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  • FIRST POST
    • Bertieburt
    • By Bertieburt 12th Oct 17, 11:52 PM
    • 6Posts
    • 0Thanks
    Bertieburt
    Tilney Bestinvest £60 to close ISA account
    • #1
    • 12th Oct 17, 11:52 PM
    Tilney Bestinvest £60 to close ISA account 12th Oct 17 at 11:52 PM
    Hi I have a funds ISA with Tinley BestInvest - I recently sold all of my investment funds held in the ISA wrapper and withdrew the cash. All the sale proceeds except £60 were paid into my bank account.

    It seems I am unable to withdraw the final £60 If I close the account the £60 will be taken by Bestinvest as an account closure fee.

    I have asked Bestinvest how I can obtain my £60 - it seems to me unreasonable for them to retain this sum especially as % fees were charged monthly on the investment funds in my ISA - needless to say I have drawn a blank on getting my money out.

    Does anyone know how I could proceed ? for example if I bought £60 worth of a new investment fund - I know its possible to move funds out - could I move them to another manager then sell the fund and withdraw all of my proceeds ?

    any advice much appreciated
Page 1
    • coyrls
    • By coyrls 12th Oct 17, 11:59 PM
    • 884 Posts
    • 910 Thanks
    coyrls
    • #2
    • 12th Oct 17, 11:59 PM
    • #2
    • 12th Oct 17, 11:59 PM
    If their account closure fee is £60, then you have to pay it when you close the account, so my advice is to pay it.
    • TCA
    • By TCA 13th Oct 17, 12:07 AM
    • 1,300 Posts
    • 736 Thanks
    TCA
    • #3
    • 13th Oct 17, 12:07 AM
    • #3
    • 13th Oct 17, 12:07 AM
    You presumably signed up to these charges when you opened the account, so should have been aware. If you buy and then transfer another investment to a new provider they'll charge £25, although transferring cash might be free. You'd need to bear in mind any new provider might have custody charges, dealing charges and/or more closure charges.
    • Keep pedalling
    • By Keep pedalling 13th Oct 17, 12:32 AM
    • 3,748 Posts
    • 4,016 Thanks
    Keep pedalling
    • #4
    • 13th Oct 17, 12:32 AM
    • #4
    • 13th Oct 17, 12:32 AM
    They have a £20 per asset fee on transferring out. This is something you will have signed up,to when you opened the account, so you have lost that £60 I am afraid.

    https://www.bestinvest.co.uk/media/1602/keyfacts-non-advised.pdf
    • greatkingrat
    • By greatkingrat 13th Oct 17, 5:58 AM
    • 54 Posts
    • 62 Thanks
    greatkingrat
    • #5
    • 13th Oct 17, 5:58 AM
    • #5
    • 13th Oct 17, 5:58 AM
    No point paying them the £60, might as well use the money to buy a fund and leave the account open.
    • Keep pedalling
    • By Keep pedalling 13th Oct 17, 9:26 AM
    • 3,748 Posts
    • 4,016 Thanks
    Keep pedalling
    • #6
    • 13th Oct 17, 9:26 AM
    • #6
    • 13th Oct 17, 9:26 AM
    They have a £20 per asset fee on transferring out. This is something you will have signed up,to when you opened the account, so you have lost that £60 I am afraid.

    https://www.bestinvest.co.uk/media/1602/keyfacts-non-advised.pdf
    Originally posted by Keep pedalling
    Edit - re-reading the OP this was a closure rather than a transfer out, so that is a fee of £50, with presumably a little bit more held back for the 0.45% management fee for the period since that was last billed.
    • Keep pedalling
    • By Keep pedalling 13th Oct 17, 9:27 AM
    • 3,748 Posts
    • 4,016 Thanks
    Keep pedalling
    • #7
    • 13th Oct 17, 9:27 AM
    • #7
    • 13th Oct 17, 9:27 AM
    No point paying them the £60, might as well use the money to buy a fund and leave the account open.
    Originally posted by greatkingrat
    He can't bridges already burnt here, the fees still need to be paid.
    • eskbanker
    • By eskbanker 13th Oct 17, 10:17 AM
    • 5,577 Posts
    • 5,415 Thanks
    eskbanker
    • #8
    • 13th Oct 17, 10:17 AM
    • #8
    • 13th Oct 17, 10:17 AM
    Edit - re-reading the OP this was a closure rather than a transfer out, so that is a fee of £50, with presumably a little bit more held back for the 0.45% management fee for the period since that was last billed.
    Originally posted by Keep pedalling
    The £50 closure fee is quoted exclusive of VAT, so I suspect it's that which takes the figure to £60, unless the 20% difference is entirely coincidental!
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