Alliance Trust Savings fees going up ... again!

prixon

So, Alliance Trust Savings are increasing their charges again (for ISAs, SIPPs, Dealing Accounts). Two years ago, after a massive hike, they said they would stay the same for "at least" 2 years before being reviewed.
Only positive is that they'll waive the exit fees for the next month or so if you want to transfer out. They seem keen to lose some more customers...


Details here:
http://www.alliancetrustsavings.co.uk/account-charges/

bigfreddiel

If you don't like it move! fj

SnowMan

Exit charges waived for existing customers who move away because of the increases before 29th April 2016.

If you decide to leave us for another provider as a result of these changes we will waive our exit charges. That is as long as we receive written notification from your chosen provider that you would like to leave on or after Monday 7th March 2016 and before 5pm on Friday 29th April 2016

Very commendable and shows a commitment to treating customers fairly. Gives me the confidence to stay with ATS.

The increase for ISA and dealing accounts takes the charge back up to what it was before they realised they didn't need to charge VAT on these accounts.

Glen_Clark

Alliance management have been subsidising their savings scheme from the Alliance Investment Trust they were also managing. Activist investor Elliot has got the overpaid underperforming senior management ousted, and changes made to reduce this subsidy taken from other Alliance Investment Trust shareholders like me

Brib

Alliance Trust Savings fees going up ... again!

from 1st Feb 2017.

Only 9 months since last increase!

Merry Christmas

jimjames

Brib wrote: »

Alliance Trust Savings fees going up ... again!

from 1st Feb 2017.

Only 9 months since last increase!

Merry Christmas

From the link it appears this isn't correct. The fees were announced but not implemented until Feb

Brib

Yes, the link in the opening post is for the May 2016 increase announcement.

As a new user I can't post a link yet. Sorry

alliancetrustsavings.co.uk/investment-account/ida-charges-and-fees

I received a letter yesterday informing me that from the 1st Feb 2017 fees would be changed.

£10 per month from £7.50 per month per ISA and investment account, does include 4 online trades per year at the new rate

jimjames

Brib wrote: »

Yes, the link in the opening post is for the May 2016 increase announcement.

Yes but if you read it, it appears to say that it was announced in May 2016 but only will be implemented in Feb. So they aren't increasing twice or again after 9 months, it's only 1 increase but with a long time lag from announcement to implementation.

naedanger

jimjames wrote: »

Yes but if you read it, it appears to say that it was announced in May 2016 but only will be implemented in Feb. So they aren't increasing twice or again after 9 months, it's only 1 increase but with a long time lag from announcement to implementation.

I think it will be only 9 months since the last charge increase for ISAs and Dealing Accounts.

I think the ISA and Dealing Account charges were increased in May 2016 to £7.50 a month.

From Feb 2017 the ISA and Dealing Account charges will be increased to £10.00 a month.

I think the text you are referring to applies to SIPPs only.

ed44

There has been a second increase for Sipp accounts:

Sipp charges were £155+VAT = £186

They were increased to £15pcm+ VAT = £216, effective 1/2/17 for existing customers

It looks like this has been superceded, increasing to £17.50pcm+VAT = £252. This does include 4 trades worth £50.

I wonder when they plan to inform customers?

noh

Looks like online dealing charge will be decreased to £9.99 from £12.50. Along with the 4 inclusive trades that means those with ISA or IDA accounts will be paying less as long as they trade 3 or more times a year.
Those with SIPS will be paying less if they trade 4 or more times per year.
http://www.alliancetrustsavings.co.uk/charges-guide.html

I would think all existing customers will be informed before 1st Jan