TD Direct introduce 0.35%pa platform fee from August 2013

bowlhead99

TCA wrote: »

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.

That would seem to be the way to do it as it must be easier for them to open an ISA if you are an existing customer and they've already checked out your identity. But I've not opened an account with them for a number of years so I don't know if these days it is actually any quicker to launch one with funds from an existing account instead of just signing up and paying by debit card. There is certainly a button to click to apply for new account types while you're logged in, but whether the culmination of that process is some sort of paper form, who knows!

If you're going to get an ISA in April anyway, no harm in getting a trading account as they'll waive the admin/inactivity fee on it as long as you have more than about £5k in the linked ISA when they check, or if you do a trade every 6 months or so.

TCA

bowlhead99 wrote: »

That would seem to be the way to do it as it must be easier for them to open an ISA if you are an existing customer and they've already checked out your identity. But I've not opened an account with them for a number of years so I don't know if these days it is actually any quicker to launch one with funds from an existing account instead of just signing up and paying by debit card.

The ISA application asks if you are an existing customer and ticking 'yes', it says you can add a new account via logging in, so this looks to be the way to go. Even as a new customer, the ISA application oddly allows you to tick for transfer of funds from an existing account, but ticking that still brings up a screen for your bank details. Trading account first it is then, and as you said, no admin fees for £5,100+

colsten

TCA wrote: »

I don't have an account with them (yet) and the ISA application makes you deposit funds immediately.

You can open an ISA without putting money into it, I have done it yesterday. Just select "deposit by cheque" when they ask you how to make the first deposit. Then don't send the cheque but wait until April 6 to deposit by debit card.

I did have to give my debit card info but that was just for the purposes of an ID check and no money was taken.

I haven't seen any option that would allow you to deposit against a 2015/16 ISA allowance.

TCA

colsten wrote: »

You can open an ISA without putting money into it, I have done it yesterday. Just select "deposit by cheque" when they ask you how to make the first deposit. Then don't send the cheque but wait until April 6 to deposit by debit card

Brilliant colsten. That's a trick I'm sure I've used in the past elsewhere but didn't think about this time. Many thanks.

TCA

colsten wrote: »

You can open an ISA without putting money into it, I have done it yesterday. Just select "deposit by cheque" when they ask you how to make the first deposit. Then don't send the cheque but wait until April 6 to deposit by debit card.

ISA duly opened last night with confirmation email waiting this morning. I was slightly confused by the two passwords and the email wording, before I realised I need to wait for my account number in the post. No worries.

They also responded (with apologies for the delay) to my three-part email of 27th Feb (on multiple account opening, fee charging and the Woodford IPO), and I have to say it is, without a doubt, the best and clearest reply I've ever had from a customer services person. It has sadly become customary, in my recent experience, to email on average 2 or 3 times to get the required answers and sometimes I just give up. This was a refreshing change, which immediately gives me confidence in dealing with them, despite the delay.

And just to confirm what bowlhead said above: there is no mechanism for investing in the Woodford IPO with next year's ISA allowance, other than waiting until after 6th April and applying then using cleared funds.

colsten

Their ISA account opening process isn't very user-friendly (neither is their website with information). The information they give you during sign up (e.g. your account number) and what their "Welcome Centre" tells you is disconnected. The emails they send you to confirm your signup take ages to arrive. The login password they email you takes ages to become recognised by their login procedure - they say it will be active within 30 minutes but it was at least 45 minutes before I could log in.

You should have an email with both, your account number and your login password (and your trading password) in clear text. If you haven't, may be check your spam folder. When you first manage to log in, you will be asked some more "memorable" questions, and be asked to change your login password. You can also then change your trading password, as well as other personal information.

I have not made any deposit yet as I can't before April 6th but from what I have seen about account management I am confident that - after the somewhat haphazard sign up - managing your TD account will be straight forward.

TCA

colsten wrote: »

The information they give you during sign up (e.g. your account number) and what their "Welcome Centre" tells you is disconnected.

You should have an email with both, your account number and your login password (and your trading password) in clear text.

!!!!!!. I didn't see any account number during sign up. I part-completed the process and went back and finished it via a retrieval number they emailed me. I only have one email from them subsequent to finishing the process with both the log-in and dealing passwords. For the life of me I can't see anything to do with account numbers or user names. This is how the email starts:

Passwords for your new TD account

Dear Mr xxxxx xxxxxx

I’m delighted to welcome you to TD Direct Investing and confirm that your account is now open. Before you receive your welcome letter in the post, here are the passwords you’ll need to log in to your online account and place your first trade.

Login Password xxxxxx
Dealing Password xxxxxxxx

And then 1-5 under "what happens now".

Did your account number appear in this email?

colsten

I am sorry, I can't remember exactly where I captured my account number/ login ID. I think I was given it as part of the original application, but I can't swear by it. I recommend you call their CS (who seem to be quite switched on) and ask them for your userid. They will of course verify your ID first but I found them very helpful when I called them with questions about the sign-up process (which is a bit of a shambles).

TCA

colsten wrote: »

I am sorry, I can't remember exactly where I captured my account number/ login ID. I think I was given it as part of the original application, but I can't swear by it.

Thanks anyway for your help. When I completed the application process it left me with a message "hinting" that they might require further i.d. Was no more than a hint and today I get the email saying account now opened, but no account number, only two passwords. I'll maybe just wait for the letter in the post and see what that brings. Got a month to play with.....

TCA

TCA wrote: »

Got a month to play with.....

Having received no account number in the post I was eventually given it over the phone. Now that I've "patiently" waited until 6th April to subscribe to the new Woodford Trust within my ISA, on trying to fund the account, I get the message:

"You cannot subscribe to this ISA because you have not made a subscription in the previous tax year. Please click here to open a new tax year ISA, or call us"

It's just getting silly now!