Interactive investor price hike

simonfitba

Myself and my wife each have an ISA will iii. It's family linked so we only paid £80 for both accounts. I take it they are doing away with this and we'll each have to pay £90 per year?

Wonder if that is grounds for a free transfer out, as my wife only moved to them because of this family deal.

darren72

I've just phoned them to question this.

In my case I'm currently paying £144 per year which will increase to £210.

They inform me that due to the changes in the terms and conditions I can leave without exit/penalty fees anytime before October 2018.

Another e-mail is going to be sent out confirming this with further information shortly.

Sillychuckie

Even their own (II) website has contradictions:


<This implies that they WILL CHARGE linked accounts>

One here: http://www.iii.co.uk/future-of-ii/key-changes (under ‘linked accounts’)
“We will no longer exclude linked accounts from quarterly payment collections. Each customer will be charged and will receive their own trading credits”.

<This one implies they will NOT>
http://www.iii.co.uk/sites/default/files/pdf/II_RATE_STND_PDF_DEC17_colour.pdf
"“sole name accounts that are not linked will also be charged separately”

The 'that are not linked', implies that they will NOT charge for those which are.

It fails to address the 'Junior ISA' question entirely (I have one for my kid), and is as clear as mud for the 'linked account' (my wife has one).

I too am on the old SIPP pricing model paying £144, so have no idea whether this even impacts me.
Currently, I make no quarterly payments at all (so do I care that their quarterly fee is going up?). I just have a flat rate annual fee, without the 'trading credit' (which I don't want, or need).

Surely they had time to plan this and to proof read it?
It beggars belief (but, I am used to it now with these guys).

SC.

le_loup

darren72 wrote: »

I have asked II this specifically and they got back with a reply that didn't answer the question!

Par for the course with this lot. Beware

grey_gym_sock

Sillychuckie wrote: »

“sole name accounts that are not linked will also be charged separately”

The 'that are not linked', implies that they will NOT charge for those which are.

It fails to address the 'Junior ISA' question entirely (I have one for my kid), and is as clear as mud for the 'linked account' (my wife has one).

i can't speak for iii, but that seems clear enough to me.

the first quote implies that sole name accounts that are linked will not be charged separately. but presumably you don't have the same name as your wife (or, if you do, i suppose they actually mean "an account for the same person", not literally "an account in the same name".) so IMHO that implies you lose the feature of only paying 1 quarterly charge for family-linked accounts.

presumably a JISA is regarded as being in the child's name, not the parent's. so the same thing applies.

silvermum wrote: »

(In a telephone conversation with II yesterday they told me I wouldn't be able to use my commission credits for my JISA accounts - this seems to contradict what you've posted above? )

that would appear to confirm that JISAs are treated as being in the child's name. they're not your JISA accounts, they're your children's, so you can't use your commission credits in the JISAs.

i.e. it's 1 charge of £22.50 per quarter per customer.

i would imagine a lot of JISA accounts are relatively small. so if they are indeed applying minimum £90 annual charges to JISAs, they could drive away a lot of those accounts.

silvermum

Quarterly payment £22.50 per customer*
* Please note, joint accounts are treated as a separate customer and sole name accounts that are not linked will also be charged separately. If you have multiple linked accounts, which you access with one username or account number, you’ll make a single flat quarterly payment covering all those accounts and you can use your trading credits in any of them.

I'm hoping what AirlieBird quoted (above) turns out to be the true situation.

GreyGymSock - I see what you're saying about JISAs, but the fact remains that the parent is effectively the trustee until the child turns 18. Also the JISAs are held under the same account number as my ISA/SIPP/Trading account and appear on the same login screen, accessed by my password.

ThorOdin

I do on average 1 purchase every month on the regular investment ISA costing me £1.50 per purchase i.e. £18/year. So I won't benefit from the £90 credit, so I essentially pay £72/year.
I receive about £170/year in dividends. So this £72/year is quite a lot....
I'll see how it compares with platforms charging 0.25%...

foofi22

darren72 wrote: »

I've just phoned them to question this.

In my case I'm currently paying £144 per year which will increase to £210.

They inform me that due to the changes in the terms and conditions I can leave without exit/penalty fees anytime before October 2018.

Another e-mail is going to be sent out confirming this with further information shortly.

They've just told me I'd have to pay the exit fees. I don't hold a SIPP only an ISA

darren72

foofi22 wrote: »

They've just told me I'd have to pay the exit fees. I don't hold a SIPP only an ISA

Maybe that is the reason why? - The SIPP is changing provider so brand new T&C's. Whereas the ISA is just increasing the fee slightly?? - Either that or the person I spoke to didn't know what they were talking about !??

gwokka

I too have an isa & sip and pay the £144 rate. I think I pay this in may presumably in advance so if I'm on a new pricing model from Dec will I get a part refund