iWeb opening fee increase

jimjames

pafpcg wrote: »

The setup fee should appear as a £25 debit in the Cash Statement in your Share Dealing Account(CMA), in about one or two working days of the account being opened. So, in Vortigern's case, sometime on Monday or Tuesday.

Looks like mine will be similar timescale then. I'll keep an eye out

Mat_P

Signed up late last night.
Deposited the £25 needed into the share dealing account and that's already been debited earlier today.

puk999

Mat_P wrote: »

Signed up late last night.
Deposited the £25 needed into the share dealing account and that's already been debited earlier today.

Ditto. Listed as "Debit Journal"

puk999

I have a Fidelity S&S ISA with about £44k. This includes contributions made in the current tax year. I also have a Fidelity SIPP with £72k.

The ISA is made up of 5 funds

• AXA Framlington Biotech Fund Z Acc
• Fidelity Index World Fund P-Acc
• M&G Optimal Income Fund I Acc
• Vanguard Emerging Markets Stock Indx Acc
• Vanguard Global Bond Index Acc

The SIPP is made up of just the Fidelity Index World Fund P-Acc.

The ISA and SIPP are considered to be one portfolio, the core of which is obviously the global equity. This fills up the SIPP wrapper and spills over a bit into the ISA. (It could equally have been just one fund in the ISA with multiple funds in the SIPP, but I preferred just one fund in the SIPP as Fidelity's fund purchase tool in the SIPP is dreadful and I don't fully understand it (neither do the customer support agents I've spoken to) but I digress).

I'm paying 0.25% on the Fidelity ISA (via Charles Stanley Direct) and 0.35% on the Fidelity SIPP. The annual platform fees are therefore £110 for ISA and £252 for SIPP.

I would like to see how I can make use of the shiny new account opened last night at iWeb (thanks for the heads up of the fee increase BTW). iWeb's SIPP doesn't appeal to me that much with all their charges, but the ISA looks good.

My initial thoughts are to do some funds switches on the Fidelity side so I have an ISA of just 1 fund and a SIPP of multiple funds. I would then like to switch the ISA to iWeb to save the £110/annum. I plan to then leave the iWeb ISA alone so I don't attract trading charges. In the next tax year (i.e. starting next month), I'd like to open an ISA (e.g. with Fidelity) where I will be contributing monthly.

My question is how to implement this? I've never done an ISA transfer before. Can I open an iWeb ISA now and then transfer even though I've contributed to an ISA with Fidelity this tax year? Answers to this and any other ideas welcome.

badger09

puk999 wrote: »

I have a Fidelity S&S ISA with about £44k. This includes contributions made in the current tax year. I also have a Fidelity SIPP with £72k.

The ISA is made up of 5 funds

• AXA Framlington Biotech Fund Z Acc
• Fidelity Index World Fund P-Acc
• M&G Optimal Income Fund I Acc
• Vanguard Emerging Markets Stock Indx Acc
• Vanguard Global Bond Index Acc

The SIPP is made up of just the Fidelity Index World Fund P-Acc.

The ISA and SIPP are considered to be one portfolio, the core of which is obviously the global equity. This fills up the SIPP wrapper and spills over a bit into the ISA. (It could equally have been just one fund in the ISA with multiple funds in the SIPP, but I preferred just one fund in the SIPP as Fidelity's fund purchase tool in the SIPP is dreadful and I don't fully understand it (neither do the customer support agents I've spoken to) but I digress).

I'm paying 0.25% on the Fidelity ISA (via Charles Stanley Direct) and 0.35% on the Fidelity SIPP. The annual platform fees are therefore £110 for ISA and £252 for SIPP.

I would like to see how I can make use of the shiny new account opened last night at iWeb (thanks for the heads up of the fee increase BTW). iWeb's SIPP doesn't appeal to me that much with all their charges, but the ISA looks good.

My initial thoughts are to do some funds switches on the Fidelity side so I have an ISA of just 1 fund and a SIPP of multiple funds. I would then like to switch the ISA to iWeb to save the £110/annum. I plan to then leave the iWeb ISA alone so I don't attract trading charges. In the next tax year (i.e. starting next month), I'd like to open an ISA (e.g. with Fidelity) where I will be contributing monthly.

My question is how to implement this? I've never done an ISA transfer before. Can I open an iWeb ISA now and then transfer even though I've contributed to an ISA with Fidelity this tax year? Answers to this and any other ideas welcome.

It makes sense to do any fund switches on Fidelity, to avoid IWEB's £5 dealing charge.

Then simply ask IWEB to transfer your ISA from Fidelity. The only thing to watch out for is that if the transfer involves current year ISA subscriptions, then the whole amount of those must be transferred together.

Once 6 April arrives you can pay into a new ISA with Fidelity.

jimjames

badger09 wrote: »

It makes sense to do any fund switches on Fidelity, to avoid IWEB's £5 dealing charge.

Then simply ask IWEB to transfer your ISA from Fidelity. The only thing to watch out for is that if the transfer involves current year ISA subscriptions, then the whole amount of those must be transferred together.

Once 6 April arrives you can pay into a new ISA with Fidelity.

That's exactly my plan too. I'm moving an old ISA from Cofunds and will then move my current year's funds into iWeb too but after 6 April.

However I think you may find some of those fund classes aren't available at iweb. Ive been doing some checking across different platforms and it's a minefield!

I'll start a separate thread about them as I'm looking to find cheapest trackers to use on iweb and unfortunately the fidelity P class don't seem to be there.

puk999

jimjames wrote: »

I think you may find some of those fund classes aren't available at iweb. Ive been doing some checking across different platforms and it's a minefield!

I'll start a separate thread about them as I'm looking to find cheapest trackers to use on iweb and unfortunately the fidelity P class don't seem to be there.

I was just having a look at iWeb's share class offering too. The best Fidelity Index World is the W class at 0.2% I think. They list the I class and P class (0.15% and 0.18%) in the drop down list but have a note that they aren't allowed to offer them. For me, going from P to W will cost £44000*0.0002 = £8.80 per annum, so I'll still save over £100 per annum. Looking forward to your thread.

badger09

Hope I'm not misunderstanding


https://halifaxiweb.digitallook.com/security.cgi?username=&ac=&csi=3868747&record_search=1&search_phrase=fidelity

https://halifaxiweb.digitallook.com/security.cgi?username=&ac=&csi=3868734&record_search=1&search_phrase=fidelity

Rollinghome

badger09 wrote: »

Hope I'm not misunderstanding


https://halifaxiweb.digitallook.com/security.cgi?username=&ac=&csi=3868747&record_search=1&search_phrase=fidelity

https://halifaxiweb.digitallook.com/security.cgi?username=&ac=&csi=3868734&record_search=1&search_phrase=fidelity

Just to make life more complicated, they're giving what seems to be an AMC rather than an OCF.

They list the fee for the A class as 0.10% but OCF seems to be 0.30% in KIID and on Trustnet http://www.trustnet.com/Factsheets/tnuk/FactSheet.aspx?fundCode=I1F0J&univ=O

dgaf

I applied for a iWeb S&S ISA yesterday evening but don't know if the application has been accepted as I have not heard back from iWeb. The debit card that I registered with them has reserved the £1 charge so I'm hoping it's gone through!

Those that have opened a iWeb account - did you receive an email confirmation when you applied? And do they post you out the username and password to be able to sign in?