Advice reqd to move iii S&S ISA to another provider

andeebee

Im looking for advice to move an old S&S ISA with iii to another provider. My main gripe with the iii account is the £20 quarterley charge. Due to some poor AIM stock decisions a few years back I am now left with a heavily devalued ISA which along with the £80 a year charge I will probably have to wait years for it to come back into profit.
I make no trades so cant take advantage of the trade credit that the quarterley charge gives me.
Is there a low cost S&S ISA provider that I can transfer my current ISA to let it sit until it start working for me?
Or any other ideas would be gratefully recd, many thx.
Andeebee

talexuser

Difficult to say without the value of the ISA since Interactive Investor is already one of the cheapest on the market, if your fund is new clean class.

iWeb would be cheaper but with a £125 charge if you to move again, but I think II will charge you ~£100 to re-register.

le_loup

They don't come much cheaper than III.
I think you're looking for FREE but unfortunately all business has to make some return on their investment.

afwone

andeebee wrote: »

Im looking for advice to move an old S&S ISA with iii to another provider. My main gripe with the iii account is the £20 quarterley charge. Due to some poor AIM stock decisions a few years back I am now left with a heavily devalued ISA which along with the £80 a year charge I will probably have to wait years for it to come back into profit.
I make no trades so cant take advantage of the trade credit that the quarterley charge gives me.
Is there a low cost S&S ISA provider that I can transfer my current ISA to let it sit until it start working for me?
Or any other ideas would be gratefully recd, many thx.
Andeebee

If it is individual shares in your S&S ISA then no need to pay platform charges. I used to use iii for shares rather than funds and moved my ISA across to X-O when they brought in their charges some 18 months or so ago.


For funds, iii is only cheap if you have more then £32,000 worth. The guide I have been looking at lot at recently is:
http://monevator.com/compare-uk-cheapest-online-brokers/

pip895

iii are pretty cheep anyway - also consider, they charge £15/line transfer out - iweb another alternative charge £25 a line. Depending on exactly what you have, you are quite likely to be better off staying put. Also there are lots of changes going through at the moment - you could end up paying to transfer out only to end up charged just as much.

Financial_Saddler

How did you manage to make poor AIM stock decisions in your ISA "a few years back"?
They have only been eligible for ISAs since Aug13.

cloud_dog

andeebee wrote: »

Is there a low cost S&S ISA provider that I can transfer my current ISA to let it sit until it start working for me?

As others have mentioned a lot depends on specifics, i.e. amount involved, number of holdings, do you hav other investments, costs for transferring, etc, etc.....

If you don't need to have it in an ISA (I know the reasons why you might) but if the amounts and your circumstances don't mandate that it must be in an ISA then you could put it in to a normal dealing account.

Probably more options for a low/no AMC provider.

I use X-O for their ISA. No AMC but there are closing account charges etc.

andeebee

Financial_Saddler wrote: »

How did you manage to make poor AIM stock decisions in your ISA "a few years back"?
They have only been eligible for ISAs since Aug13.

I started in 2010 and this guide (also 2010) shows the ISAable stocks available in AIM
thesharehub.com/?p=200

andeebee

Thanks CloudDog.
The ISA was £8K and now languishing around £1.8k. Transferring the shares out of the ISA may be the way forward although X-O have a admin fee free ISA advertised. Do you know if they accept transfers in?

JamesU

andeebee wrote: »

Is there a low cost S&S ISA provider that I can transfer my current ISA to let it sit until it start working for me? Or any other ideas would be gratefully recd, many thx. Andeebee

Also have a look at i-Dealing. You can open an ISA or non-ISA account (e.g for more extensive AIM) for £5/quarter. I hold both and they are fine, had them 15yrs without any problems and the quarterly fees have never increased. If you are looking for a free lunch, they now also have an "admin free" tariff i.e. standard (non-ISA) account with no quarterly charges, each trade made is weighted by an additional surcharge instead.....but if you do not intend to trade, this might be interesting for you.

https://www.idealing.com/en/help/services_and_prices

Also worth checking SpecialSaver's excellent thread on low cost providers, link here:

https://forums.moneysavingexpert.com/discussion/3153942

Good hunting
JamesU

cloud_dog

andeebee wrote: »

Thanks CloudDog.
The ISA was £8K and now languishing around £1.8k. Transferring the shares out of the ISA may be the way forward although X-O have a admin fee free ISA advertised. Do you know if they accept transfers in?

Yes.

I transferred to them from III when III originally introduced the £20 per Q charge.

I have no issues with X-O but they are a bare bones platform, i.e. there isn't an auto-dividend re-investment option and they don't provide a regular investment option as some do, i.e. £1.50 dealing fee for a regular investment on a set date each month.

You'll have to do the maths to figure out if it is cheaper to sell and re-buy or transfer the existing shares.

EDIT: In theory with the free trades you will have already 'purchased' at III I would think it would be cheaper and probably faster for you to sell your existing shares, withdraw the money, open the new account, deposit said money, and re-buy/buy an investment, tell III to close the account.

AGAIN, this is depends on if you have available ISA allowance remaining for this tax year and if you don't mind losing that allowance. Its up to you.