New AJ Bell Youinvest charges

masonic

simonfitba wrote: »

I assume these new SIPP charges will also filter through to iWeb because they are part of AJ Bell. Aren't they?

iWeb is part of Halifax Sharedealing, not AJ Bell. iWeb outsources management of its SIPP product to AJ Bell. Platforms who outsource operations to third parties can have a very different charging structure than going direct to the third party. Just look at Trustnet Direct vs. Interactive Investor for example.

talexuser

Thanks, I'm spreadsheeting to try and keep within the 5k dividend allowance, just wondered if xo mailed to say if a dividend had arrived in account - or to log in for new message etc as this seems to be the only Bell dealing account facility I actually use.

dougzz

Jimjiminy100 wrote: »

It will cost me £9.95 to sell, £12.95 to re buy at Halifax.

If it's a dealing account much more important is the Capital Gains implications.

EdSwippet

dougzz wrote: »

If it's a dealing account much more important is the Capital Gains implications.

Yup. If my accounts were with AJ Bell, I would now be facing the choice between paying thousands more in fees each year, tens of thousands in CGT to convert from funds to ETFs, or hundreds to move to a more suitable platform. While the least-worst option stands out clearly here, it would still leave an unpleasant taste.

Fortunately my accounts are not with AJ Bell. Nor will they be any time soon.

Chickereeeee

Jimjiminy100 wrote: »

..... but its not worth £300+ per month!

Per year, surely?

I have just moved my ISA from Fidelity (0.25%) to Youinvest, in the hope of saving myself £1000+ per year, due to the cap, plus access to more ETFs and ITs. I guess I still get the latter benefit, and could exhange my tracker funds to ETFs to reduce fees.

Very annoying though.

C

Jimjiminy100

over a 10 year time frame Youninvest's charges were 3k more than Halifax, it is not currently costing me £300 per month, I have just averaged it over the 10 years. The exit fees are a lot more than what I am paying in charges but as I am in it for the long haul and the charges are only going to increase as my portfolio grows there is no time like the present!

itm2

Another victim here. I shifted my SIPP, ISA and Dealing accounts from HL to Youinvest 9 months ago to escape HL's custody charge hikes and take advantage of Youinvest's capped custody fees.

This is the sort of consumer-shafting that Ofcom have begun to clamp down on in the mobile phone industry. What will it take for the FCA to do the same for savers/investors?

Coming so soon after the HL cash-grab last year, you'd think there might be a growing mass of disaffected savers who could start making noises to the regulator. Petition anyone?

Thrugelmir

talexuser wrote: »

Thanks, I'm spreadsheeting to try and keep within the 5k dividend allowance, just wondered if xo mailed to say if a dividend had arrived in account - or to log in for new message etc as this seems to be the only Bell dealing account facility I actually use.

No emails. I log in weekly and export the data. Never had an issue with non receipt of dividends. Have noticed a slight delay on occasions though never more than working a day or two.

Thrugelmir

itm2 wrote: »

Coming so soon after the HL cash-grab last year, you'd think there might be a growing mass of disaffected savers who could start making noises to the regulator. Petition anyone?

Regulators won't interfere in commercial business decisions. People are too used to something for nothing. Vote with your feet.

talexuser

I'm tempted to move my dealing account more or less straight away, saving half on reinvesting dividends with xo and avoiding the £30 a year. £150 to transfer out, but that will be saved reinvesting dividends and avoiding holding fees within a year or two.

I'll probably move my ISA before October, but haven't decided where to yet.

Can't move my partner's and Mum's ISA till next May because I got the £200 recommend a friend from YouInvest and gave it to their funds, and they have to stay a year to avoid clawback. The transfer out fees are a pain, but I agreed to them on the basis of long term ongoing savings that have now been taken away. You win some and lose some.