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

Reaper

I think you are going to struggle to find everything you are after for a cheap price, but this thread is a good starting point for your search:
https://forums.moneysavingexpert.com/discussion/comment/42607054#Comment_42607054

Lokolo

adamt wrote: »

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

TD Waterhouse? You say your trades are 3-5k, if you get above £5100 there's no charge.

Glen_Clark

Lokolo wrote: »

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.

The Terms and conditions refers you to the scale of charges, which they can change at any time.
On the front page there is a link 'important information'
That takes you to a link which says 'charges'
I will post the link here and copy the page below in case you find that too difficult;
http://www.x-o.co.uk/our_charges.htm

Dealing commission £5.95 ISA administration fee Free Junior ISA administration fee Free Transfer in of shares Free Non-activity fee Free Certificated withdrawal of shares from nominee (re-registration) and transfer out of shares to another broker £15.00 per stock ISA account closure fee £50.00 Late payment administration charge £20.00 Attendance at shareholders meetings £20.00 Review and dispute investigation £25.00 per occasion Unpaid cheque fee £20.00 All charges are subject to VAT at the prevailing rate with the exception of Dealing Commission, which is exempt.
All purchases of UK stocks and Equities are currently subject to 0.5% Stamp Duty (1% on Irish Stocks)
Transactions over £10,000 are also subject to a £1 PTM levy

adamt

but with TD Waterhouse you have to trade a minimum of 15 times in 3 months, if not its £12.50 per trade
plus a £12.50 + VAT quarterly management fee

Im looking for an execution only broker, that charges £10 or less per trade, plus:
- offers stop losses
- no other fees/charges - no closing account fee
essentially what iii offer, well till July,

I know i'm asking for too much
i dont think its going to happen
unless anyone knows one?

chris_m

Glen_Clark wrote: »

The Terms and conditions refers you to the scale of charges, which they can change at any time.
On the front page there is a link 'important information'
That takes you to a link which says 'charges'
I will post the link here and copy the page below in case you find that too difficult;

And precisely where in that lot does it say that the minimum account balance is £60?

I'll give you a hint - it doesn't.

Lokolo

Glen_Clark wrote: »

The Terms and conditions refers you to the scale of charges, which they can change at any time.
On the front page there is a link 'important information'
That takes you to a link which says 'charges'
I will post the link here and copy the page below in case you find that too difficult;
http://www.x-o.co.uk/our_charges.htm

Dealing commission £5.95 ISA administration fee Free Junior ISA administration fee Free Transfer in of shares Free Non-activity fee Free Certificated withdrawal of shares from nominee (re-registration) and transfer out of shares to another broker £15.00 per stock ISA account closure fee £50.00 Late payment administration charge £20.00 Attendance at shareholders meetings £20.00 Review and dispute investigation £25.00 per occasion Unpaid cheque fee £20.00 All charges are subject to VAT at the prevailing rate with the exception of Dealing Commission, which is exempt.
All purchases of UK stocks and Equities are currently subject to 0.5% Stamp Duty (1% on Irish Stocks)
Transactions over £10,000 are also subject to a £1 PTM levy

Yes I know what the charges are. But you seemed to say I was wrong in my comment on leaving a nil balance. Which you have yet to show me is correct in what the OP was told.

I can read, which is why I stated that I don't think it is true as it shows nowhere in the charges and nowhere in the T&Cs.

You don't seem like you are the type of person to apologise either, so I'll leave it at that.

adamt wrote: »

but with TD Waterhouse you have to trade a minimum of 15 times in 3 months, if not its £12.50 per trade
plus a £12.50 + VAT quarterly management fee

Im looking for an execution only broker, that charges £10 or less per trade, plus:
- offers stop losses
- no other fees/charges - no closing account fee
essentially what iii offer, well till July,

I know i'm asking for too much
i dont think its going to happen
unless anyone knows one?

It is £12.50 a trade but if you have a certain amount (which I am now unclear on) you aren't charged the admin fee.

n inactive TD Direct Investing Trading Account is defined as an account that, at the close of business on the relevant Quarter Date, has had no trades executed on it since the previous Quarter Date, and has a cash and / or portfolio valuation of £7,500 or less. Portfolio valuation will be based on the closing mid price on the Quarter Date. The Account Management fee does not apply to Certificated Accounts, Trading ISAs, Regular Investment Accounts, Regular Investment ISAs or SIPPs.

So it seems to indicate it's not for ISAs.

http://www.tddirectinvesting.co.uk/choose-an-account/rates-and-charges/isas/

And from that it says you have a minimum of £5100 and no charge.

But obviously from that you won't be able to trade outside ISA without the charges.

Glen_Clark

Lokolo wrote: »

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.

Look under 'Charges and Expenses'
When you close an account they will deduct the charges you owe them from the amount they pay you, if necessary selling your shares to pay their charges.
That effectively means you must have at least £60 in cash or securities in your account.

adamt

i accept it now, im asking too much

im now prepared to pay £12 per trade, of course with no cancel , management, etc fees

is there one you guys use like this that you would recommend?

grey_gym_sock

is a charge to transfer out as stock OK, if cash transfers out are free?

sippdeal charge £9.95 per trade, and £20 per stock transferred out. i haven't tried them, though.

i wouldn't have any confidence that their charges won't change, though. we seem to be in the middle of a round of new (higher) charges at brokers.

EDIT: sippdeal's terms allow them to pass on an FSA levy to their customers, with no limit on how high this might be. this put me off using them (so i chose iii ).

dorito

@adamt

The two things you won't easily find (together) is the "no charge to close the a/c" and the "no charge to transfer out your funds to another supplier".

One way or another you're going to pay something if you leave/cancel from a supplier.

X-O are highly recommended (from what I've read), (£5.95 per trade) but have the £50 ISA closure and?/or? £15 per stock transfer to another supplier.

TradersOwn (who I'm likely to go with after the III fees debacle) are £6 per trade, £16 per stock transfer, but no mention of any a/c closure fee.

Hope this helps.