Trustnet launch new DIY investment platform

Totton

If that's £200 per account plus £10 to trade then looking expensive to me, fees of £500 a year wouldn't convince me to switch. Once you add those fees onto the fund charge you are back in 1.5% territory - no real change there then.

Lokolo

http://monevator.com/compare-uk-cheapest-online-brokers/

Here was the link I was going to post earlier. Obviously a lot are still £0, but YouInvest, iii and selftrade all have trading fees (although the latter is only to sell).

Look forward to hear more about trustnet though!

grizzly1911

Having made some enquiries.

The transaction fee will apply to funds, trusts and shares. The cap applies to the customer not the accounts. An incentive will be paid to assist transfers in subject to a £100 maximum.

Lokolo

grizzly1911 wrote: »

Having made some enquiries.

The transaction fee will apply to funds, trusts and shares. The cap applies to the customer not the accounts. An incentive will be paid to assist transfers in subject to a £100 maximum.

That's a shame.

SnowMan

grizzly1911 wrote: »

Having made some enquiries.

The transaction fee will apply to funds, trusts and shares. The cap applies to the customer not the accounts. An incentive will be paid to assist transfers in subject to a £100 maximum.

That would be very interesting if the cap is per customer.

It has always surprised me that it is pretty much standard practice that there are no incentives for having ISAs, dealing accounts and SIPPs with the same provider. You seem to pay the same as the total for 3 individual customers each with just a SIPP, ISA and dealing account.

That could make their platform charge considerably cheaper than (say) YouInvest in some scenarios (although the dealing charges are potentially higher)

Consider someone with 300K made up of 100K in clean funds in a SIPP, 100K in clean funds in an ISA, and 100K in clean funds in a dealing account.

YouInvest would be a platform charge of £700 pa. And Trustnet Direct would be £200 pa.

grizzly1911

SnowMan wrote: »

That would be very interesting if the cap is per customer.

It has always surprised me that it is pretty much standard practice that there are no incentives for having ISAs, dealing accounts and SIPPs with the same provider. You seem to pay the same as the total for 3 individual customers each with just a SIPP, ISA and dealing account.

That could make their platform charge considerably cheaper than (say) YouInvest in some scenarios (although the dealing charges are potentially higher)

Consider someone with 300K made up of 100K in clean funds in a SIPP, 100K in clean funds in an ISA, and 100K in clean funds in a dealing account.

YouInvest would be a platform charge of £700 pa. And Trustnet Direct would be £200 pa.

Even if you added in 15 trades still only 50%.

For "mature" sizeable portfolios it looks good.

Porcupine

grizzly1911 wrote: »

Cavendishonline aren't quoting a transaction fee but don't have a maximum like Trustnet are suggesting.

AFAIK Cavendish don't have a transaction fee but they also don't deal in individual stocks or ITs, only OEICs/UTs and a very few ETFs.

grizzly1911

Porcupine wrote: »

AFAIK Cavendish don't have a transaction fee but they also don't deal in individual stocks or ITs, only OEICs/UTs and a very few ETFs.

Thanks for clarifying.

I only use them for OEICs/UTs. I use x-o for my other stuff.

SnowMan

grizzly1911 wrote: »

Having made some enquiries.

.......................The cap applies to the customer not the accounts........................

Trustnet have confirmed this also in their reply to one of the questions asked in the comments to their article

Frosty wrote:

Sounds interesting

Will the £200 be capped across accounts (SIPP, ISA, trading) or will it be capped at £200 per account?

_The_FE_Trustnet_team wrote:

Frosty,

The £200 cap is for each customer, encompassing all three accounts.

Many thanks,

The FE Trustnet team

So this is looking very interesting indeed. Well done Trustnet :T

gadgetmind

Yes, thanks, that does make it well worth me looking at this once HL have shown their hand.

BestInvest are currently £60 pa for an ISA and £120 pa for a SIPP (if you hold anything other than funds) with no fund trading costs, but this may well change come RDR.