Halifax S&S ISA - how to transfer?

gallygirl

OH has a stocks & shares ISA with Halifax, paying management charges of 1.5% a year. He's finally decided to listen to me about these charges being too high - and I've been charged with sorting it out :rolleyes:.

I have a lot of questions but the 5 main ones are:
- how do I go about it?
- who are the cheapest providers?
- he has a regular saver so pays £250 a month - does this mean he can't transfer till end of tax year?
- do funds have to be cashed in to be transferred - what about the 2 which are Halifax funds, don't recall seeing these with any other brokers?
- why did he pick such crap funds in the 1st place (3 UK, 1 international & 1 fund of trusts), he's paid in £1500 over past 6 months & funds have risen by £1563 .

OK I can answer the last one (cos he's an eedjit, that's why :cool:), but would appreciate advice on the other points.

Thanks in anticipation.

gg

Lokolo

If you want to pick funds yourself your best bet is to have the ISA with Hargreaves Lansdown.

http://www.h-l.co.uk/

And I am assuming the funds raised £63 in 6 months rather than £1563?

opinions4u

gallygirl wrote: »

OH has a stocks & shares ISA with Halifax, paying management charges of 1.5% a year. He's finally decided to listen to me about these charges being too high - and I've been charged with sorting it out :rolleyes:.

The Halifax model is (typically) to charge no up front fee but then charge a 1.5% management fee. Others may charge 5% up front but then apply a smaller management fee. What you gain on the swings, you lose on the roundabouts.

- how do I go about it?

Find a provider who should do all the paperwork for transferring for you.

- who are the cheapest providers?

The cheapest funds are usually the trackers, or providers who allow you to self-select your funds. If you want a pro-active fund manager that will usually cost more. You would hope that such management would get you better returns and therefore be worth paying for (but that's not always the case!)

- he has a regular saver so pays £250 a month - does this mean he can't transfer till end of tax year?

The firm organsing the transfer in should be able to arrange this.

- do funds have to be cashed in to be transferred - what about the 2 which are Halifax funds, don't recall seeing these with any other brokers?

The provider will cash them in and send the proceeds to your new provider, protecting the ISA tax wrapper.

- why did he pick such crap funds in the 1st place (3 UK, 1 international & 1 fund of trusts), he's paid in £1500 over past 6 months & funds have risen by £1563 .

If he's doubled his money what's the problem? If he's made 4% growth in 6 months, that's better than a savings account. This graph can help you to work out whether or not he's outperformed the FTSE.

It's probably about right if he invested in January.

OK I can answer the last one (cos he's an eedjit, that's why :cool:), but would appreciate advice on the other points.

He might not be.

That said, it is hard to say that the investment products offered by the high street banks have achieved great performance over a number of years.

dunstonh

OH has a stocks & shares ISA with Halifax, paying management charges of 1.5% a year. He's finally decided to listen to me about these charges being too high - and I've been charged with sorting it out :rolleyes:.

1.5% is not too high. Its the typical norm for investment funds. The problem with Halifax is a lack of quality.

do funds have to be cashed in to be transferred - what about the 2 which are Halifax funds, don't recall seeing these with any other brokers?

Yes they do. No-one is going to offer Halifax funds as there is no point (apart from Halifax of course )

- why did he pick such crap funds in the 1st place (3 UK, 1 international & 1 fund of trusts), he's paid in £1500 over past 6 months & funds have risen by £1563 .

You will have to ask your husband why he picked those funds. No point asking Halifax as their tied reps are not allowed to recommend funds. Its documented that you pick them (a common limitation of tied agents).

- he has a regular saver so pays £250 a month - does this mean he can't transfer till end of tax year?

He can transfer now.

- who are the cheapest providers?

For DIY unit trusts then Lokolo has posted the best option.

gallygirl

Thanks so much for the replies. The last question was rhetorical & I didn't phrase correctly - he's paid in £1500 in last 6 months and net gain of total fund of 12.5k is £63 :rolleyes:. Makes my pension fund selections look good though.....He doesn't remember why he picked them, he barely remembered he had them :mad:.

I will take on board all comments, tbh I didn't do too much research as I didn't think he could transfer mid-year. He is lucky enough to have a cracking pension so this will be extra - so I think it will be high risk funds. E.g. dk why he thought UK Equity was right for him, and neither does he .

I'll have a look at both HL & Lokolo (never heard of them before )

Thanks again

gg

Lokolo

gallygirl wrote: »

Thanks so much for the replies. The last question was rhetorical & I didn't phrase correctly - he's paid in £1500 in last 6 months and net gain of total fund of 12.5k is £63 :rolleyes:. Makes my pension fund selections look good though.....He doesn't remember why he picked them, he barely remembered he had them :mad:.

I will take on board all comments, tbh I didn't do too much research as I didn't think he could transfer mid-year. He is lucky enough to have a cracking pension so this will be extra - so I think it will be high risk funds. E.g. dk why he thought UK Equity was right for him, and neither does he .

I'll have a look at both HL & Lokolo (never heard of them before )

Thanks again

gg

I'm Lokolo....

Dunstonh was just saying that he agrees with me that HL is the best to go for :rotfl:

Aegis

Lokolo wrote: »

I'm Lokolo....

Dunstonh was just saying that he agrees with me that HL is the best to go for :rotfl:

How cool would it be to find an investment company named after you now?

Lansdowne

Aegis wrote: »

How cool would it be to find an investment company named after you now?

Or even half of one and not spelt properly.

gallygirl

Lokolo wrote: »

I'm Lokolo....

Dunstonh was just saying that he agrees with me that HL is the best to go for :rotfl:

:rotfl::o:rotfl::o:rotfl::o:rotfl:& to think OH is trusting me with his money :eek: