Lowest price to trade shares in an ISA? X-O charge £60 to close account!

adamt

Hi,

I currently have an Interactive Investor account and trade UK shares every now and then, say 3-5 trades a year

but interactive investor have today emailed saying there will be a quarterly £20 charge starting July,

this £20 will cover the cost of 2 trades every 3 months, but i dont reaaly trade that often, so will be wasting the money


i think x-o is the cheapest execution share trading dealer at £5.95 per trade,
but i called them today and they told me there is a £60 account closure charge, which is a lot of money to throw awauy
he said £60 has to always be in your account

so i was wondering if anyone knew of a competitive broker for ISA share dealing that charge £10 or less per trade and don't include any fees?

thank tou

Lokolo

Leave the account open with nil balance? Technically you aren't closing it...

chris_m

Lokolo wrote: »

Leave the account open with nil balance? Technically you aren't closing it...

Indeedy - and prior to that, use the account otherwise there's no point in opening it

Glen_Clark

Lokolo wrote: »

Leave the account open with nil balance? Technically you aren't closing it...

Which part of the following don't you understand?

adamt wrote: »

i called them today and .....
he said £60 has to always be in your account

Reaper

adamt wrote: »

i think x-o is the cheapest execution share trading dealer at £5.95 per trade,
but i called them today and they told me there is a £60 account closure charge

Are you sure it was XO not Jarvis, call365 or anything else that runs on the Jarvis platform?

I ask because there is no mention of a fee for their nominee account, only the ISA has a closure fee and that is £50 not £60.
http://www.x-o.co.uk/our_charges.htm

If price is the most important thing then the cheapest I have heard of is currently the telephone only service "Ring 395".
http://www.ring395.co.uk/

EDIT: I guess £50+ VAT is getting on for £60. Is that what you meant?

grey_gym_sock

Reaper wrote: »

I guess £50+ VAT is getting on for £60.

it's exactly £60

Reaper

grey_gym_sock wrote: »

it's exactly £60

I can't keep up with the fluctuating VAT rate. I was thinking it was 17.5%.

Sounds like the OP must be looking at ISAs though they didn't mention it. In which case it is much harder to find a provider that does not charge extra one way or another. I don't think Ring 365 I mentioned earlier offer ISAs.

Reaper

How about SVS Securities.
£5.75 (just £1 for the first month) and I can't see any extra fees for the ISA:
http://www.svssecurities.com/Default.aspx?tabid=399

Lokolo

Glen_Clark wrote: »

Which part of the following don't you understand?

http://www.x-o.co.uk/wp-content/uploads/2011/03/XO-Standard-Terms-and-Conditions-March-2011.pdf

So it says it in the T&Cs does it? Please can you read through it and tell me where it says £60 is the minimum allowed in the account because I can't see it.

Just because someone on the phone says you do, doesn't mean they are right. Just spend a little more time on this forum and you might learn and thing or 2.

chris_m

Glen_Clark wrote: »

Quote:
Originally Posted by Lokolo
Leave the account open with nil balance? Technically you aren't closing it...

Which part of the following don't you understand?

Quote:
Originally Posted by adamt
i called them today and .....
he said £60 has to always be in your account
Which part of the following don't you understand?

The part which I think was added after Lokolo posted.

adamt

thanks for the replies,

Forgot to say, yes i use a stocks & shares ISA, and thats what i'm looking for

My trades are usually 3-5000 , so dont need the share builder type accounts

i called SVS Securities, and they have no charges, but they dont offer stop losses, which is quite important for me as i wont be abe to constantly monitor the share price

i called iweb too, they charge £2 for a stop loss, and a £40 + VAT to close account