iWeb - are they okay?

bertpalmer

Hey folks, I'm thinking of moving to iWeb due to the favourable fees.

I'm currently with HL, but come the new tax year fees will get quite expensive when I want to take advantage of my new ISA allowance.

My concern with iWeb is that their website looks as though it was made in 2005, and hasn't been updated since. I take it you can easily see your fund values and they are updated daily?

Thanks in advance

Gadfium

Aren't they a part of the Halifax?

steelbru

Will be interested in any replies, as I'm in exactly the same situation.

I'm wondering whether to just move my funds initially, and leave the shares on HL, since share holdings ( outside an ISA ) are free.

As far as funds go, I am currently invested in 10 different funds, 2 in an ISA, 8 outwith, so HL would charge me £250 to transfer, ie £25 per fund.

So I'm thinking of selling the non-ISA ones ( no cost on HL ), withdrawing the money, then re-buying the funds on iWeb at £5 per go. Will obviously gain/lose on fund price moves over the 1 or 2 days that this takes, but don't fancy paying HL £200. 8 buys will cost £40, so saving £160 !!

Will switch 1 of the 2 ISA funds into the other on HL for free, then pay the £25 to transfer the ISA, then switch back on iWeb at £5 sell, £5 buy, ie saving £15

Any views on whether this is the best approach ?

bolzano

I had very brief dealings with iWeb, until I realised they did not support monthly investing. In that time they make a number of mistakes - they didn't close my account when I instructed them too, they sent me three copies of the same (irrelevant) letter, and they credited back my £50 twice. (I really shouldn't have let them know about the last one!)

I wasn't impressed. If you want to leave a portfolio static for the next x years and never look at it then I guess the reduced cost is worth it.

I am now very happily with CSD.

chile_paul

I use them and haven't had a problem with them - the site is a bit basic and I'd imagine that it might lack some of the more advanced functionality that other providers might have (but I've never been with any other platform so don't know this for sure).

Yes, you can easily view your fund values and it updates daily (although the time of day it updates does appear to vary some days?)

Chickereeeee

I have been with them for about 6-8 months. OK so far.
Easily see funds - yes
Updated each day - yes

Not the easiest site to use, e.g. do research elsewhere.

Fast response from on-line chat, phone and email.

If you do not need hand-holding, recommended. I am moving my SIPP there as well.

C

Chickereeeee

I would possibly suggest opening an account (£25) and buying a fund (£5) to try iWeb out and see if the presentation and communications are to your taste.

Then transfer if you are happy!

C

Rollinghome

steelbru wrote: »

As far as funds go, I am currently invested in 10 different funds, 2 in an ISA, 8 outwith, so HL would charge me £250 to transfer, ie £25 per fund.

So I'm thinking of selling the non-ISA ones ( no cost on HL ), withdrawing the money, then re-buying the funds on iWeb at £5 per go. Will obviously gain/lose on fund price moves over the 1 or 2 days that this takes, but don't fancy paying HL £200. 8 buys will cost £40, so saving £160 !!

Will switch 1 of the 2 ISA funds into the other on HL for free, then pay the £25 to transfer the ISA, then switch back on iWeb at £5 sell, £5 buy, ie saving £15

Any views on whether this is the best approach ?

Looks good to me though would add that HL will also hit you with a £25 +vat (£30) fee for each account you close. So another £30 to close the ISA and another £30 for the non-ISA account, plus £25 for transferring cash.

If you sell and rebuy the various non ISA funds on different days the small price movements should about balance out. You could avoid it altogether by selling then re-buying each fund simultaneously using a cash float.

The other consideration for the non-ISA funds is CGT. I saw it said on the this board recently that selling and rebuying (if over CGT allowance) could trigger a tax charge.

My own understanding is that this isn't the case due to the "30 day rule" - meaning that if any asset is re-bought within 30 days then the sale is ignored for CGT purposes. But if anyone can show differently then would be interesting to hear about it.

DesG

It is basic, but so far I'm happy with the service I get for the price I pay.

For VFM they are hard to beat, if you buy in bulk/trade infrequently.

There has been mention that their service goes to pot at extreme volume occasions, and you may be left not making a trade, ie when half the planet is selling.


They do not provide a bed'n'isa service.

R34GTT

DesG wrote: »

They do not provide a bed'n'isa service.

Is this new? I used the Bed'n'ISA service with iWeb a year ago with no problems, they managed to do it with a miniscule spread compared to normal trading so I hardly lost any shares.

cloud_dog

Hi

bertpalmer wrote: »

I'm currently with HL, but come the new tax year fees will get quite expensive when I want to take advantage of my new ISA allowance.

Just to be clear are HL increasing / changing their pricing after 5th April 2015 or is their pricing structure not good for you because of what you are looking to do investing wise?