TD Direct introduce 0.35%pa platform fee from August 2013

SnowMan

bigsy wrote: »

It must be hard work keeping that spreadsheet of yours up to date

Interesting that Compare Fund Platforms seem to be changing approach to just allow for platform charges, rather than attempt to allow for fund charges also.

A change of approach

Comparisons are now based on platform and broker fees alone, not including fund charges. Since platforms are more or less using the same fund versions these days there is usually little, if any, variation in fund cost. Ignoring funds allows more platforms to be included in comparisons, including those that refused to supply fund data under the previous system.

That has to make sense and was pretty much why I set up the spreadsheet in the first place, because this sort of comparison wasn't being done at the time.

TCA

Apologies if this has been posted elsewhere, but in case anyone hasn't seen it, TD Direct are offering cashback on transfers to them up to 23rd June:

Amount transferred ........ Cash payment
Over £500,000 .................£1,000
£100,000-£499,999 ...........£250
£50,000-£99,999 ..............£100
£10,000 £49,999 ...............£75


http://www.tddirectinvesting.co.uk/choose-an-account/transferring-to-us/

bowlhead99

Yes they've been doing something similar for a while now.

Back in late March/April ("ISA season"), the deal would have still given you some payout for a smaller transfer; I seem to remember you could have got £100 or so for moving only £5k+ over and keeping it there for 6 months.

So, although this one says it only runs to 23rd June it might be quite likely that they'll have something else to replace it going into July, when the NISA rules kick in and people get in the mood again to consider how much they have invested with whom.

The 0.3% platform fee on funds up to £250k is not the best out there, but if you don't have tens of thousands invested anyway, or are more of a shares/ bonds/ ITs/ETFs person, they have a good product.

TCA

bowlhead99 wrote: »

Yes they've been doing something similar for a while now.

The 0.3% platform fee on funds up to £250k is not the best out there, but if you don't have tens of thousands invested anyway, or are more of a shares/ bonds/ ITs/ETFs person, they have a good product.

Admittedly I haven't been looking at platform stuff for a while, so I missed the earlier offer. As you said bowlhead, they may well do something else when the £15k allowance kicks in.

I'm still debating shifting my unwrapped Best Invest IT holdings to them. Not only would I save a few quid in ongoing charges, I've experienced too many online glitches with BI to be completely happy with them. But inertia is winning as I'm an infrequent trader and it's a case of "if it's only broke a bit, don't fix it".

SnowMan

TD Direct have removed all their exit charges :beer:

http://www.tddirectinvesting.co.uk/

In removing exit fees, they have said they want other platforms to ensure all customers associate the industry with transparency and simplicity to help usher in a new era of trust, flexibility and responsiveness.

I expect that is wishful thinking with the likes of Youinvest about :rotfl:

TCA

Thanks SnowMan. So both the £50 (+VAT) ISA closure fee and the £25 per holding transfer fees are gone. Good news. Even better for SIPP transfers. Some other nice savings too:

http://www.tddirectinvesting.co.uk/~/media/uk/pdf/rates-and-charges_addendum.ashx

DesG

Did they also reduce their FX fees?

TCA

Has anyone who uses TD Direct applied for the Woodford Patient Capital Trust IPO using next year's ISA allowance?

I know that Fidelity allow this, just wondering if TD Direct are doing likewise?

bowlhead99

There isn't an obvious option for it.

Their IPO application page just allows you to acknowledge receipt of the documents and say how much you want to buy. If you don't have cleared funds (i.e. actual cash rather than margin buying power) it tells you where to go to add funds to your account. This is from just having a quick go in an unwrapped account (as I might buy some for a designated account if I get cleared funds in time).

The application close date is not until next tax year anyhow so there will be time to fund your ISA account and then buy nearer the time. The IPO interface is the same as it is for other IPOs launching recently (DFS, Revolution). Having just revamped their website I can't see them rebuilding their systems to allow you to place orders for IPOs a month away with funds you don't have cleared, nor allowing you to clear ISA cash into a tax year that's not open yet.

Thinking laterally, if you have a trading account with them and really must tie up your funds right now today, I guess an option is to order it unwrapped and then Bed & ISA it at some point before April 2016; but would seem to be a bit of a waste of fees, stamp duty and spread!

TCA

Thanks bowlhead. I emailed them on this question last week but no reply. I don't have an account with them (yet) and the ISA application makes you deposit funds immediately. As I've used my full ISA allowance for this year, it's not clear what happens to these funds or to what year they'll apply. Waiting until 6th April would solve the problem but on the off-chance there's any problems with account opening, it might be cutting it fine given the IPO closing date.

I suppose I could open a trading account now (which I'd want anyway) and transfer the funds from there into an ISA on 6th April.