CTF discussion area

cloud_dog

Fairy-Home wrote: »

I have just spoken to Selftrade on the telephone and the guy I spoke too said that a decision had been made late last week to NOT charge an AMC on CTF's. :j

Well, if it comes to fruition then great news and I will probably leave all five accounts with Selftrade.

Wonder how long we will have to wait for official notification

tallphil

I'm glad to find this discussion. I've also got a SelfTrade CTF and have been pondering what to do since the letter arrived announcing the £35+VAT annual fee. The account does not have a lot of money in it, and I don't do a lot of trading, so this fee makes it very bad value. But I like being able to buy/sell almost any fund on the market.

Has anyone found out if the rumour is true that the fee will not be charged on CTF accounts? There is nothing about this on the Selftrade website or their secure message box. If true it will save me a headache!

I'm trying to call them and have been on hold for 18 mins as I write! I'll also send them a secure message. I'll post back here if I find out anything.

Phil.

tallphil

Fairy-Home is quite correct, hooray!

SelfTrade eventually picked the phone up and confirmed that there will be no AMC on CTF accounts. They will be sending another letter out.

BTW, I also noticed a sneaky change in the Selftrade T&Cs - in the future they will not send us letters, all information relating to the account will be online only. Well I'm not an active trader and I very rarely log in, so without the letter I would never have known about this.

cloud_dog

tallphil wrote: »

BTW, I also noticed a sneaky change in the Selftrade T&Cs - in the future they will not send us letters, all information relating to the account will be online only. Well I'm not an active trader and I very rarely log in, so without the letter I would never have known about this.

If you log in to your account:

>My Account >Admin >Preferences

(At the bottom) You can set up your account to notify you by SMS or e-mail for 'Processed Orders' and 'Important Secure Messages'.

cloud_dog

honest_guv

That's good news.

I've got 2 CTF's with SelfTrade, with not much in them so the AMC would have amounted to nearly 10% per annum! I only just received the letters, so very glad I checked here before wasting my time queueing and then ranting at Selftrade.
Thanks everyone

donal_f

tallphil wrote: »

Fairy-Home is quite correct, hooray!

SelfTrade eventually picked the phone up and confirmed that there will be no AMC on CTF accounts. They will be sending another letter out.

Great news!

LXGB

Glad the Selftrade CTF AMC u-turn has been confirmed by a couple of people now.

I still can't get Selftrade to answer the phone, maybe I'm calling them at a bad time. No reply to the secure message I sent them last week either; not even showing as read yet.

Think I'll just wait for the letter to come through.

gil13

Should have checked here first, selftrade clearly have handled this very badly, in fact we already sold some shares our son had in the self select account and will now transfer the piddling amount of cash left to another provider probably F&C. Seems bizarre if true that they have not put anything up on the website about the AMC. I am thinking of doing my own shares elsewhere as a result - so they have really played a blinder on this issue!

fred1m

Hello everyone

Seems the (potential) outflows have provoked a u-turn.

Text below from Selftrade secure message confirms the good news for all prudent CTF minnows:

:j

You will be aware that, with effect from 1 July 2009, we are changing our Terms and Conditions and introducing an annual Management Fee set at £35.00 plus VAT. Having reviewed our policy, I am pleased to tell you that this fee is no longer to be applied and that you will continue to benefit from three commission-free trades in August of this year.

Whilst we still believe it is right that, in principle, a customer management fee is a fairer charging structure, we have listened to the specific concerns and views of our Child Trust Fund customers. Having reflected on these I am now pleased to confirm that Self-Select CTFs will not be charged a Management Fee. As with any other price or service changes, were this to change in the future we will let you know and give due notice.

I hope this decision will help you to make the most of your Child Trust Fund account.

Fairy-Home

Got my secure message too which is the confirmation I was looking for.

Wasted last weekend looking for somewhere to move my daughters CTF too but a good result in the end.

Note the way the message reads as though they are doing you a big favour and still think that an AMC is a fair charge. See you all here again this time next year then!.