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Switching S&S ISA providers to avoid initial fund charge?
jhxmt
Posts: 164 Forumite
Hi all,
Hopefully a quick and simple question.
I'm currently trying to make my mind up between HL or III for a S&S ISA provider. HL has better fund discounts (e.g. it discounts the entirety of a particular fund's 5% initial charge, while III can only discount 4%), but III has better costs when buying specific shares.
If I were to open up an HL Vantage ISA, putting my money into some of the funds I can access through there (with the entirety of the initial charge discounted)...could I, at some point in the future, transfer my ISA to III, keeping the benefit of having discounted that initial charge but also then getting access to the better share-purchasing costs?
Or (trying to work out why this wouldn't work, as life ain't that simple), does transferring the ISA effectively crystallise it, and the only-partially-discounted initial fund charge would apply at the time of transfer?
I'm new to S&S ISAs (though not to ISAs in general), so I'm not sure on the technicalities of this.
Any guidance appreciated! Thanks!
Hopefully a quick and simple question.
I'm currently trying to make my mind up between HL or III for a S&S ISA provider. HL has better fund discounts (e.g. it discounts the entirety of a particular fund's 5% initial charge, while III can only discount 4%), but III has better costs when buying specific shares.
If I were to open up an HL Vantage ISA, putting my money into some of the funds I can access through there (with the entirety of the initial charge discounted)...could I, at some point in the future, transfer my ISA to III, keeping the benefit of having discounted that initial charge but also then getting access to the better share-purchasing costs?
Or (trying to work out why this wouldn't work, as life ain't that simple), does transferring the ISA effectively crystallise it, and the only-partially-discounted initial fund charge would apply at the time of transfer?
I'm new to S&S ISAs (though not to ISAs in general), so I'm not sure on the technicalities of this.
Any guidance appreciated! Thanks!
Anything I post here is purely my own personal opinion. As such it may be wrong, poorly worded or written very tongue-in-cheek. Please therefore treat it the same way you should treat anything you read on the internet from an unknown person - with a healthy pinch of salt and scepticism!
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Comments
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Yes, that's fine provided III accept transfers in of funds. Some providers make you sell and transfer the cash. I know H-L accept transfers in in funds but I don't know about III.If I were to open up an HL Vantage ISA, putting my money into some of the funds I can access through there (with the entirety of the initial charge discounted)...could I, at some point in the future, transfer my ISA to III, keeping the benefit of having discounted that initial charge but also then getting access to the better share-purchasing costs?0 -
Thanks, that's helpful. After checking III's site, they don't charge for transfers in (although, as is pretty much standard I believe, they do charge for transfers out, at £10 per line of stock).
Checking the (very) small print of H-L, their transfers in are likewise free, while transfers out are £20 per line of stock (plus VAT).
Guess I need to decide how much I'm likely to invest in specific shares, as opposed to funds!Anything I post here is purely my own personal opinion. As such it may be wrong, poorly worded or written very tongue-in-cheek. Please therefore treat it the same way you should treat anything you read on the internet from an unknown person - with a healthy pinch of salt and scepticism!0
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