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
    • 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
    • 922 Posts
    • 967 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
    • 1,317 Posts
    • 758 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
    • 4,070 Posts
    • 4,432 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
    • 69 Posts
    • 74 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
    • 4,070 Posts
    • 4,432 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
    • 4,070 Posts
    • 4,432 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
    • 5,889 Posts
    • 5,849 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!
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

5,419Posts Today

4,613Users online

Martin's Twitter