Tilney Bestinvest £60 to close ISA account

Bertieburt

Hi I have a funds ISA with Tinley BestInvest - I recently sold all of my investment funds held in the ISA wrapper and withdrew the cash. All the sale proceeds except £60 were paid into my bank account.

It seems I am unable to withdraw the final £60 If I close the account the £60 will be taken by Bestinvest as an account closure fee.

I have asked Bestinvest how I can obtain my £60 - it seems to me unreasonable for them to retain this sum especially as % fees were charged monthly on the investment funds in my ISA - needless to say I have drawn a blank on getting my money out.

Does anyone know how I could proceed ? for example if I bought £60 worth of a new investment fund - I know its possible to move funds out - could I move them to another manager then sell the fund and withdraw all of my proceeds ?

any advice much appreciated

coyrls

If their account closure fee is £60, then you have to pay it when you close the account, so my advice is to pay it.

TCA

You presumably signed up to these charges when you opened the account, so should have been aware. If you buy and then transfer another investment to a new provider they'll charge £25, although transferring cash might be free. You'd need to bear in mind any new provider might have custody charges, dealing charges and/or more closure charges.

Keep_pedalling

They have a £20 per asset fee on transferring out. This is something you will have signed up,to when you opened the account, so you have lost that £60 I am afraid.

https://www.bestinvest.co.uk/media/1602/keyfacts-non-advised.pdf

greatkingrat

No point paying them the £60, might as well use the money to buy a fund and leave the account open.

Keep_pedalling

Keep_pedalling wrote: »

They have a £20 per asset fee on transferring out. This is something you will have signed up,to when you opened the account, so you have lost that £60 I am afraid.

https://www.bestinvest.co.uk/media/1602/keyfacts-non-advised.pdf

Edit - re-reading the OP this was a closure rather than a transfer out, so that is a fee of £50, with presumably a little bit more held back for the 0.45% management fee for the period since that was last billed.

Keep_pedalling

greatkingrat wrote: »

No point paying them the £60, might as well use the money to buy a fund and leave the account open.

He can't bridges already burnt here, the fees still need to be paid.

eskbanker

Keep_pedalling wrote: »

Edit - re-reading the OP this was a closure rather than a transfer out, so that is a fee of £50, with presumably a little bit more held back for the 0.45% management fee for the period since that was last billed.

The £50 closure fee is quoted exclusive of VAT, so I suspect it's that which takes the figure to £60, unless the 20% difference is entirely coincidental!