TD Direct sold to Interactive Investor

eskbanker

Nerdlinger wrote: »

It might seem churlish to switch because of a £80pa fee on an infrequently traded £600k ISA share portfolio but I work out my annual allowance as being 1/40th of the value so £80 would be half a percent of my income. Goodbye TD and II.

Are you saying that you have a £600K portfolio and draw down 1/40th from this every year, i.e. £15K? If so, you could indeed express £80 as 0.5% of your income but by that reckoning you'd also be paying zero for the remaining 39/40ths of your portfolio so I'm not sure it's appropriate to measure the fee specifically as a proportion of the (relatively) tiny income fragment, unless I'm misunderstanding your situation?

Nerdlinger

eskbanker your sums are right.

I think it is appropriate and essential to consider fees as a proportion of income.

eskbanker

Nerdlinger wrote: »

eskbanker your sums are right.

I think it is appropriate and essential to consider fees as a proportion of income.

It's obviously your prerogative to carve up the numbers however you see fit - I'm just observing that when you're shopping around for providers, you'll need to be clear about the basis of charging, and in general platform fees, etc, involving percentage-based charging are stated as a proportion of portfolio size rather than as a proportion of how much you choose to withdraw each year!

TCA

Economic wrote: »

And you can get £250 to transfer:

https://www.ig.com/uk/investments/share-dealing/transfer-investments

If TD are moving to fixed fee charging, then this is beginning to look like a no-brainer transfer to me. I wouldn't be frequently trading so not that bothered about what the actual IG platform is like. I'm also with iWeb after all. I don't see a dividend reinvestment option with IG but not fussed about that either. Free transfers out, no platform charges and cashback seems like a winning deal.

I've also got some investment trusts held free of charge at Hargreaves Landsdown (only because I took advantage of their transfers-in cashback offer last year to escape Best Invest's ongoing charges), so I'm tempted to move some of those to IG too. It would cost £25 per line of stock but I could move enough that I receive the maximum bonus from IG and still earn a few quid, safe in the knowledge that I can move on from IG free of charge if they change their terms. I think. And keeping a bit of stock at HL would satisfy their cashback conditions of last year.

Thinking hat on.

economic

where do i find the new charges for TD (as part of II)?

thanks

cloud_dog

Nerdlinger wrote: »

Goodbye TD and II.

I'm confident I can ignore IG's spreadbetting temptations and I can't find any better options unless anyone here can point to one.

The other option is Jarvis X-O.

Am I correct in thinking IG do not accommodate OIECs / UTs?

If this is the case then they appear very similar to X-O (other than not offering the switch inducement).

As mentioned previously they have the other added advantage for me (OH) that we could switch the OH SIPP (from HL) to X-O and be refunded X-Os annual fee.

I use X-O for my own dealing/ISA accounts and it is functional but not feature rich. If you simply want a vehicle to buy / sell / hold investments then it is fine. But, for example, it doesn't offer regular investment options (like IG).

Think, think, think, think

cloud_dog

economic wrote: »

where do i find the new charges for TD (as part of II)?

thanks

I think we are all assuming by the way the information is presented that they will go with the standard II platform charges.

economic

the buying funds charge of £10 wil be annoying as currently its free under TD.

isasmurf

economic wrote: »

the buying funds charge of £10 wil be annoying as currently its free under TD.

Unless the timing of the purchase is important, you can reduce the cost by buying them on your monthly investment plan for one month remembering to delete them from the plan once they've been bought. It's the £10 selling charge that is annoying.

Nerdlinger

Thanks cloud dog but I don't like the transfer out and ISA closure fees there at x-o.

I've gone ahead and opened an IG ISA, I haven't applied to transfer my portfolio yet because I don't own a printer to print out the application form (this is the 21st century).