Motley Fool sharedealing new charges

PM

I have sharebuilder account as well, looking to move, no point paying quarterly charges. Can anyone suggest alternatives?

looking at x-o

sjw1

Did anyone above move TO Motleyfool because their previous company introduced charges? I can't recall who it was but I moved to MF for this very reason. I've had a letter about this today - so will be moving too. It does mention you can stay with them and keep on the same plan as now for 12 months though.
So to transfer to another provider do you open an account there and then they contact MF to arrange the transfer?
iWeb well regarded then?

Ifts

sjw1 wrote: »

So to transfer to another provider do you open an account there and then they contact MF to arrange the transfer?

Yes thats how it works.

Once you have opened another account with a new provider tell them that you have investments held with MF and you are wanting to transfer stock from another broker.
Usually involves filling in a transfer form with the new provider who will then contact your old provider on your behalf and make arrangements for the transfer of your stock.

bowlhead99

Iweb and x-o are both well regarded for bare-bones budget options and similar ongoing price if you just want cheap sharedealing. If you wanted funds on the same platform too, then you can get that at IWeb and ii but not at x-o who are a stockbroker only. I don't think x-o do international stocks either.

But the price per share trade for either of those options is going to be cheaper than the £10 at Fool / ii and there is no ongoing quarterly fee.

Ifts

bowlhead99 wrote: »

I don't think x-o do international stocks either.

No they don't, this from their 'How to use X-O' page:

12. What markets can I deal in? You can buy and sell shares in most companies that are listed in the UK. This includes dealing in equities, bonds, warrants, ETFs, investment trusts, shares listed on the IRS (International Retail Service) and CDIs of US stocks. Please note that you cannot deal in foreign shares that are listed on overseas markets.

http://www.x-o.co.uk/how_to_use.htm

sjw1

Hi - that price per trade isn't something that I'm too bothered about to be honest - I make very few trades (not even one a year tbh). It's the 'free' yearly account that I'm more interested in (appreciate the iWeb has a set up fee). To go from £0 to £80 is a bit steep...

sjw1

Hi, so if I don't do many trades are iWeb and x-o both fine for what I need - an online place to 'store' some shares I have (only one company)? So, as there is no initial charge for x-o (compared to iWeb), I may as well go with them? I would open an x-o account here - and then there will be an option to transfer a current holding in.
It looks as though I've missed the boat with MF handling the transfer and the new provider will have to deal with ii (after 16th March, as they won't have access to the account until then).
Thanks!

Ifts

sjw1 wrote: »

Hi, so if I don't do many trades are iWeb and x-o both fine for what I need - an online place to 'store' some shares I have (only one company)? So, as there is no initial charge for x-o (compared to iWeb), I may as well go with them? I would open an x-o account here - and then there will be an option to transfer a current holding in.

Yes you may as well go with X-O then as they don't charge account opening fees, management fees or inactivity fees etc.

Thrugelmir

sjw1 wrote: »

Hi, so if I don't do many trades are iWeb and x-o both fine for what I need - an online place to 'store' some shares I have (only one company)? So, as there is no initial charge for x-o (compared to iWeb), I may as well go with them? I would open an x-o account here - and then there will be an option to transfer a current holding in.
It looks as though I've missed the boat with MF handling the transfer and the new provider will have to deal with ii (after 16th March, as they won't have access to the account until then).
Thanks!

I run my SIPP, ISA and trading account through x-o.

Site is bare bones. however I prefer it that way. As extremely functional. Easy to export data to Excel.

Collectively I trade somewhere between 50 and 100 times a year. So dealing costs do become part of the equation. As paying minimal fees is part of my investing philosophy.

What I do like about x-o is the customer service. Absolutely first class.

reddragon175

If you are intending to move away from Motley Fool, as I am, please start the process as soon as possible, because if you wait until March 16th when the transfer to Interactive Investors has taken place, you may be charged £25 for each shareholding up to a maximum of £125.

This does not appear in the main correspondence that has come from MF, but only if you read the details of FAQs.

It still seems a little confusing, as under What happens if I don't set up my new login details or do anything?

it says "If you don't want to transfer to our new service, you’ll need to start the transfer out process with your new broker. Please note to do this, we need to receive your transfer forms before Friday, 6 March 2015."


but in the next heading
What if I want to transfer my account to another provider?

it says "To transfer, first, choose another service provider. Open an account with them and ask them to initiate the transfer of your account. You will not be charged a fee by us for any transfers out, provided we receive notice of your request to transfer from your new account provider by 13 March 2015. Any transfer requests received after this date will be charged at our standard rates of £25 per line of stock, capped at £125."