iWeb - are they okay?

inflationbuster

bolzano wrote: »

I had very brief dealings with iWeb, until I realised they did not support monthly investing.

They do support trade plan....

Gus-Gus

I moved to iweb on the recommendation of moneysaving expert. It cost me over £100 moving from Selftrade, but it seemed a saving in the long run. I have regretted it ever since. Their accounting system beggers belief, they charged for reinvesting dividends and the final straw was that they do not recover tax paid at source on ISA funds.
So I am getting out as fast as possible despite a £125 exit charge, fortunately Fidelity are picking up that fee.
They prove the old saying 'You pay peanuts, you get monkeys'.

Shark

I have used iWeb for a year now no problems.

I do find when you buy and sell shares, their spread is different to that on HL and LSE.

If you keep refreshing it you can get a much better price when buying than what is shown on HL for example. I also managed to get a better price when selling.

Not sure why but just something to keep in mind.

IanManc

Gus-Gus wrote: »

the final straw was that they do not recover tax paid at source on ISA funds..

They do recover the tax paid at source on money paid out on Real Estate Investment Trust (REIT) shares.


The 10% tax credit on ordinary share dividends cannot be recovered by any ISA provider.


The tax benefit of stocks and shares ISAs for basic rate taxpayers is that gains are exempt from CGT. For higher rate tax payers there is no higher rate tax to pay on dividends received on shares held in an Isa, but there is no income tax benefit in holding ordinary shares in an ISA for basic rate taxpayers.

steelbru

For those that use iWeb, how quickly do they update an order status ?

I placed my first iWeb orders for fund buys yesterday early afternoon, last one at 14:35, and they aren't yet marked as having been submitted to the fund managers for dealing, still at the initial status of Active.

Firstly, am I correct in thinking the orders should be placed once a day ? If so, does this always happen ?
Are they just slow at updating the order status, but in reality it all goes ahead in the expected timescales ?

Share purchase went through no probs

Thanks

Chickereeeee

They are as quick as any. I think fund transactions are done around mid-day, so you will probably find it gets executed sometime today.

I put one in at 7pm last night and it is at 'Active' as well.

It all seems much faster the Fidelity, when I have often forgotten what the trade was by the time I get notified (although the actual execution is not too bad)

C

steelbru

5 out of the 6 fund buys appeared in my Valuation first thing this morning, although they weren't there last thing last night, so as I suspected things going ok behind the scenes and just a bit slow at updating the on-line status - I'm fine with that.
The VLS one has not yet appeared, still sitting at Active - sure it will at some point.

Rollinghome

steelbru wrote: »

5 out of the 6 fund buys appeared in my Valuation first thing this morning, although they weren't there last thing last night, so as I suspected things going ok behind the scenes and just a bit slow at updating the on-line status - I'm fine with that.
The VLS one has not yet appeared, still sitting at Active - sure it will at some point.

That's more likely to be down to the fund managers than the platform. The valuation point for Vanguard funds tends to be much later than the 12.00 noon typically used by most fund managers. The valuation point for their VLS funds is 21.00.

TCA

Just looked at the iWeb website to check something and I'm not quite believing what I'm seeing. Thought it was a typo at first:

"Important Information: From 16th March we are increasing our account opening charge from £25 to £200"

http://www.iweb-sharedealing.co.uk/share-dealing-home.asp

Rollinghome

TCA wrote: »

"Important Information: From 16th March we are increasing our account opening charge from £25 to £200"

On other pages too so presumably the figures are right. Seems tantamount to stopping new accounts. At £400 for a couple I can't see many, even with a large portfolios, being willing to fork out that much in advance before they can even try the service out.

Can understand if they feel their pricing is wrong but seems a very strange move. My concern would be whether they intend to run the service down.