iii introducing quarterly £20 charge

foxes1884

Finally common sense prevails.
:beer:

Good luck everyone, with your new brokers or iii if they work for you.

And thanks everyone for all the good info.

F.

Gambler

Jennifer_Jane wrote: »

They are no longer on the ball, which is a shame. I've been with them from the start. Quite sad.

I once had shares in iii whatever happened to them !?!?

BLB53

Interactive Investor: it was the quarterly charge that I didn't care for. I still cannot see how this is in my interests! Anyway, iii were making me nervous with their slow payout times for dividend payments.

I suspect they were/are having cashflow problems and need to hang on to these dividends as long as legally possible. Perhaps a legacy of that £2m loss last year.
Mind you, that may be a a drop in the ocean compared to the losses they will incur this year imo.
Be v surprised if they are still trading this time next year.

victormeldrew2

ses6jwg wrote: »

I am leaning towards X-O at the moment as I tend to deal in shares not funds.

Does anyone know if X-O allows automatic reinvestment of dividends?

No they don't, and they don't do regular investing either - just staright purchase / sale with limits etc (I think they do stop losses as well - can't remember off top of my head)

pdotie

How do Dividends get handled in the transfer process?

I have a couple of shares which have gone or will go ex-dividend in the months of May/June.

Secondly, I want to check do Dividend Reinvestments count as activity on the Selftrade ISA? I have shares on DRIPs which pay out almost every month so this would cover it.

My portfolio is likely to stay pretty stationery for the next few years so I dont want anything to start to eat away at it.

sabretoothtigger

Apparently they plan to keep any divs owed on shares no longer in their ownership. They already owe me money and wont return a div I received in December

If you transfer before it goes ex you should be ok

gingellr

pdotie wrote: »

How do Dividends get handled in the transfer process?

I have a couple of shares which have gone or will go ex-dividend in the months of May/June.

Secondly, I want to check do Dividend Reinvestments count as activity on the Selftrade ISA? I have shares on DRIPs which pay out almost every month so this would cover it.

My portfolio is likely to stay pretty stationery for the next few years so I dont want anything to start to eat away at it.

Yes DRIPs count as activity, from their website.....

All completed trades that you carry out in any of your trading accounts will be counted as trading activity, regardless of the trading fee payable. So, for example, all completed purchases and sale orders, including Regular Investment, Dividend Reinvestment, fund purchases and limit or stop orders, are included.
Completed Corporate Actions or orders which cannot be completed, including those that, for whatever reason, are reversed, will not count as trading activity. Corporate actions include Rights Issues, Tender, Open and Takeover Offers, Consolidation and Stock Splitting.
Any other activities, including such actions as paying into or withdrawing money from your trading accounts, transferring stock into or out of your account, sending or responding to secure messages or logging-in to your account, are not trading activity.

guitarman001

What's the process for transferring shares now then? Start an account with a new broker, get them to transfer them, then close the iii account? Does it have to be done in writing (i.e. by mail)??

Still Hargreaves Lansdown for me. My one share will go into their free trading product. I'll use there ISA for buying a single fund, and there is no fee for buying funds in their ISA.

gingellr

guitarman001 wrote: »

What's the process for transferring shares now then? Start an account with a new broker, get them to transfer them, then close the iii account? Does it have to be done in writing (i.e. by mail)??

Still Hargreaves Lansdown for me. My one share will go into their free trading product. I'll use there ISA for buying a single fund, and there is no fee for buying funds in their ISA.

With selftrade once you open an account with them you print the transfer form from their website then you have to post it so they have your original signature etc.

amictus

Thanks for the responses to my questions.

dunstonh wrote: »

Also, you say you are [potentially] choosing a new broker. Yet we are talking about a platform on this thread that offers brokerage services (as most unbundled platforms do). Do you need or want platform features or just brokerage on demand?

I think this is where I was getting confused. I initially chose Interactive Investor as I was intending to invest in tracker funds as well as shares/ITs/ETFs. Whilst I still intend to set up regular tracker fund investments, I have not yet done so. So, for me, I think it makes sense to transfer my current shares/ITs/ETFs to a basic stock broker, and await RDR developments before choosing a separate platform for regular fund investments.

Regarding basic stockbrokers... am I right in thinking that as they don't deal with funds they are unlikely to introduce the same type of inactivity/admin fees that seem to be appearing in reaction to fund fee structure changes?

As others on this thread, I'm currently leaning towards http://www.x-o.co.uk/ as it seems to do all I require with minimal £5.95 transaction fees. I assume they allow both ISA and non-ISA trading. I realise there is a £50 account closure fee... perhaps this could be avoided by keeping the account open with a £0 balance?