posts
    • 8 Thanks
    LastbutFast
    • #4
    • 25th May 17, 11:34 AM
    • #4
    • 25th May 17, 11:34 AM
    Thanks for the comprehensive reply pafpcg. Being new to this game it has saved me the anxiety of not knowing when it would land in the iweb account. Ps, what are cheques lol?
    • badger09
    • By badger09 25th May 17, 11:14 PM
    • 5,112 Posts
    • 4,321 Thanks
    badger09
    • #5
    • 25th May 17, 11:14 PM
    • #5
    • 25th May 17, 11:14 PM
    As Chickereeeee suggests, wait a few days before posting. If the Santander account matures on Friday 2nd, then I'd post it on Tuesday or Wednesday of next week (if 1st Class post). You'll receive a letter within a few days of receipt at IWEB saying they have requested a transfer, then another letter saying they have received the funds. But since the ISA transfer process uses cheques it'll be about two weeks before you have the transferred funds in your IWEB Cash account. You can monitor progress by watching for the funds leaving your old Santander account and then about a week later the transferred funds should be listed in the IWEB Cash statement, but won't be available for investment for a further two working days. (That's my experience from several transfers for cash ISAs into IWEB.)
    Originally posted by pafpcg
    Pretty much agree. I'm away from home at the moment so can't give precise timings but I think this time it took over 3 weeks for cash to appear in IWeb from Nationwide. Previous transfers were quicker.
    • Ashen
    • By Ashen 25th May 17, 11:57 PM
    • 372 Posts
    • 234 Thanks
    Ashen
    • #6
    • 25th May 17, 11:57 PM
    • #6
    • 25th May 17, 11:57 PM
    Just to point out that you can generally 'upgrade' a fixed term Santander ISA up to 30 days before maturity. So you can upgrade it to an easy access style ISA (keeping the same account number etc) so it can be transferred sooner.
    • LastbutFast
    • By LastbutFast 26th May 17, 6:47 AM
    • 19 Posts
    • 8 Thanks
    LastbutFast
    • #7
    • 26th May 17, 6:47 AM
    • #7
    • 26th May 17, 6:47 AM
    Thanks for the replies thus far. I have now paid my subscription for my S&S isa at Iweb, which was taken from my nominated bank account using my debit card details. In the fullness of time when my cash isa is eventually transferred ( I do not intend adding to it with this years allowance presently), I hope to purchase VSL60 with the proceeds. However I am uncertain where they take the £5 trade fee from. Is it directly from the isa sum transfer, my nominated bank account, or where? Sorry if this is a complete airhead question but I have gone through their terms and conditions and still am unclear!
    • bowlhead99
    • By bowlhead99 26th May 17, 7:17 AM
    • 6,581 Posts
    • 11,640 Thanks
    bowlhead99
    • #8
    • 26th May 17, 7:17 AM
    • #8
    • 26th May 17, 7:17 AM
    The trade fee (their commission for arranging the purchase), together with things like stamp duty if you're buying something traded on the stock exchange (not relevant for VLS60 as an open-ended daily-priced fund) is effectively part of your overall purchase cost for the share or fund you want to buy.

    So, the trade fee will be taken from the cash in your S&S ISA account (whether that cash has arrived in your S&S ISA account by transferring it in from another old ISA, or by funding by debit card, or by selling some investments within your S&S ISA).

    In other words if you only have £1000 cash in your S&S ISA account you will only be able to purchase £995 of VLS60 and pay £5 transaction fee; or if you want to buy £1000 of VLS60 you will need to pay £5 transaction fee on top so the whole deal will cost you £1005 and you will need to have that £1005 available in the account before they will process the order.

    If you transferred £1000 from your old cash ISA and really really wanted £1000 of VLS, then you would have to make a £5 subscription by debit card (using up some of your 2017/18 ISA allowance) to make sure there was sufficient to cover what you are buying and the transaction costs on what you are buying. If you wanted to preserve all your 2017/18 allowance in full you would need to reduce the purchase size to be able to afford both the purchase and the costs of transacting the purchase.
    Last edited by bowlhead99; 26-05-2017 at 7:20 AM.
    • LastbutFast
    • By LastbutFast 26th May 17, 8:03 AM
    • 19 Posts
    • 8 Thanks
    LastbutFast
    • #9
    • 26th May 17, 8:03 AM
    • #9
    • 26th May 17, 8:03 AM
    The trade fee (their commission for arranging the purchase), together with things like stamp duty if you're buying something traded on the stock exchange (not relevant for VLS60 as an open-ended daily-priced fund) is effectively part of your overall purchase cost for the share or fund you want to buy.

    So, the trade fee will be taken from the cash in your S&S ISA account (whether that cash has arrived in your S&S ISA account by transferring it in from another old ISA, or by funding by debit card, or by selling some investments within your S&S ISA).

    In other words if you only have £1000 cash in your S&S ISA account you will only be able to purchase £995 of VLS60 and pay £5 transaction fee; or if you want to buy £1000 of VLS60 you will need to pay £5 transaction fee on top so the whole deal will cost you £1005 and you will need to have that £1005 available in the account before they will process the order.

    If you transferred £1000 from your old cash ISA and really really wanted £1000 of VLS, then you would have to make a £5 subscription by debit card (using up some of your 2017/18 ISA allowance) to make sure there was sufficient to cover what you are buying and the transaction costs on what you are buying. If you wanted to preserve all your 2017/18 allowance in full you would need to reduce the purchase size to be able to afford both the purchase and the costs of transacting the purchase.
    Originally posted by bowlhead99
    Thanks for your comprehensive reply. So much to learn and I really appreciate your input
    • Eco Miser
    • By Eco Miser 26th May 17, 9:17 AM
    • 2,939 Posts
    • 2,721 Thanks
    Eco Miser
    However I am uncertain where they take the £5 trade fee from.
    Originally posted by LastbutFast
    They take it at the point of purchase.

    If you specify an amount to purchase, eg £1000, you will receive £5 less of the fund, eg £995 worth of units.
    If you specify a number of units, the cost will be £5 more than unit_price*number_of_units.

    The first time I bought, I allowed for the £5, only asked for £995 worth, got £990 worth and was left with £5 in the cash account.
    Last edited by Eco Miser; 26-05-2017 at 9:20 AM. Reason: Added personal example.
    Eco Miser
    Saving money for well over half a century
    • LastbutFast
    • By LastbutFast 18th Jun 17, 10:14 AM
    • 19 Posts
    • 8 Thanks
    LastbutFast
    S&S Isa further advice please
    The transfer from my cash isa has at last arrived in my Iweb S&S isa and ready to trade. The total sum is £x plus a few pence. I wish to invest in Vanguard LS 60 but as this is my first purchase on Iweb, I would like some advice on the process on the Iweb platform please. Can I use the whole sum ie £x plus a few pence or do I need to calculate the precise number of shares I can purchase, on the current fund price, leaving a small cash sum in my account? I understand the sum invested will have the £5 trading fee deducted eg
    £x plus a few pence, minus £5 will be the sum invested?
    Sorry if these seem naive questions but it's all a bit new to me and I am grateful for advice
    • IanManc
    • By IanManc 18th Jun 17, 11:17 AM
    • 300 Posts
    • 417 Thanks
    IanManc
    You can enter a purchase of the whole amount in your account, if you wish. The £5 fee will be taken out of that figure and the whole of the rest will be used to purchase the fund you want, leaving you with £0.00 in your account and a purchased number of units in the fund which will be a figure to a number of decimal places, e.g. 123.4567 units.
    • Eco Miser
    • By Eco Miser 19th Jun 17, 1:11 PM
    • 2,939 Posts
    • 2,721 Thanks
    Eco Miser
    You can't calculate the precise number (though you can specify one if you wish), as the funds are forward priced, so you don't know the exact price per unit, and with shares etc. the price is live, whereas the guide price you can see beforehand is delayed by 15 minutes.

    With a fund you will get the whole amount (less £5) invested, with shares, ITs etc that trade in whole units, you can still specify the whole amount, and you will be be left with a small amount of change after buying as many shares as possible with the specified amount.
    Eco Miser
    Saving money for well over half a century
    • LastbutFast
    • By LastbutFast 19th Jun 17, 2:33 PM
    • 19 Posts
    • 8 Thanks
    LastbutFast
    Thanks Eco Miser. I bought the fund I had selected this morning. The order was accepted and a Order Reference number was given to me during the process, which I have recorded. I wonder if anyone can give me an idea when the details will appear in my s&s account? At the moment there is no detail, not even the Order Reference available but the payment has gone through. Sorry if this is another beginners naive question but would appreciate advice.
    • badger09
    • By badger09 19th Jun 17, 2:56 PM
    • 5,112 Posts
    • 4,321 Thanks
    badger09
    Thanks Eco Miser. I bought the fund I had selected this morning. The order was accepted and a Order Reference number was given to me during the process, which I have recorded. I wonder if anyone can give me an idea when the details will appear in my s&s account? At the moment there is no detail, not even the Order Reference available but the payment has gone through. Sorry if this is another beginners naive question but would appreciate advice.
    Originally posted by LastbutFast
    It should appear online in your account in about 3 days time, but will probably be dated as tomorrow. It depends what time you submit your 'buy' request, what time IWEB submits all the requests to the fund manager, and at what time the particular fund is priced.

    My experience shows typically 3 days (excluding weekends) from me pressing 'buy' to being able to see the fund online.
    • LastbutFast
    • By LastbutFast 19th Jun 17, 3:04 PM
    • 19 Posts
    • 8 Thanks
    LastbutFast
    Thanks badger09, especially for your patience with the anxious ramblings of a newbie investor. I am looking forward to completion of this exercise and putting on it the backburner, for say, the next 10 years. I can get then get back to enjoying this retirement lark!
    I just want to say how helpful I find this forum and thanks to all contributors.
    • badger09
    • By badger09 19th Jun 17, 3:22 PM
    • 5,112 Posts
    • 4,321 Thanks
    badger09
    Thanks badger09, especially for your patience with the anxious ramblings of a newbie investor. I am looking forward to completion of this exercise and putting on it the backburner, for say, the next 10 years. I can get then get back to enjoying this retirement lark!
    I just want to say how helpful I find this forum and thanks to all contributors.
    Originally posted by LastbutFast
    You're very welcome. We all had to start somewhere. I started investing in earnest only a few years ago in my early 60s It is so easy to become overwhelmed by the massive amount of information available, and I personally suffer from 'paralysis by analysis'. At least you've overcome that

    This forum is incredibly useful, and it doesn't take long to weed out the less than helpful suggestions that are sometimes made, and to get a feel for which posters you can trust on various aspects of your finances.

    I find the ongoing learning process to be fascinating, if time consuming. But then, what is retirement for if we can't choose how we spend some of our time
    • LastbutFast
    • By LastbutFast 19th Jun 17, 3:42 PM
    • 19 Posts
    • 8 Thanks
    LastbutFast
    I totally agree with the sentiment of your last sentence badger09
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,485Posts Today

8,043Users online

Martin's Twitter