First Direct Sharedealing Account charges

anandp

Have just received a letter that from April 2016, First Direct will begin a quarterly charge for their nominee sharedealing account.

They're calling it an Account Fee which means an annual charge of £42 no matter how many times you trade. I don't trade a lot anymore so just have shares sitting there, but sounds like a high administration fee to me.

Does anyone know of any decent alternatives?

Aretnap

HSBC are doing the same thing so I moved my account to AJ Bell YouInvest which has no annual fee and a dealing charge of £10 for shares/ETFs. My choice was slightly influenced y the fact hat my pension is already there, so I was convenient to have my ISA there too. And I rarely trade, so dealing charges are no big deal. You can get even cheaper by going to someone like xo where the website looks a little bit "no frills" but the dealing charge is only £5.95.

MarkFromCornwall

anandp wrote: »

Does anyone know of any decent alternatives?

Halifax Sharedealing is worth considering. Their transaction charges aren't the cheapest but there is no annual charge and I've found them very competent.

diamondchap

I've just moved to Halifax too and found them to be fine. I have the VLS80 fund in a SIPP and an ISA. I pay monthly into each and the transaction fee is £2 per trade (IIRC the transaction fee is higher if you're not making 'regular' transactions).