Another Isa investor question

pennine

I have built up a fair sum over the years investing my Isa allowance in the Halifax stocks and shares Isa, I was wondering if I should switch to Hargreaves Lansdown and maybe see a better return with their Vantage Isa, I am fast losing any loyalty I had with the Halifax after nearly 30 years of banking with them

jamesd

Are you using mostly funds or shares? HL is competitive for funds, less so for shares. If funds, check the annual charge for each fund at each place, at HL the loyalty bonus is how you get the reduced annual charge.

pennine

jamesd wrote: »

Are you using mostly funds or shares? HL is competitive for funds, less so for shares. If funds, check the annual charge for each fund at each place, at HL the loyalty bonus is how you get the reduced annual charge.

Hi James thanks for the quick reply. I am investing mainly in funds at present, HL are sending out a pack with transfer form and charges etc. They did mention that in the majority of cases the charges would be waived.

dunstonh

I was wondering if I should switch to Hargreaves Lansdown and maybe see a better return with their Vantage Isa

The platform doesnt make or lose money. Its just a place for your administration. HLs platform is priced well on the use of managed investment funds within ISA or unwrapped. it is not so for direct investments.

I am fast losing any loyalty I had with the Halifax

Halifax are typical of the banks in their range is poor and their funds are poor.

They did mention that in the majority of cases the charges would be waived.

That is not the case. I think you have misunderstood. There will be charges. However, they are likely to be slightly lower than what you pay with the Halifax.

JamesU

pennine wrote: »

I have built up a fair sum over the years investing my Isa allowance in the Halifax stocks and shares Isa, I was wondering if I should switch to Hargreaves Lansdown and maybe see a better return with their Vantage Isa, I am fast losing any loyalty I had with the Halifax after nearly 30 years of banking with them

Might be useful to read through the thread below on some possible limitations and logisitics of transferring funds from Halifax to HL.

https://forums.moneysavingexpert.com/discussion/2376521


Some key points to check when transferring to HL in postcount here:

http://forums.moneysavingexpert.com/showpost.html?p=31465905&postcount=17


Halifax funds typically cost around 1.0-1.5%/yr, then add another 1%/yr for the ISA wrapper.

Hope this helps.


JamesU

pennine

Much appreciated JamesU.
I seem to be mirroring that post. I will be looking to shut down my dealings with the Halifax, that link will make it a whole lot easier and has given me a greater understanding of how it all works.

pennine

dunstonh wrote: »

That is not the case. I think you have misunderstood. There will be charges. However, they are likely to be slightly lower than what you pay with the Halifax.

I actually meant the initial charges would be waivered, probably due to the discounts, sorry I should have made myself clearer.

JamesU

pennine wrote: »

Much appreciated JamesU.
I seem to be mirroring that post. I will be looking to shut down my dealings with the Halifax, that link will make it a whole lot easier and has given me a greater understanding of how it all works.

You will need to transfer using a new provider rather than "shut down dealings with Halifax" in order to retain the ISA status. If your funds are significant, may be worth taking advice from an independent IFA also.

Although HL is considered a good provider with better funds and lower charges, setting up an asset allocation and rebalancing that meets your requirements is not necessarily a straightforward thing to do. Shifting from Halifax to HL could be a bit of a jump, and not without it's own risks, unless you know what you are doing.

JamesU