Leaving HL without transfer charges

OldDIYer

Nixter wrote: »

Yeah, they really are a pile of dung. After wasting 9 months with my transfer in, I'm now on the second month of my transfer OUT.

Where are you transferring to? May follow!

hennerz

I was happy with iWeb as a low volume of trades kept costs very low. However I'm now hearing about how iWeb are profiting off each trade that I place, by making a slow trade and waiting for a deal that suits them, hence I am now wondering if they are as cheap as I believed?

OldDIYer

Sorry if this has been covered here,but I can't find a similar query. I left my SIPP with HL in 2014 at the reduced 0.25% fee and all was fine till last month when the fee jumped to 0.45% as I'd switched one of my funds into an investment trust. The remaining funds are still charged at 0.25%. I can't find their letter offering 0.25%, so it's difficult to argue with their assertion that they only offered 0.25% on funds (as shares/ITs fee is capped at £200pa).

Anyone had a similar problem?

ztkr

OldDIYer wrote: »

Sorry if this has been covered here,but I can't find a similar query. I left my SIPP with HL in 2014 at the reduced 0.25% fee and all was fine till last month when the fee jumped to 0.45% as I'd switched one of my funds into an investment trust. The remaining funds are still chargeed at 0.25%. I can't find their letter offering 0.25%, so it's difficult to argue with their assertion that they only offered 0.25% on funds (as shares/ITs fee is capped at £200pa).

Anyone had a similar problem?

I assume you are referring to HL's special 0.25% deal for customers who complained about the increase to 0.45%. However, that deal applies only to funds, and not Investment Trusts (or shares or ETFs), which remain chargeable at HL's standard rate of 0.45%, capped at £200pa in their SIPP. That's what it says on my letter from HL, at any rate. Hope that helps.

OldDIYer

philc27 wrote: »

I assume you are referring to HL's special 0.25% deal for customers who complained about the increase to 0.45%. However, that deal applies only to funds, and not Investment Trusts (or shares or ETFs), which remain chargeable at HL's standard rate of 0.45%, capped at £200pa in their SIPP. That's what it says on my letter from HL, at any rate. Hope that helps.

Thanks. I couldn't find my letter and my memory only recalled 0.25%. I'll switch the money back to a fund (or transfer the SIPP to II where my ISAs are - I would save money as it's only £96 + £10 per trade compared to HL £175 + £0 fund trade and I only have two holdings and max 4 trades pa).

whitevandriver

Just as an alternative reference point, HL are currently charging me 0.2% capped at £500 on c £700k.

I am happy to pay that for the moment.