TD Direct sold to Interactive Investor

JohnRo

TCA wrote: »

Getting fed up with platform roundabout mind you.

Likewise, I'm slowly migrating everything into CSD and intending to stay there.

I know it's not the cheapest but serves my requirements best, except for the increasingly sluggish website which they'll hopefully fix at some point.

bowlhead99

JohnRo wrote: »

I got the email on the 4th October, looks like they're going to knobble a few unwary TD customers with their charges before the new ISA season starts. They're not exactly shouting it loud and clear.

TCA wrote: »

I got it too John but must have glossed over the links if the 11th December date and £22.50 charge were detailed.

Well, the email said

We remain on track to bring all customers together under the Interactive Investor brand by the end of this year. Below you’ll find an overview of what to expect. We’re focused on making sure that all changes happen smoothly, so some details and timings may change, but we’ll keep you updated as we progress:
By early November:Your TD Direct Investing online services will start to be re-branded Interactive Investor
You'll be given full information about forthcoming changes to our services, including our Terms of Service and Rates and Charges
By end December:Customers will have access to the full range of services under the Interactive Investor name

So, having been told that by early November I'll be given full information about the forthcoming changes to the service and new rates, I haven't gone looking for them. It's not early November yet and even then the services aren't going to rebrand until December so presumably they aren't expecting me to make a decision on avoiding the fee changes until then...

philng

The £22.50 quarterly charge is a bit sneaky exceeding the cost of 2 deals per quarter.
Other concerns for me relate to III as I was previously with them prior to switching to TD and they were very poor in delay of receipt of dividends.
Have been happy with TD but now looking to switch to IWEB as not willing to pay £180 a year for 2 accounts when I can get them for free with IWEB (subject to £25 opening fee) and low £5 dealing costs.
Also a bit more reassured by the backing of Lloyds Bank (owner of IWEB) should things go belly up.

foofi22

Given the price increase, does this allow me to transfer out penalty free?

TCA

foofi22 wrote: »

Given the price increase, does this allow me to transfer out penalty free?

Yes, transfers out are free until October 2018 but you'll still be subject to the new charges when they begin.

JohnRo

I've initiated a transfer today, well opened an account and sending the forms off.
Had planned to move contents of the TD GIA into the TD ISA in April before switching over to IG, they confirmed their incentive applies to the value of all shareholdings being transferred so I'm making the move now, transfer the two accounts and will do the stock movements from IG in April.

foofi22

TCA wrote: »

Yes, transfers out are free until October 2018 but you'll still be subject to the new charges when they begin.

Ah I should have said, transfer out of Interactive Investor...

bigadaj

philng wrote: »

The £22.50 quarterly charge is a bit sneaky exceeding the cost of 2 deals per quarter.
Other concerns for me relate to III as I was previously with them prior to switching to TD and they were very poor in delay of receipt of dividends.
Have been happy with TD but now looking to switch to IWEB as not willing to pay £180 a year for 2 accounts when I can get them for free with IWEB (subject to £25 opening fee) and low £5 dealing costs.
Also a bit more reassured by the backing of Lloyds Bank (owner of IWEB) should things go belly up.

Well given that they're charging less than three deals per quarter it is logical given that many people might be dealing monthly.


I use IWeb and they are basic and fine for me but I only trade a few times a year.


Not so sure about the Lloyds backing though, even if it is nearly a decade since they effectively went bust last time.

bowlhead99

bowlhead99 wrote: »

Well, the email said
So, having been told that by early November I'll be given full information about the forthcoming changes to the service and new rates, I haven't gone looking for them. It's not early November yet and even then the services aren't going to rebrand until December so presumably they aren't expecting me to make a decision on avoiding the fee changes until then...

I've now just received an email informing about the effective date of the change with links to the relevant update pages that TCA circulated last night:

Your new Terms of Service and Pricing
[Snip]
Next steps for your account

Your account will automatically be upgraded to our new Terms and Rates on 11th December 2017, you do not need to contact us unless you are unhappy with these changes and wish to close or transfer your account.

LHW99

It appears II customers will also be transferred. I'm not too worried about the quarterly fee change, as unused amounts can be carried over, so add up to one "extra" free trade per year in effect.
However it also says that SIPPs will be transferred to Barnett Waddington - does anyone have any experience of them?
I haven't been too happy with Hartley SAS lately as they / II have lost two contribution forms in transit between them, and one duplicate still hasn't got to them / triggered action ......sigh!