Cancelling my ISA and it costing me more than the £ in there!

billyw78

Having joined Charles Schwab a fair few years ago my share based ISA is worth very little so i figured i would close it and hold the paper shares certificates (just in case of a miracle). I called Barclays who took over Charles Schwab and now manage the ISA. I was told that closing the ISA would cost me £25, and each stock would cost £15 (i have 2 stocks) =£55. This is more than my total stock value. What can i do? Is there anyway i can get my shares out without losing money and the shares?

Cheers

cloud_dog

You could open an account with Squaregain (https://www.squaregain.co.uk) and transfer your stocks to them. They will refund the costs of transferring the shares and closing your account with Barclays.

Squaregain do not charge an annual (quarterly) admin fee, so you could leave the stocks in this account indefinately, alternatively you could sell them (cost to sell £12.50 per stock) and close the account (no charges for closing the account).

cloud_dog

billyw78

Cloud Dog - many thanks for that. Much appreciated. billy

stephenadarglas

Try hargreaves lansdown of bristol. May be able to help

codetown

Even better give a look at the referral section of this site and you will be able also to cash in good money on joining SquareGain, making this whole operation a real success!