Best sharedealing account with no monthly fee?

snowqueen555

I originally looked at bestinvest, but I really despise these exit fees most places have.

I quite like the look of Cavendish, no exit fees, and they charge 0.2% per annum, but best for people like me who will have small portfolios.

Glen_Clark

midnight_child wrote: »

Hi folks,

I have an invest direct account with HSBC and I had a letter telling me they are now going to charge me £10.50 per quarter for the privilege of having this account.

Im pretty annoyed that they have given me just 6 weeks notice of this (they say that stocks are a 2-5 year investment so it may not be that I can just cash out immediately).
I only have about £7k invested in a few individual companies (most under S&S ISA) and I only make a few buys/sells per year. Not planning on investing any more so I want to transfer it somewhere where I wont have to pay an account fee, and can sell at my leisure.

Any suggestions?

Thanks
MC

The service costs HSBC money to run, why are you annoyed they want you to start paying for it?
Although HSBC never had a bailout, they are paying the most in Osborne's Bank Levy so they have got to get the money somehow to bail out their competitors. HSBC have got far more reason to be annoyed than you.

gt94sss2

midnight_child wrote: »

The letter I have says that quarterly fees start on 1st Jan and will be collected 3 months in arrears. Don't know what happens if you close the account between 1st Jan and 31st march, but that is one question I will be demanding an answer to.

I did get a copy of their fees booklet while I was there and learned that they also charge £15 for each line of stock that is transferred to another provider. I will be asking them if they plan to waive this fee over the next few months as the only reason I wish to cancel my business with them is the change to the terms.

The documentation HSBC sent clearly states that one can transfer away from HSBC InvestDirect without any charges as long as its done by the end of March 2016.

I (and many others) are unhappy as we use our InvestDirect accounts to qualify for HSBC Premier status.

Regards
Sunil

Pulpstar

Heh,

I am in the same boat. £44/yr fee is ridiculous on my 100 GSK shares (Bought during one of those mini panics at 1255 ^_~).

Switched to Hargreaves Lansdowne myself with the Divi reinvestment threshold set to £100 - which means the £1 charge matches the 1%.

Sharedealactive is a good one if you don't want to reinvest dividends, but letting the shares grow organically is better in my book !

midnight_child

Glen_Clark wrote: »

The service costs HSBC money to run, why are you annoyed they want you to start paying for it?
Although HSBC never had a bailout, they are paying the most in Osborne's Bank Levy so they have got to get the money somehow to bail out their competitors. HSBC have got far more reason to be annoyed than you.

The bailout issue is something for a separate thread, though of course they need to make a profit.
However, I should clarify that HSBC are the only bank I use and have done so for over 10 years. They will be making good profits out of me in numerous other ways such as the sums paid into my current account each month (no interest paid), the savings accounts I keep despite paying un-competitive rates so I have an easy access emergency cash reserve, the mortgage interest I pay each month, I also had personal loans with them, taken foreign currency through them, and paid the odd late payment fee in the past.

I would look at the whole package and overall as a customer they are doing very well from me. This perk was one of the few remaining reasons why I hadn't already gone elsewhere.

MC

Glen_Clark

midnight_child wrote: »

paid the odd late payment fee in the past.

Banks used to give away free services as a loss leader than make up for it with such fees, and interest they earned on your money. Now those fees have been curbed, interest rates are on the floor, they will have to start charging for services they used to give away free. They can't just dismiss the bailout issue to another thread either, because they still have to get money from their customers like you to pay for their competitor's mistakes. Thanks to Osborne's levy, HSBC have to pay more bailout money than any other bank - all of it to bail out their competitors as they got no bailout themselves!!!
This is supposed to be Free Market Capitalism. Looks more like Socialism for the privileged few.

kidmugsy

Glen_Clark wrote: »

Looks more like Socialism for the privileged few.

That's the usual sort of Socialism.

Bart1

I'm with IG..... No fees and £6.50 per deal

tamiami

Does anyone use Charles Stanley? Any views?