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  • FIRST POST
    • Economic
    • By Economic 12th Dec 17, 3:52 PM
    • 171Posts
    • 137Thanks
    Economic
    IG Custody Fee
    • #1
    • 12th Dec 17, 3:52 PM
    IG Custody Fee 12th Dec 17 at 3:52 PM
    From Spring 2018, IG are introducing a £24 per quarter custody fee (with an exemption if you trade three or more times during the quarter).
Page 1
    • sabretoothtigger
    • By sabretoothtigger 12th Dec 17, 7:21 PM
    • 9,998 Posts
    • 6,599 Thanks
    sabretoothtigger
    • #2
    • 12th Dec 17, 7:21 PM
    • #2
    • 12th Dec 17, 7:21 PM
    For shares or everything?
    Tokyo residential prices have gone from 4x London in 1990 to ¼ London in 2014
    Maybe this is one of those cases where you can’t go home again,
    by Ben S. Bernanke, former Fed chairman
    • Economic
    • By Economic 12th Dec 17, 7:32 PM
    • 171 Posts
    • 137 Thanks
    Economic
    • #3
    • 12th Dec 17, 7:32 PM
    • #3
    • 12th Dec 17, 7:32 PM
    For shares or everything?
    Originally posted by sabretoothtigger
    It is replacing the share dealing inactivity fee so probably just shares.
    • darkidoe
    • By darkidoe 12th Dec 17, 11:13 PM
    • 904 Posts
    • 1,054 Thanks
    darkidoe
    • #4
    • 12th Dec 17, 11:13 PM
    • #4
    • 12th Dec 17, 11:13 PM
    From Spring 2018, IG are introducing a £24 per quarter custody fee (with an exemption if you trade three or more times during the quarter).
    Originally posted by Economic
    Any link to the new fee structure? I can't find it on their website.

    Save 12K in 2018 #31 0/15 000
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    • cloud_dog
    • By cloud_dog 13th Dec 17, 10:11 AM
    • 3,341 Posts
    • 1,891 Thanks
    cloud_dog
    • #5
    • 13th Dec 17, 10:11 AM
    • #5
    • 13th Dec 17, 10:11 AM
    Glad I didn't succumb to the IG transfer offer and went with iWeb (even more) now.

    Just hoping I'm not posting a 'iWeb introduce inactivity charges' at some point in the future.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Economic
    • By Economic 13th Dec 17, 10:44 AM
    • 171 Posts
    • 137 Thanks
    Economic
    • #6
    • 13th Dec 17, 10:44 AM
    • #6
    • 13th Dec 17, 10:44 AM
    Glad I didn't succumb to the IG transfer offer and went with iWeb (even more) now.

    Just hoping I'm not posting a 'iWeb introduce inactivity charges' at some point in the future.
    Originally posted by cloud_dog
    I left TD/ii because of the introduction of fees to transfer out to another broker as I do not want to be a captive consumer, which is why I did not go to iWeb.
    • Economic
    • By Economic 13th Dec 17, 10:47 AM
    • 171 Posts
    • 137 Thanks
    Economic
    • #7
    • 13th Dec 17, 10:47 AM
    • #7
    • 13th Dec 17, 10:47 AM
    Any link to the new fee structure? I can't find it on their website.
    Originally posted by darkidoe
    From their email:
    "From spring 2018, we’re replacing our share dealing inactivity fee with a £24 custody fee, payable at the end of each quarter, which you could be subject to depending on your trading activity during that quarter.

    Any commission you pay on your share dealing account during the quarter will be deducted from the fee. You will also be exempt from the fee if you do one of the following:
    1 Deal three or more times across any of your IG accounts during the quarter
    2. Hold assets worth £15,000 or more across your IG Smart Portfolio accounts at the end of the quarter

    Only share dealing and ISA accounts holding non-cash assets will be subject to the custody fee. The fee will be applied per client rather than per account.

    Accounts with assets will be allowed to go into deficit as a result of the fee. Final terms of the start date and application of the fee will be announced shortly."
    • cloud_dog
    • By cloud_dog 13th Dec 17, 10:47 AM
    • 3,341 Posts
    • 1,891 Thanks
    cloud_dog
    • #8
    • 13th Dec 17, 10:47 AM
    • #8
    • 13th Dec 17, 10:47 AM
    Yeah, there is that side of things, although transfer fees are pretty common. Really didn't want to leave TD Direct they were excellent for charges and service but couldn't live with II incompetency.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • cloud_dog
    • By cloud_dog 13th Dec 17, 10:50 AM
    • 3,341 Posts
    • 1,891 Thanks
    cloud_dog
    • #9
    • 13th Dec 17, 10:50 AM
    • #9
    • 13th Dec 17, 10:50 AM
    From their email:
    "From spring 2018, we’re replacing our share dealing inactivity fee with a £24 custody fee, payable at the end of each quarter, which you could be subject to depending on your trading activity during that quarter.

    Any commission you pay on your share dealing account during the quarter will be deducted from the fee. You will also be exempt from the fee if you do one of the following:
    1 Deal three or more times across any of your IG accounts during the quarter
    2. Hold assets worth £15,000 or more across your IG Smart Portfolio accounts at the end of the quarter

    Only share dealing and ISA accounts holding non-cash assets will be subject to the custody fee. The fee will be applied per client rather than per account.

    Accounts with assets will be allowed to go into deficit as a result of the fee. Final terms of the start date and application of the fee will be announced shortly."
    Originally posted by Economic
    Actually, with the full information, they still seem very reasonable on the charges front, taken as a whole. If I were with them I would probably stay with them in light of this.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • ivormonee
    • By ivormonee 15th Dec 17, 1:50 PM
    • 108 Posts
    • 81 Thanks
    ivormonee
    I've just transferred to IG from TD/II because of TD's new quarterly charge. My trransfer is apparently going to complete next few days and too late to stop it. The news of IG now also saying they will introduce a new quarterly fee negates the whole reason for leaving TD in the first place. All that hassle for nothing.

    By the way I've not received the email from IG to inform me of the new fees - I only know about it because of this thread on the forum! If they haven't sent me the email, maybe not all customers will get charged from the same start date? Otherwise, why else would they not be sending all their customers the email about the new fees?
    • JohnRo
    • By JohnRo 15th Dec 17, 1:56 PM
    • 2,514 Posts
    • 2,271 Thanks
    JohnRo
    I haven't heard anything directly either, it's a bit of a kick in the teeth coming within days of transfer. It says a lot about IG.

    I'll still profit from them but the move to iWeb will be happening at the first opportunity next year, unless a better offer turns up in the mean time.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • TCA
    • By TCA 15th Dec 17, 4:35 PM
    • 1,331 Posts
    • 766 Thanks
    TCA
    Thanks for posting Economic. Despite the transfer bonus, that puts the kibosh on my potential transfer from TD to IG. iWeb it is instead then. I wonder if I can exit TD before their quarterly charges kick in.

    Us old TDers became II customers from 11th December and first quarterly charges are due on the second Wednesday of the month following account opening - so 10th January I presume. Pro-rata charges maybe.

    And so we get on the merry-go-round again. Sick of it.
    • ivormonee
    • By ivormonee 15th Dec 17, 6:29 PM
    • 108 Posts
    • 81 Thanks
    ivormonee
    Funnily enough I had originally tried to transfer from TD/ II to iweb a few weeks ago but my transfer stalled because iweb did not have all my stocks on their platform, and they could not and would not add them. So iweb were of no use at all in the end. So I started the transfer process again from scratch, this time to transfer to IG. It's too late to stop the transfer now so I'll wait and see what exactly their new charges will be. iweb have some additional costs which are a one off joining fee of £25 and exit fees of £125. Commission rates are £5 compared to IG's £8 and II's £10. I'm not sure if there's really a clear cut winner on charges but I'm frustrated with the whole process of spending a few weeks on a transfer merry go round only to end up with a £24 quarterly fee anyway compared to a £22.50 quarterly fee which I was trying to avaoid and which was the whole point of starting these transfer processes in the first place. And still no email from IG about their new charges! And who knows what new charges all these platforms will dream up in 2018!
    • MysteryMan00
    • By MysteryMan00 17th Dec 17, 2:55 PM
    • 131 Posts
    • 64 Thanks
    MysteryMan00
    Always the way
    Lure people across then up the fees.

    Typical of the sort of spivvery that passes for entrepreneurship these days
    • darkidoe
    • By darkidoe 19th Dec 17, 6:35 AM
    • 904 Posts
    • 1,054 Thanks
    darkidoe
    I haven't heard anything directly either, it's a bit of a kick in the teeth coming within days of transfer. It says a lot about IG.

    I'll still profit from them but the move to iWeb will be happening at the first opportunity next year, unless a better offer turns up in the mean time.
    Originally posted by JohnRo
    Same for me. I was just going to say that I am starting to get used to the layout of their platform. *Sighs*

    Save 12K in 2018 #31 0/15 000
    Save 12K in 2017 # 9 £15,848.84/15 000 (105.65%) Achieved!
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    • ivormonee
    • By ivormonee 20th Dec 17, 2:58 PM
    • 108 Posts
    • 81 Thanks
    ivormonee
    Their platform will be changing in the new year - they told me that they are doing a major re-vamp and it will all be new. Quite what this will look like and how it will function remains to be seen, but it's very bare bones at the moment. It had better be good for the new charges they will be imposing.
    • JohnRo
    • By JohnRo 20th Dec 17, 9:59 PM
    • 2,514 Posts
    • 2,271 Thanks
    JohnRo
    Unless something changes at iWeb there's nothing IG can do now that will prevent me moving away from their revamped platform at the earliest opportunity, other than scrapping the charges they're imposing on those sucked in by the incentive.

    I'll be making the minimum three trades a quarter to trim down ahead of clearing off altogether once the incentive bonus clock has ticked down.

    Going to be up a couple of hundred or so once all is settled, not a complete disaster then but still annoying.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • ivormonee
    • By ivormonee 8th Jan 18, 1:46 PM
    • 108 Posts
    • 81 Thanks
    ivormonee
    Spoke to someone at IG. Apparently the new charges will not apply to everyone, only people who have received a letter from them. It will be phased in for other customers later. Seems odd but that's what they seemed to be saying. If you're affected you might want to check with them directly. They've kept the website as saying "free from custody charges" and are showing the inactivity fee for anyone inactive after two years.
    • kamz58
    • By kamz58 11th Jan 18, 11:57 AM
    • 11 Posts
    • 0 Thanks
    kamz58
    I am currently with II and was looking to move to IG based on the fancy but useless comparison table on their website. Spoke to the IG CS about the transfer and at the end of the call the CS mentioned the custody charges of 24£. When I asked why it isnt on your website, she said that oh sorry we haven't yet updated our website.
    Says a lot about the company ethics IMHO.
    At least II give you those 22.50 as credits unlike IG.
    • Nerdlinger
    • By Nerdlinger 12th Jan 18, 8:09 PM
    • 17 Posts
    • 8 Thanks
    Nerdlinger
    If I must pay an annual platform fee then back to Halifax looks best for me. When I left it was 0.2% of the ISA value, now it's a more modest £12.50. No contact from IG yet though.
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