Best Fund Platforms for Quick Dividends Payout

sorcerer

I have been with interactive investor now for about 3 months and I have basically had enough with them, so I am thinking of moving. I need somebody who pays dividends on time, but also won't charge me a small fortune. It will be an ISA worth about £100,000.

Oh and sorry need somebody who isn't based in Scotland.

Any ideas.

Nixter

I'm in the same situation as you. Interactive Investor is the worst company I've ever dealt with. The only one I ever was happy with is Hargreaves Lansdown but they are not applicable unless you move completely over to investment trusts, ETFs or stocks where the capped charges apply.

Archi_Bald

II seem to get a lot of bad press: https://forums.moneysavingexpert.com/discussion/4870018

Though they seem to be in good company, judging by various comments on that thread.

You could check for alternatives, a summary of which is in post 1 of https://forums.moneysavingexpert.com/discussion/3153942

sorcerer

The biggest problem I have with them, is that they are soooo slow at everything, everything just takes forever. Probably because it's all done manually. With HL, my dividends would be paid out on the payment date, with II take 2-3 weeks before you get them, and it seems to be getting worse, the more customers they get.


When I buy a fund with HL it would normally be processed and on my account within 24 hours, with II, it can take a week to process the same fund.


If it wasn't so expensive and such a pain in the bottom to change to another provider, I would have moved within the first weeks of changing over. In the future before I change providers I will setup a trade account, and do some trading before I move the bulk of my investments.

sorcerer

Any ideas?

BLB53

I moved from ii to AJ Bell. I hold a mixture of shares and investment trusts - dividends are always paid into my account on the due date (as it should be) and they send an email to confirm. So maybe worth a look as an option.

masonic

sorcerer wrote: »

Any ideas?

Switch all your holdings into share/ITs/ETFs and you have quite a few options - I've found that SVS securities also pays dividends on time, or you could go back to HL and have a £45 cap on your fees as mentioned earlier.

At least you can use II's free transfer out within 12 months offer to avoid another set of charges.

le_loup

This is the process I have now started. Crawling back to H-L is not comfortable but £45 plus dealing charges makes it bearable.
I used to do quite a lot in ITs some years ago, mainly through their savings schemes.

sorcerer

Unfortunately I only have had funds, and 30 of them, so if I want to keep them it's going to cost me a fortune in charges, even if I sell them it's going to cost me £300, and then rebuying them at the other end. Also with HL I didn't want to pay the 0.45% which was why I left.


This is the only thing that is putting me of, tbh. AJ Bell might be an option if they pay on time.

Nixter

sorcerer wrote: »

Unfortunately I only have had funds, and 30 of them, so if I want to keep them it's going to cost me a fortune in charges,
This is the only thing that is putting me of, tbh. AJ Bell might be an option if they pay on time.

I don't have as many funds as you but I decided to sell all my dividend paying funds and reinvest them as accumulation units. That I wouldn't have to deal with iii's admin department.

sorcerer

I think if I was going to go down the route of selling them all, I might as well try to find a better broker. But I just can't face another 4 months of transfers and questions. It took months to sort it out with II. I am tempted just do move back to cash with everything and leave it at that.