Switching to the best online stock broker

James1985UK_2

Hi

I am currently with Barclays stock brokers and thinking about changing as I get charged £15 per quarter for an inactivity fee. I have a couple of questions that I am hoping some of you may be able to help.

a) is there a cheap way to change brokers? I understand I will have to pay £15 per stock holding to leave Barclays. Is there anyway around this or any brokers offer incentives to join them to offset this?

b) I trade maybe 2-3 times a year max of amounts between £1000-£200 what online broker do you recomend for this type of activity? I wish to have low/no inactivity fee and low purchase fees.

Thanks for your help

James

vulcan59

Hargreaves Lansdown don't charge an inactivity fee and have an offer running until 19th December for transfers. Details at http://www.hl.co.uk/investment-services/vantage-service/transferring-your-existing-investments Depending on how much you are transferring, the cash back might compensate you for the Barclays fees.

MikeQ

Hi James, I'm not sure if this will help you, but a new web-based service has recently been launched called RateMyTips ratemytips.com, which aims to provide a centralised forum for private investors to share comment, news and opinion about, and rate the services of investment tipping service providers. It might be worth a look. There are also blogs relating to the site that you can access, and I know that they outline some very useful information about selecting online stockbrokers. Check out their blog on whichstockbroker.co

Hope this is of some help.....MikeQ

snowcat53

Bestinvest (select) also offer to rebate moving /closure fees up to £500 for various types of accounts (ISAs, Shares, funds, pensions)

https://select.bestinvest.co.uk/help-support/transfer-investments/transfer-in-exit-charge-refund

Which is best and cheapest service for you will depend on what you hold, total value, as well as how often you deal, etc.