HL Loyalty Bonus A/c & Vantage

masonic

mutley74 wrote: »

you are correct but as an investor of this stock with HL, i have not been charged any AMC. I have been told only charge is when i come to sell. HL waived the buying dealing charge if you buy through the original first time subscription or when the C share issue, at other times the dealing charges applied.

Interesting. I seem to recall reading the same thing when FCSS launched, but when I couldn't find anything about the 0.5% charge being waived on this stock anywhere on the 'research page' or elsewhere on the website I assumed I had misunderstood. It's pretty strange behaviour by HL - to waive charges and then fail to make a big noise about it. Presumably no management charge is applicable to those buying on the open market either?

Mikeyorks wrote: »

That's a significant amount in loyalty bonuses - and it's essentially sitting there doing nothing? If you just give them a ring they will transfer it as 'cash' into your account, where you can use it. Obviously not into an ISA - if you've already used your allowance - as it counts against it.

It's probably worth checking the income account too. Despite me asking for income to be reinvested when I opened my account, I still managed to build up a significant balance there as well.

utigers wrote: »

So did you/do you get charged for drawing out your loyalty bonus?

Not unless you want a CHAPS payment to your bank account.

Sparky47

Mikeyorks wrote: »

Alternatively (HL site / 'contact us' / 3rd FAQ down the right side - 'How can I withdraw money from the account') log your Bank account with them and (you'll have to leave it 7 days after setting up / amending a Bank account) you can withdraw the cash online. You don't need to send a paper withdrawal form, as most of their site still implies.

I have tried this and it suggests I have to sell funds first before I have any money to withdraw.
It does not appear to apply to money in the loyalty bonus account so will need to send in the form as normal.

Sparky47

masonic wrote: »

It's probably worth checking the income account too. Despite me asking for income to be reinvested when I opened my account, I still managed to build up a significant balance there as well.

Depends what you mean by significant balance as income needs to exceed £50 per fund before it is reinvested.

masonic

Sparky47 wrote: »

Depends what you mean by significant balance as income needs to exceed £50 per fund before it is reinvested.

That might explain it then. Looking over the transactions, there's income that's come from a number of funds I no longer hold going back 3 or 4 years. None of these got up to the £50 threshold. It's probably easiest for me to sweep this into my main account when I rebalance my portfolio next month.

Edit: Looking a little closer, can anyone explain to me why I might be receiving money in my income account for funds marked Accumulation? I thought the whole point of that was that income was rolled up into the unit price??

mutley74

DAK out of interest which fund if bought via HL, where HL will pay the 0.5%pa loyalty bonus? As HL literature always quotes up to 0.5% pa loyalty bonuses". But from my experience i can only find funds paying a max of 0.375%.

Stompa

utigers wrote: »

So did you/do you get charged for drawing out your loyalty bonus?

No, there is no charge. Annoyingly though you have to fill in a paper form and send it to them.

Primrose

In the past I've just dropped H-L a note and asked them to remit my Loyalty Bonus and have usually received a cheque within a few days. I see now that on the Loyalty Bonus section of your account there is now a form you have to complete and send to them if you want to cash your bonus and you can also have it paid into your bank account by BACS.

Rollinghome

masonic wrote: »

Really? How can you tell whether or not there is an exception? This page seems to suggest only OEICs and UTs are exempt from the charge.

Presumably covered by "0% for cash and funds that pay renewal commission" on that page.

That Fidelity IT uniquely pays 0.5% commission. H-L don't do anything else for it such as give advice.

(Some would ask why the board who are supposed to be looking after shareholder's interests, not Fidelity's, allowed that to happen but that's another story.)

mutley74

Stompa wrote: »

No, there is no charge. Annoyingly though you have to fill in a paper form and send it to them.

i dont fill in anything by paper anymore with HL (except for changing my SIPP monthly payments). I do everything else i need by online account access, and if its not there send them a secure message, and usually my instruction is executed.

Loyalty bonuses - i usually use mine to top up my ISA subsciption if remaining, or use it for a fund top up in my vantage account.

Stompa

mutley74 wrote: »

i dont fill in anything by paper anymore with HL (except for changing my SIPP monthly payments). I do everything else i need by online account access, and if its not there send them a secure message, and usually my instruction is executed.

Ah OK, I might give that a try next time. I've never understood why they appear to allow you to do everything online except get your loyalty bonus paid out.