SVS or X-o account?

mutley74

I going to open an new account to transfer some ISAs at Selftrade and wish to consider between SVS Securities or X-o.

Both have very low cost dealing charges and no admin fees...just wondering if anyone has had any exerience of either to share?

Reaper

I use X-O as do a number of others on here. They seem pretty good if you are happy with a no-frills service covering only UK listed stocks.

There doesn't seem much to choose between them on price or features except I don't think SVS offer an ISA option.

mutley74

Reaper wrote: »

I use X-O as do a number of others on here. They seem pretty good if you are happy with a no-frills service covering only UK listed stocks.

There doesn't seem much to choose between them on price or features except I don't think SVS offer an ISA option.

Thanks for reply.
I was interested in SVS as they do offer telephone service even though a premium to online, but as you stated and i have just found out they dont offer ISA service!

I was only hesitant with X-o as they dont offer any telephone helpline even for CS.

blinko

wats SVS onlien paltform like ?

mmmattj

I just contacted SVS about an ISA share dealing account- and they sent this reply:

"Our SVS Online account cannot be used as an ISA however we are in the process of developing an online ISA which will be launched in the near future. We will register your interest and contact you when we have more information.that they are launching one in the near future. "

I haven't openned an account with either yet, but the £1 commision deal for the first month is pushing me towards SVS.

Would like to hear from people who already use SVS though.

veloo

x-o has a £50+vat exit charge, which seems to be putting me off. svs hasn't any such thing listed. but i like the x-o clean interface. svs site looks very messy to me. but, if svs isa is on its way pretty soon, i am willing to wait and see what they come up with. i have my isa with iii currently looking to move, as the commission is eating into my trading costs. execution-only trading and that too online, should have minimal commissions, imho. are there any cheaper ones? the americans seem to have so much more options...

Reaper

veloo wrote: »

x-o has a £50+vat exit charge, which seems to be putting me off.

It shouldn't. Firstly an exit charge is much better than an entry charge or annual charge as those get deducted before growth rather than after.

Secondly it seems to be optional whether you pay it. What's to stop you taking it all out except £1?

veloo

Reaper wrote: »

It shouldn't. Firstly an exit charge is much better than an entry charge or annual charge as those get deducted before growth rather than after.

Secondly it seems to be optional whether you pay it. What's to stop you taking it all out except £1?

optional exit charge? umm... i don't think so. i wouldn't recommend anyone withdraw (or draw down) from their isa, unless you know exactly what you are doing!

if they put up an annual charge, they wouldn't even be considered. what is to stop them adding on an annual charge (or increasing fees) later on, and then you having to pay them £70 (plus any share transactions) or so to move your isa money to another cheaper provider.

the first thing to check with any supplier contract negotiation is to find out whether you are getting locked in. anyone trying to lock you in is to be strictly avoided! dirty tactics those... especially if in small print!

mutley74

veloo wrote: »

x-o has a £50+vat exit charge, ...

on their website it says its an account closure fee, not exit fee. probably best to email them to check.

mmmattj

I've just opened a SVS account- it seems like a good no-frills package. However, when placing a buy limit order it comes up with the following message:

"By having previously agreed to our Terms of Business, you have provided express consent that your limit orders will not be published to the market."

In other words, the broker will place a buy market order as soon as the ask price drops below your limit price. This means your buy order can never get filled at the bid price- which makes a big difference on AIM shares where there can be a large spread. This far outweighs any savings on commission.

I've just phoned X-O, and apparently it's the same deal with them. Does anyone know which brokers send your limit orders directly to market?