Selftrade Annual management fee

notbritishgas

Selftrade are abolishing the Annual Fee:j but replacing it with a quarterly Inactive fee of £8.75 + VAT:mad:.

This takes place on July 1st and the first fee will be for quarter ending Sep 2012. The 3 free trades will no longer be available.Of course if you make a trade then no inactive fee is payable.

However they are offering a fee free transfer out to another provider as long as they are notified between 1 June and 31 July. So who can I transfer out to, I make hardly any trades per year.
When they introduced the annual fee HL was considered a good alternative, how are they now?

Lokolo

What are your holdings? And in any tax wrappers?

rlzzzz

I actually don't think it's such a bad deal if you're still adding funds, I make use of the monthly £1.50 regular investment service they offer so it's actually cheaper for me now.

Are there really any other providers out there cheaper at the moment?

sabretoothtigger

Selftrade are actually a full investment bank, they let you deal covered warrants and all kinds of advanced products. A basic account to transfer to would be iii, halifax or x-o

ST do 1.50 regular investment ?

dave_ave

I had the letter yesterday about quarterly fees.

I plan to go to the Halifax as there are no annual fees and trading is £11.75, which is not dissimilar to Selftrade and I only trade once or twice a year.

I tried to open a Halifax share dealing account last night, but keep getting "some of our services are not currently available" :mad::mad::mad::mad:

notbritishgas

Lokolo wrote: »

What are your holdings? And in any tax wrappers?

Just 7 holdings, none in a tax wrapper.

sabretoothtigger wrote: »

Selftrade are actually a full investment bank, they let you deal covered warrants and all kinds of advanced products. A basic account to transfer to would be iii, halifax or x-o

ST do 1.50 regular investment ?

Thanks for this, will check them out.

dave_ave wrote: »

I had the letter yesterday about quarterly fees.

I plan to go to the Halifax as there are no annual fees and trading is £11.75, which is not dissimilar to Selftrade and I only trade once or twice a year.

I tried to open a Halifax share dealing account last night, but keep getting "some of our services are not currently available" :mad::mad::mad::mad:

Thats twice Halifax has been mentioned so will definitely give them the once over, assuming their "blip" has been overcome!

Well thanks to all for replying.

geewcee

rlzzzz wrote: »

I actually don't think it's such a bad deal if you're still adding funds, I make use of the monthly £1.50 regular investment service they offer so it's actually cheaper for me now.

Are there really any other providers out there cheaper at the moment?

Rlzzzz, do the £1.50 regular trades count towards the activity in your account? I'm not sure if they will, I wouldnt be surprised if they mean a normal £12.50 trade. Did you find out? I make a regular trade every month so it is great news if the £1.50 trades count.

rlzzzz

Yes I confirmed with customer services the regular investment does count.

Totton

A small point that may be useful to some. I held a Selftrade a/c a long time ago but closed it after we moved to another service. I got the same letter about a/c fees the other day which seemed strange so I contacted them, they were very good and are now closing my account properly.

The point being that if you get the letter in error, then please let them know otherwise you could rack up some fees on an a/c you thought was closed.

I had a similar issue with NatWest brokers who have been asked at least three times to close my dealing a/c yet I still get periodic letters telling me that I have overdue a/c fees owing.

Regards,
Mickey

gavfish

Can anyone confirm if i join before the 1st July, I would need to pay an annual fee? Would it be for a full year or 2 weeks worth?

Thanks in advance
Gav

huw01

I had the letter from them as well and I only do very few if any trades in a year. I'm moving to Norwich and Peterborough Building Society share trading through Jarvis. As I've a current account with them, they only charge £8.95 per transaction with no other fees