Help with my ii confusion please

fimonkey

BLB53 wrote: »

I am in the process of transferring my isa and trading account from ii to sippdeal. If you decide to transfer to another broker, you need to notify ii before Friday if you wish to avoid the first £20 qarterly charge.

Yup did that today thanks. Was told no charge to transfer, and no 'commission' to sell. - I got stung by H&L when they introduced charges and I tried to transfer however - I misunderstood what they told me and thought I could sell/transfer without any charges - but was hit for £90 (I forget what the actual charge was now, I asked a question about it on this forum though).

So if I sell all - will there be a charge to pay (as in are there other charges as well as commission?)


Thanks

james_09

If it was me I would transfer to another provider for free that offers a similar £1.5 regular investment deal.
If you sell all of your holdings I believe you will be charged £10 for each line of stock - which on most of your holdings is 6-7% of the value. Plus you will lose out on the bid/offer if you repurchase and pay dealing charges to buy the stock again.
You could very well wipe out 15% of your portfolio.

BLB53

So if I sell all - will there be a charge to pay

ii will not charge for selling if you wish to close but then you have all the charges and stamp duty when you repurchase - also your losses will be crystallised.

Sippdeal offer the regular low cost facility - £1.50 per trade so could be a good option?

westy22

fimonkey wrote: »

What do you mean by £1 for first 30 days?

SVS Securities have an introductory offer where you can trade for £1 per trade for the first 30 days after opening your account - after the 30 days it is £5.75 per trade.

grey_gym_sock

before ii introduced their new charges, i think your portfolio already had a problem that it would cost an excessive percentage of its value to sell those small holdings. it's all very well buying for £1.50 a throw, but if it's going to cost £10 to sell, that's excessive unless you're going to have at least (say) £1000 in each share when you sell it.

now that ii are apparently letting you sell without that £10 commission, i'd bite their hand off to take advantage of that offer, and rearrange your portfolio to have holdings of a more sensible size. for a portfolio of under £3k, i'd forget about individual shares, and put the lot in 1 or 2 funds.

AIUI (i haven't done this - i've just read a fair bit on ii's site and here), £10 dealing commission per holding is all ii would usually charge you to sell (and now they won't). though if you buy the same shares again with another broker, you will pay their dealing commission when buying, plus 0.5% stamp duty, plus the "spread" (the difference between the buying and selling prices of shares).

ii do not appear charge to withdraw cash, or to transfer to another broker as cash.

ii do usually charge £15 per stock to transfer to another broker as stock, or £20 per stock to rematerialize your shares, but both those charges are currently being waived.

i can't see any other charges that apply.

i believe HL charge £30 per stock to transfer out as stock, which could be what you were charged by them.

Lansdowne

Because of the titchy size of your holdings, you will continually have the same issue that every charge applied eats into the amount invested. Although III have said they will waive fees, the next provider you choose to use may not do so, when it's their turn to change their fee structure.
It's up to you what you do, but it might be simplest just to sell and go back to cash Isas etc, or simplify to one or two funds, held somewhere less likely to bring in a fixed fee.

TDM850

fimonkey with that size of portfolio you're better off transferring into a cheap low cost dealing broker with no charges en route. Someone here has mentioned X-O, you should also take a look at Traders Own, they offer £6 per trade flat fee and you can earn free shares in the holding firm with every trade. Link is here

pqrdef

Lansdowne wrote: »

Although III have said they will waive fees, the next provider you choose to use may not do so, when it's their turn to change their fee structure.

Since they were told they've got to by the FSA, in the face of their own determined refusals, I think we can assume that all providers will be in the same boat.

Has anybody mentioned Halifax/IWeb yet? II's Portfolio Builder was inherited from them.

fimonkey

grey_gym_sock wrote: »

before ii introduced their new charges, i think your portfolio already had a problem that it would cost an excessive percentage of its value to sell those small holdings. it's all very well buying for £1.50 a throw, but if it's going to cost £10 to sell, that's excessive unless you're going to have at least (say) £1000 in each share when you sell it.

now that ii are apparently letting you sell without that £10 commission, i'd bite their hand off to take advantage of that offer, and rearrange your portfolio to have holdings of a more sensible size. for a portfolio of under £3k, i'd forget about individual shares, and put the lot in 1 or 2 funds.(as above)

AIUI (i haven't done this - i've just read a fair bit on ii's site and here), £10 dealing commission per holding is all ii would usually charge you to sell (and now they won't). though if you buy the same shares again with another broker, you will pay their dealing commission when buying, plus 0.5% stamp duty, plus the "spread" (the difference between the buying and selling prices of shares).

ii do not appear charge to withdraw cash, or to transfer to another broker as cash.

ii do usually charge £15 per stock to transfer to another broker as stock, or £20 per stock to rematerialize your shares, but both those charges are currently being waived.

i can't see any other charges that apply.

i believe HL charge £30 per stock to transfer out as stock, which could be what you were charged by them.

The intention with my portfolio is to encourage me to learn about stocks and shares and individual companies etc. It's a 'learning pot of money' if you like, and one which I am prepared to loose. Buying just one or two funds wouldn't encourage me to learn how to research companies (lesson number 1, don't rely on analysts - that's why my portfolio is dire! - Lesson two, I was looking at the performance and dividends and taking a very very long term view of my holdings - so no intention of selling them (until now if my hand is forced))

fimonkey

james_09 wrote: »

If it was me I would transfer to another provider for free that offers a similar £1.5 regular investment deal.
.

Yup that's what I was hoping to do - gonna investigae sippdeal -always thought they were about pensions though (SIPP) - d'oh.