FirstDirect S&S ISA changes.

Moonwolf

First direct are introducing a quarterly fee of £10.50 for holding shares, so £42 a year.

I'm with them as I make few trades and just leave my shares in place so this worsens the deal. I've apparently got until end of December to move my ISA free. Is there anywhere that offers a better deal? I've made 3 buys a year over the past few years, all of £2K-£5k and no sales.

Thanks

monitorsit

What's the total value of the ISA?

Archi_Bald

http://monevator.com/compare-uk-cheapest-online-brokers/

SnowMan

I got the letter also

As you say First Direct sharedealing are introducing an account charge of £42pa (£10.50 per quarter) from 1st January 2016 payable quarterly in arrears. Currently there is no charge.

I haven't checked it out carefully enough to be sure but you may have until the end of March 2016 to transfer away as the account charge is payable quarterly in arrears (?)

Standard dealing costs are reducing marginally from £11 to £10.50. For someone with an ISA account and a dealing account the quarterly charge is only charged once.

They are waiving exit charges provided you transfer away before 31st March 2016. A bit disappointing but at least they’ve done the decent thing by waiving exit charges.

If you're transferring away x-o look worthy of investigation with no account charge and cheaper dealing charges (£5.95).

Moonwolf

monitorsit wrote: »

What's the total value of the ISA?

Just over £40K

jimjames

Moonwolf wrote: »

Just over £40K

With HL that would be £180 at 0.45% so even FD isn't as expensive as that!

ColdIron

Plug your numbers into this for a few 'what ifs'

http://www.comparefundplatforms.com/

TrustyOven

SnowMan wrote: »

I got the letter also

Hey SnowMan :cool:

Not sure if you've updated your spreadsheet lately, but this could be a good motivation to do so, given that Fidelity is also introducing a fee next month...

Moonwolf

ColdIron wrote: »

Plug your numbers into this for a few 'what ifs'

thanks

Interesting, none are much better, if at all than FD, coupled with ease of use due to integration with my current account I might well stay.

grey_gym_sock

do you hold only shares in this S&S ISA, and no funds (i.e. no unit trusts or OEICs)? if so, then there are a few options for providers with no charges for doing nothing (holding charges). i.e. you only pay when you buy or sell (or perhaps when you transfer out, or close the account).

some possible providers:

- youinvest

- X-O

- SVS

- TD direct (providing the ISA is worth at least £5,100)

- iweb (but only if you already have at least 1 account with them, because there is now a charge of £200 to open your 1st account)

jimjames wrote: »

With HL that would be £180 at 0.45% so even FD isn't as expensive as that!

if it's shares-only, then HL's charge is capped at £45 a year (making it very similar to FD's £42 a year).