Experiences with SelfTrade?

cloud_dog

As a comment....I moved the OH accounts from Selftrade to TD Direct when the changes to charges were introduced (a long while ago).

On a side note...With most (all?) providers charging a percentage fee for holding funds (OIECs), is there an advantage to retaining OIECs over like-for-like ITs or ETFs?

I appreciate there are costs/charges associated with ITs / ETFs but there isn't the overarching platform charges associated with holding OIECs.

I have to admit I took this route when the RDR changes came in to effect simply because I was getting a headache trying to figure out the pro's con's of retaining dirty funds, switching to clean funds, finding a cheap platform that wasn't going to change charges after I'd switched, yada yada.... (bad MSEer I know).

Even re-balancing is relatively cheap, insofar as I can set up a (one-off) regular trade (sell / buy) for £1.50 per deal and I only need to set it up a few days in advance.

Playing_with_Fire_2

I can confirm buying a 'free' fund counts as activity.

Not sure if this would work, but it is possible to set up a monthly regular investment (say for £150), and a quarterly deposit for £150. The monthly regular investment will only go through if you have the cash in the account [but I don't know if there are penalties for it not going through].

darkidoe

cloud_dog wrote: »

As a comment....I moved the OH accounts from Selftrade to TD Direct when the changes to charges were introduced (a long while ago).

On a side note...With most (all?) providers charging a percentage fee for holding funds (OIECs), is there an advantage to retaining OIECs over like-for-like ITs or ETFs?

Even re-balancing is relatively cheap, insofar as I can set up a (one-off) regular trade (sell / buy) for £1.50 per deal and I only need to set it up a few days in advance.

Given you are with TD Direct, I suppose most of your OH's funds are in ETFs/Shares/ITs?
TD Direct account seems to have a low platform fees for ETF,Shares,IT inviting no ongoing percentage/fixed fee if you set you a regular investment facility. However it attracts 0.3% for funds. Is adjusting the regular trading quite flexible once you set it up? How regular does it have to be, at least Monthly?

Yea I don't get why Monevator recommends ETFs over Funds http://monevator.com/low-cost-etfs/ I think it's due to most brokerage charging ~£10-£15 per trade. The next question would be whether the TER of the ETF will be more than an equivalent fund.

I was looking at Selftrade but now find TD Direct's pricing structure and exit cost more flexible and of value.

cloud_dog

darkidoe wrote: »

However it attracts 0.3% for funds. Is adjusting the regular trading quite flexible once you set it up? How regular does it have to be, at least Monthly?

As mentioned I don't invest using OIECs so it's not something I am hugely familiar with (OIEC regular investing on the TD platform).

Regarding regular / planned activities (buy / sell) of ITs etc then, yes. I have in the past set up a RI and then the following month (period of time) simply canceled it Similarly when I need to sell / rebalanced I can set up a single sell a number of days in advance of the RI date.

Not sure if this answers your question or not?

darkidoe

cloud_dog wrote: »

As mentioned I don't invest using OIECs so it's not something I am hugely familiar with (OIEC regular investing on the TD platform).

Regarding regular / planned activities (buy / sell) of ITs etc then, yes. I have in the past set up a RI and then the following month (period of time) simply canceled it Similarly when I need to sell / rebalanced I can set up a single sell a number of days in advance of the RI date.

Not sure if this answers your question or not?

Yes. Seems like TD Investing is my top choice to transfer my S&S ISA to before this tax year ends. And need to start researching to build a etf portfolio.

Doh

as suspected Selftrade have just introduced a 0.3% platform fee! free to transfer before May 31st... looks like i'm moving, anyone got any experience with IG, low trading fees and no platform charges

grey_gym_sock

Doh wrote: »

as suspected Selftrade have just introduced a 0.3% platform fee! free to transfer before May 31st... looks like i'm moving, anyone got any experience with IG, low trading fees and no platform charges

are you holding funds (i.e. OEICS or unit trusts)? because selftrade's platform fee only applies to funds. and i think IG's platform doesn't support holding funds, only shares.

smoky

After being a long term Selftrade satisfied customer, I can no longer recommend them. I had previous bad experiences with Equiniti and wished I'd transferred out during the move from Selfttrade to Equiniti. I am now taking advantage of the "free transfer" offer as Equiniti change their fees.
They struggle greatly with meeting FCA regulations and impose various irrational requirements on customers. Currently, to transfer cash from Selftrade to my bank account, Selftrade insist that I must send a copy of my bank statement (via insecure email) before they will allow the transfer. As the amount is tiny (about £2) I wonder why they are bothering. Definitely would not recommend Selftrade.

lifemagic

Selftrade are a mess, they cost me a lot. I moved to halifax, no fee and trades about a fiver a time when 'prebooked', plus there are regular special offers, half price days etc.