Leaving HL without transfer charges

le_loup

H-L transferred my cash but it took a week to arrive at II. A second lot of cash (dividends) sat until I chased H-L. It then disappeared but has yet to arrive at II. CHEQUES! ... and then II tell me I can't use the firt transfer of cash until the cheque clears!
So I've got unusable cash at II which I wanted to add to, to make a purchase on 7th, now can't. If I'd sold funds with a settlement date of one week, I could immediately reinvest that money but because it is an H-L cheque, they won't let me proceed.
I am truly peed off by this whole process. No wonder, until now, people didn't move accounts.

hennerz

Is it OK that I opened my iWeb S&S ISA before transferring my HL ISA over there, in the confirmation letter iWeb sent they said it's against the rules to have 2 S&S ISAs open in one tax year and that I've agreed not to do that when creating the account.

Presumably the exception is when transferring? As I need the S&S ISA at iWeb open before I could initiate the transfer?

masonic

hennerz wrote: »

Is it OK that I opened my iWeb S&S ISA before transferring my HL ISA over there, in the confirmation letter iWeb sent they said it's against the rules to have 2 S&S ISAs open in one tax year and that I've agreed not to do that when creating the account.

Presumably the exception is when transferring? As I need the S&S ISA at iWeb open before I could initiate the transfer?

It only matters if you contribute to more than one S&S ISA in a tax year. Those ISA declaration statements have never been worded particularly well.

Porcupine

I've just had my fee waiver letter and I've just spied a cunning wheeze. It says:

...gesture of goodwill, to waive our transfer charges, for any transfer request received within 1 month of the date of this letter. We shall also ensure our new charging structure is not applied to your account while the transfer takes place.

Now that HL funds are rebating all commission on dirty funds, does this mean it's actually cheaper while the transfer is ongoing than when it's completed? According to the above I would pay no platform fee to HL and none to the new provider, while when completed I'd pay the new provider's fee.
I'm therefore pondering whether it makes sense to convert now (which I would do by trading I'd plan to do anyway) or to hang in dirty units until the transfer arrives.

masonic

Porcupine wrote: »

I'm therefore pondering whether it makes sense to convert now (which I would do by trading I'd plan to do anyway) or to hang in dirty units until the transfer arrives.

If you apply to convert now at HL, then your conversion won't happen until June, but you have to initiate a transfer by early May, meaning that you could end up with a very messy transfer because of the conversion. For that reason alone I'd wait.

mutley74

is it still to late to transfer from HL to another provide with no exit fees being applied? if so what complaint letter does one need to send them?

masonic

mutley74 wrote: »

is it still to late to transfer from HL to another provide with no exit fees being applied? if so what complaint letter does one need to send them?

It's not too late. I think the most recent abridged version can be found in post #747.

Porcupine

mutley74 wrote: »

is it still to late to transfer from HL to another provide with no exit fees being applied? if so what complaint letter does one need to send them?

No, I sent them a complaint message last weekend and got the free transfer letter on Tuesday.

masonic wrote:

If you apply to convert now at HL, then your conversion won't happen until June, but you have to initiate a transfer by early May, meaning that you could end up with a very messy transfer because of the conversion. For that reason alone I'd wait.

Though new units will be bought in clean classes. So you can convert manually by switching Fund A (dirty) into Fund B (clean) and also the same amount of Fund B (dirty) into Fund A (clean). At least for ISAs where there are no CGT events.

iWeb say that any funds they receive will be converted on arrival, but maybe it makes sense to have a couple of months of clean units with no platform fee (or, perhaps, dirty units with a larger 'loyalty bonus' - if that will be paid out during the transfer)

Totton

I can't help but feel that some may regret moving from HL, of course some will be better off but what about those that just rushed to move and follow the crowd? My own HL fees for April are 0.08p for the fund a/c and £3.75p for the ISA account.

The whole thing is too complicated, I hope that in time the platforms will be made to charge flat rates rather than % of what is held on them.

masonic

Porcupine wrote: »

Though new units will be bought in clean classes. So you can convert manually by switching Fund A (dirty) into Fund B (clean) and also the same amount of Fund B (dirty) into Fund A (clean). At least for ISAs where there are no CGT events.

Yes, I missed your comment that you would do it through trading. That would work fine, although there are a few tricks you would want to use to avoid time out of the market, like switching a specified value (not the entire holding on the first pass) so that the buy order is not delayed. It's a bit of a faff, but might be worthwhile if HL fails to pay out a loyalty bonus for your final month.