iWeb Self Select ISA - Reviews and Experience

hennerz

Another happy iWeb user here.

I trade only a few times a year, so it makes sense. The platform is a little dated but it gets the job done.

draper29

Be aware that IWEB does not allow you to add the dealing charge of £5 to the amount you invest in a stocks and shares ISA.

From IWEB customer support "The charges on ISA transactions come from within the annual ISA allowance"

Onedrew

I find iWeb a very good value site for trading, with no platform fee. I have had no issues with price-limit trades or range trading, although there is a £2 set-up fee for these if placed outside an ISA. The £2 is refunded on execution, but not if you change your mind.

hennerz

It ended up taking me 2 weeks to sell a Vanguard fund and get the money in my bank from iWeb, part of this was bad timing, part of it was Vanguards rules, but a big part was iWeb being very slow and unclear.

I would like to switch to SelfTrade now, but the iWeb exit fees make it too expensive to do so.

colsten

Have you tried asking Selftrade whether they'd give you a joining bonus? Worst case they will say no, but they might be keen to have you as a customer ad pay at least some of the charges.

stone_circle

Although the headline charges look cheap at iWeb, in reality they aren't. iWeb don't offer many "accumulation" investment funds for trading. The reason (they say) is that they follow UCITS regulatory guidelines. The reality is these funds are available to trade at most, if not all other brokers.

"Accumulation" funds are usually preferable because the proceeds of dividends are reinvested free of charge. The "income" funds that iWeb forces you to trade, instead pay dividends in the form of cash to your account where it either sits idly until you notice (iWeb don't notify you), earning interest for them (not for you), or you can pay iWeb a 2% commission to reinvest manually or automatically. With a typical portfolio of say five funds, each paying a quarterly dividend of £200, that's an extra £80 you are paying iWeb per year that you wouldn't have to pay at other brokers, plus the interest you've lost from having idle money.

At least other brokers are up-front with their costs. Neither comparison sites nor iWeb's T&C's will tell you that many "accumulation" funds that you want to trade are unavailable at iWeb.

JohnRo

where it either sits idly until you notice (iWeb don't notify you)

I'm not aware of any broker who notifies account holders about dividend payments. These are execution only brokers, it's your job to do the research and manage the account.

george4064

I was considering making the switch to iWeb from HL, but decided against it. I was always a bit suspicious that they were so cheap.


I guess the saying 'You get what you pay for' holds true with most platform providers.


If I were to change provider, I would move to Halifax Self-Select ISA account.

Chickereeeee

stone_circle wrote: »

iWeb don't offer many "accumulation" investment funds for trading

There are about 80 'Acc' funds starting with the letter 'A' alone, so this is not true. What funds were you looking for?

I have always found I could find the fund I wanted (with the exception of Lindsell Train funds, for some reason)

C

Eco_Miser

george4064 wrote: »

I was considering making the switch to iWeb from HL, but decided against it. I was always a bit suspicious that they were so cheap.


I guess the saying 'You get what you pay for' holds true with most platform providers.


If I were to change provider, I would move to Halifax Self-Select ISA account.

You may get what you pay for, but are you paying for more than you need?
I find the IWeb service satisfactory for my needs, and ridiculously cheap, and get the same back-end as Halifax Sharedealing.