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  • FIRST POST
    • mike004
    • By mike004 17th Jul 17, 9:29 PM
    • 88Posts
    • 12Thanks
    mike004
    Transferring out of a share ISA: Costs involved
    • #1
    • 17th Jul 17, 9:29 PM
    Transferring out of a share ISA: Costs involved 17th Jul 17 at 9:29 PM
    I currently have a shares ISA with SelfTrade. Due to the poor web site performance and confusing user interface, I am thinking of transferring to another provider.
    How much might this cost me?
    The SelfTrade web site has lots of info about opening an ISA, or transferring in. But not about transferring out.
    I found this on the charges page:
    "Transfer to another provider
    £15 per line of stock"

    Given that I have about 20 different shares, that is a hefty bill.
    And can I expect further charges, based on price differences when selling the existing shares at the old provider and re-buying at the new provider?
Page 1
    • Economic
    • By Economic 17th Jul 17, 9:39 PM
    • 111 Posts
    • 68 Thanks
    Economic
    • #2
    • 17th Jul 17, 9:39 PM
    • #2
    • 17th Jul 17, 9:39 PM
    The shares are transferred so there is no selling and buying of the shares.
    • mike004
    • By mike004 17th Jul 17, 9:55 PM
    • 88 Posts
    • 12 Thanks
    mike004
    • #3
    • 17th Jul 17, 9:55 PM
    • #3
    • 17th Jul 17, 9:55 PM
    I may as well sell off some underperforming stocks before transfer, if I am going to be charged for each separate stock in my portfolio.
    • Keep pedalling
    • By Keep pedalling 18th Jul 17, 12:29 AM
    • 3,565 Posts
    • 3,835 Thanks
    Keep pedalling
    • #4
    • 18th Jul 17, 12:29 AM
    • #4
    • 18th Jul 17, 12:29 AM
    I may as well sell off some underperforming stocks before transfer, if I am going to be charged for each separate stock in my portfolio.
    Originally posted by mike004
    You will then have to pay £11.75 for each trade so it won't save all that much.

    If this is your only S&S investment splitting it across a handful of individual shares, is both expensive in dealing terms and lacks diversity so perhaps not the best way to grow your wealth over the years and decades ahead.
    • mike004
    • By mike004 18th Jul 17, 11:03 AM
    • 88 Posts
    • 12 Thanks
    mike004
    • #5
    • 18th Jul 17, 11:03 AM
    • #5
    • 18th Jul 17, 11:03 AM
    From the SelfTrade web site:
    >Please note that a charge of £15 per line of stock to transfer out of Selftrade is applicable and can take 2-8 weeks to complete dependent on which assets are to be transferred.<

    Up to 8 weeks! And I have 16 stocks = £240.

    Any recommendations for a provider? I usually buy and sell about once per quarter, blue chip FTSE stocks only.
    • badger09
    • By badger09 18th Jul 17, 12:19 PM
    • 5,121 Posts
    • 4,336 Thanks
    badger09
    • #6
    • 18th Jul 17, 12:19 PM
    • #6
    • 18th Jul 17, 12:19 PM
    From the SelfTrade web site:
    >Please note that a charge of £15 per line of stock to transfer out of Selftrade is applicable and can take 2-8 weeks to complete dependent on which assets are to be transferred.<

    Up to 8 weeks! And I have 16 stocks = £240.

    Any recommendations for a provider? I usually buy and sell about once per quarter, blue chip FTSE stocks only.
    Originally posted by mike004
    Have a look at snowman's excellent spreadsheet, link in 1st post:

    http://forums.moneysavingexpert.com/showthread.php?t=5583030

    you can play around with various scenarios
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