iWeb - are they okay?

steelbru

It's just one charge of £25 at the moment for the first account, then subsequent accounts are free. No mention of that changing, so would just be £200 rather than £400, but still a massive change !

JohnRo

Dilemma is whether to open an account now, for those who haven't already, or is this advanced warning they're likely to increase dealing charges as well.

Most recent changes elsewhere seem to have been in the other direction.

steelbru

Maybe it's to pay for a re-write of their website to bring it into the 21st century :-)

TCA

steelbru wrote: »

It's just one charge of £25 at the moment for the first account, then subsequent accounts are free. No mention of that changing, so would just be £200 rather than £400, but still a massive change !

I think Rollinghome was referring to a married couple, as opposed to a couple of accounts (for one person).

steelbru

Ah, yes, that makes sense when I re-read it now - apologies Rollinghome

JohnRo

They're Halifax Sharedealing in all but name so that might give some clue as to where the price structure is eventually heading.

Chickereeeee

Well I dont think £25 would cover the admin cost to set up the account(s), so I am not realy supprised.

C

Rollinghome

Chickereeeee wrote: »

Well I dont think £25 would cover the admin cost to set up the account(s), so I am not realy supprised.

My guess is that revenues have been lower than they expected and raising the account opening fee for new clients is the only charge they can increase without a flood of demands for free transfers out from existing clients.

Going to kill new accounts stone dead though so interesting to see what they intend for the future.

JohnRo

The thing is they haven't changed their pricing in recent years, certainly since RDR and clean fund pricing was introduced so it's not like they've been touting for business.

I reckon they were never much of a fund platform and geared towards cheap share dealing, it might be more the case that changes elsewhere and the lifting of the veil on pricing and cost has generated an unexpected influx of substantial fund accounts and the associated admin requirements, post RDR, are now costing them more than the current pricing model can support.

Damage

To those of you who have used both Hargreaves Lansdown and IWeb for their stocks and shares ISA, do the two platforms operate in the same way?

The reason why I ask is that I've been looking around for cheaper options than Hargreaves Lansdown (where I have my stocks and shares ISA), and IWeb's name keeps cropping up.

I just need the opportunity to buy and sell funds reliably, and also hold cash in my stocks and shares ISA, if I wanted to sell my funds to be out of the market for a while.

Thanks very much.