New AJ Bell Youinvest charges

dougzz

For me it won't change the SIPP charge, remains at £100/year as I'm shares and ETFs, no funds. But it'll introduce £30/year to the ISA, and £30/year to the dealing account. I don't really won't to sell and transfer cash, the dealing charges will offset the saving at transferring out the shares, but giving them £200 (5 shares in ISA 3 in dealing at £25 each) because they've suddenly hiked their prices seems wrong. If I can transfer out free I will, but otherwise I might suck up the £60 the first year to see if others follow with increases.
It's a balance between spreading yourself between a couple of brokers in case of some moodiness on their part, and minimising costs.

JenniferK

Reply from AJ Bell re their new charging structure. I have already started to move away from AJ Bell.
Quote

Thank you for your message.

Our new charging structure still means that in comparion to our competitors, we are still very competitively priced which is something we
pride ourselves on. Therefore, we regret to hear of your disappointment with regards to our charges.

Unfortuantely, we are only offering free transfer outs if the account has just been opened (still withinthe 30 day cancellation period) and
nothing has been done on the account (i.e no deals placed). In all other instances, the normal transfer our charges will still apply
unfortunately.

Please refer to the below link for our transfer out charges:

https://www.youinvest.co.uk/isa/charges-and-rates

If you have any further queries, please feel free to contact us.

Yours sincerely

Aaron Willsher
Dealing Services Team

talexuser

I emailed Richard Evans at the Telegraph and pointed out those examples where customers will see increases of 200 and 300% in their charges (would have made a better splash headline since true), and also YouInvest history of not waiving what could be substantial transfer out charges when they change their contract with customers. Just got a standard thanks reply - will be interesting to see if another article appears or whether Bell advertises with them and therefore gets an easy ride.

Simon_C_Brown

Alliance Trust Savings? Looks like £7.50 per account per month plus VAT. Is that too good to be true?

oldfella

or Halifax Share Dealing - £12.50 per annum plus £12.50 per trade

EdGasket

or x-o no annual charge and £5.95 per trade; ISA or dealing only; no SIPPs.

Jimjiminy100

I think I will move to Halifax share dealing, calculated that I should save £3k+ over 10 years even though I will have to pay £300 in exit fees!

They don't have an Iphone app either which will stop me from looking at my portfolio too often!

oldfella

re Halifax SD - the web site is not the most functional I have ever seen, but it does what I want

Jimjiminy100

I thought that would be the case but as long as it holds my investments and saves me money I am happy, all the information I use day to day is through Trustnet and Morning Star etc.

A shiny website and a IOS app doesn't justify £300 per year in charges!

It's a shame as I do like Youinvest, great website and I like the iPhone APP but the increase in fees is too much for me!

talexuser

I wonder if any competition take advantage of this and offer to pay some or all of your transfer charges to get the business?