Considerable sums with HL

MarcoM

Hi,

I would like to know what experience have other users had in investing over 100k with online platforms such as HL.
Their online facility only seems to allow debit card transactions and there are limites on these with a lot of banks. How do yuo guys send the funds? Also when selling investments do HL send a cheque to your home address rather than via online transactions?

Thanks

jimjames

HL have quoted in the past that they have many investors with 6 figure portfolios and some with 7 figures so it may be worth contacting them to confirm how they would operate the account for you. I believe you can do bank transfers to them quoting your account number as the reference.

With a SIPP £100k is a pretty low value so I'm sure they are well used to these kinds of figures.

redbuzzard

The most I have transferred to HL, into a SIPP as it happens, was £38,000 in December when I started to twitch about what Osborne might do to the allowances. First of all it triggered the "Verified by Visa" password thing which I managed to foul up owing to an interrupted internet connection.

I ended up phoning FirstDirect who said they would have referred it anyway because of the amount. I told them was I was doing, and they took the security off for an hour to let it go through. I then did it over the phone with HL, using the debit card, and it went through OK.

So, if you plan to transfer a large amount, I would

1. Call your bank first, and warn them. They can take you through security and make a note on your account.

2. Make the payment to HL by phone.

I don't think there is an upper limit as such, but they (the bank) will refer large amounts and ask to speak to you.

MarcoM

Thanks RB.
Were you asked by your bank if you wanted a financial review?

I cannot go to the toilet at the moment without my bank pestering me for a FR...

redbuzzard

MarcoM wrote: »

Thanks RB.
Were you asked by your bank if you wanted a financial review?

I cannot go to the toilet at the moment without my bank pestering me for a FR...

He he. No, they didn't actually - perhaps I should be offended!

FirstDirect have been pretty good with us, we moved there in the late 80s not long after it set up. Not that we place many demands on them. They even once suggested we could move savings to an account with higher interest.

We get very little marketing from them - maybe I opted out and forgot!

MercenaryMan

They take cheques.

grey_gym_sock

when you want to withdraw cash from HL, they can make an electronic transfer to your bank account.

brasso

Yep, I can confirm the previous responses. I've sent money to HL via cheque, debit from current account, transfer from external pension fund accounts etc. It's only if you had to transfer a lump of cash at very short notice (for whatever reason) that you might hit a hurdle or two. But otherwise they will accept any one of a variety of methods. Just call them and they'll help.