III Quarterly Fee

Kua

Hi,

I didn't get round to figuring out how to transfer my stocks and shares ISA from III to another broker (I was going to go to SVS) before they started making the charges.

Can somebody outline for me exactly how I would go about making the transfer?

However, when I went to login to my III account today I see that £20 has indeed been taken from my bank account but that I can invest it. So, essentially, are they just forcing me to invest £20 a quarter (presumably I can build it up however).

That doesn't sound too bad... because I think that now they don't charge for a trade... in which case a £20 investment might actually be worthwhile... I have no interest in trading at the moment, but £20 on the odd high risk share would be ok.

Am I misunderstanding something here? Sadly I haven't been managing my shares very well lately so I might be getting something wrong.

Thanks!

gt94sss2

Kua wrote: »

Can somebody outline for me exactly how I would go about making the transfer?

1. Open an ISA account with your new broker.
2. Fill in an ISA transfer form (available from your new broker) and send it to them.
3. The new broker will then send it to III to start the transfer process. III need to receive the form by 31 July if you want to transfer without any penalties/for free.

If you want to transfer to SVS, then their ISA transfer form is here.

However, when I went to login to my III account today I see that £20 has indeed been taken from my bank account but that I can invest it. So, essentially, are they just forcing me to invest £20 a quarter (presumably I can build it up however).

If you're transferring away from III you should also send then an e-mail letting them know and asking for the £20 to be recredited to your account.

I don't think you can build up the £20 quarterly fees - its use the credit or lose it.

Regards
Sunil