Confused about charges

Middle_Sister

I have my shares and stocks & shares ISA accounts with Halifax and they charge me about £50 a quarter.
I also have a stocks & shares ISA with Hargreaves & Lan who don't charge me anything (unless they take it off automatically).
Can I move my stuff from Halifax to H&L and save myself the £50 every 3 months?

dunstonh

HL do charge. If you use funds the charges are part of the annual management charge (and a range of hidden remuneration). If you use direct investments (i.e. shares) then they have costs there.

You dont say what Halifax ISA it is but if its their fund ISAs then their funds are naff and that should be a more important driver than fees.

david78

You should transfer because Halifax is more expensive.

If you hold shares HL will charge about 0.5% per year. So if Halifax is charging you £200 a year, you would need shares worth more than £40,000 for Halifax to be more effective.

If you hold funds, HL will be even more cost effective.

Middle_Sister

I have about £100K in shares and £30K in a S&S ISA (with Halifax). Would I be better shifting the whole kit & caboodle to H&L where I have about £30K in a S&S ISA?

dunstonh

Would I be better shifting the whole kit & caboodle to H&L where I have about £30K in a S&S ISA?

Halifax investments are pretty naff but not necessarily that expensive (a good case of getting what you pay for).

By moving them to HL you may not be better off (but maybe) on the charges front. You will lose consumer protection for advice (as HL give no advice) as you will be picking the investments. If you can DIY and do it well then you would probably be better off.

JamesU

Middle_Sister wrote: »

I have about £100K in shares and £30K in a S&S ISA (with Halifax). Would I be better shifting the whole kit & caboodle to H&L where I have about £30K in a S&S ISA?

Depends on what sort of accounts you have at the Halifax. Halifax S+S transfers to HL described in detail in link "Want to change from Halifax S+S isa, options? as below. Worth reading through the link for issues that may be relevant in your case.

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

Note also, annual costs of holding shares (as opposed to funds) in an ISA at HL.


JamesU

Middle_Sister

Had a look at the link but still none the wiser. I have picked the shares myself and every so often (every tax year) I sell some of them (usually the shares I get thru the company) and then buy them back in an ISA wrapper (same share). So nearly all of the shares I hold in a non ISA are the one share and ALL of the ISA S&S holding are the one share also.

God, I'm confusing myself!

dunstonh

I have picked the shares myself and every so often (every tax year) I

Are you talking about the Halifax sharedealing account. If so, thats quite a good option. On the funds front Halifax are pretty poor and thats where HL may come in useful.

Middle_Sister

Yes, its a Halifax sharedealing account. They charge about £50 every 3 months. Is that reasonable? They dont really do anything except sell/buy shares on my instruction (and I pay a charge each time). I do like the fact I can go online and see everything in front of me.

Lokolo

Middle_Sister wrote: »

Yes, its a Halifax sharedealing account. They charge about £50 every 3 months. Is that reasonable? They dont really do anything except sell/buy shares on my instruction (and I pay a charge each time). I do like the fact I can go online and see everything in front of me.

You will find this charge everywhere. However charges vary from provider to provider.

It's £12 to trade with Halifax.

http://www.x-o.co.uk/ charge £6 for each trade, half the price. But you can only trade in UK companies.