S&S ISA transfer

digannio

I wonder if anyone can offer some input into a transfer I am considering. I have an ISA through Cavendish with FundsNetwork which now needs to be with a fixed fee platform.

After a bit of research I think Interactive Investor is probably the best place for it to reduce my fees. Iweb would have been the cheapest but a large slab is in L&G Multi Index 5 which they don't offer and I want to keep it. There are also three or four income-facing funds within the ISA, including a fair bit in Artemis Monthly Distribution and Kames Diversified Monthly Income. I won't be doing very much in the way of deals once the ISA has found a new home.

Obviously I have read some of the comments about Interactive Investor with some dismay but wanted to know if anyone has transferred to them and, if so, how did it go... good and bad.

Any suggestions of suitable alternatives that might save me a packet would also be welcome:beer:

I just have this dread that i'll spend months trying to track down funds that have disappeared somewhere or been converted into cash when they shouldn't have been and then wished that I'd just stayed put. But it's time to bite the bullet.

Cheers

Sam_J

I don't think it is possible for anyone to give you advice unless you provide more details about the value and type of your holdings, and the frequency and type of your trades.

digannio

Sorry but don't necessarily agree with that. People's experiences with such a transfer and comments on Interactive Investor and possible alternatives are what I'm looking. Fair enough if you don't have that but others may have. I'm not looking for "advice". I've also put in a fair bit about the type of holdings and that I won't be a regular trader.

DennisTenus

digannio wrote: »

Sorry but don't necessarily agree with that. People's experiences with such a transfer and comments on Interactive Investor and possible alternatives are what I'm looking. Fair enough if you don't have that but others may have. I'm not looking for "advice". I've also put in a fair bit about the type of holdings and that I won't be a regular trader.

I'm interested to know too, as although I'm not transferring a S&S ISA I'm trying to work out where to transfer my Cash ISA to a S&S ISA with minimum charges. Plus I was considering Interactive Investor... what have you read thats bad about them?

DennisTenus

Are Cavendish fees based on % like HL so too much when your pot grows?

digannio

There's plenty on here who have been less than complimentary about the II customer service though not specifically to do with transfers. And yes Cavendish are % based and I now need fixed fee.

DennisTenus

I see. So when you transfer S&S ISA from one provider to another you don't need to sell it to cash out you can literally transfer the stocks/funds etc as they are as long as the new provider offers them?

digannio

That's correct. You just have to make sure they carry the same fund in the same class. In my case Interactive Investor carry the same funds that I hold but iweb don't in the case of the L&G fund.

DennisTenus

digannio wrote: »

That's correct. You just have to make sure they carry the same fund in the same class. In my case Interactive Investor carry the same funds that I hold but iweb don't in the case of the L&G fund.

Got it thanks

Alexland

Sorry cannot comment specifically on transfers from Cavendish to Interactive Investor but my experience of transfering ISAs and pensions is that it is hard to predict the hassle-factor with any accuracy from the outset.

Sometimes if both companies cooperate well and there are no unexpected issues it can all be done in 2 weeks other times it has dragged on for months with lots of paperwork and phone calls to each provider.

For large transfers doing in specie funds transfer is less stressful than cash as you are less concerned by the delta caused by being out the market. However these transfers tend to take longer, cost more and in my experience are more likely to require intervention.

There needs to be a material and sustained improvement in the fees to make it worth doing. Sometimes it can take 1year+ to break even on transfer costs.

At least now II have announced their new fees they are unlikely to change again to your disadvantage in the near future. They seem very committed to a fixed fee structure which will work well for larger pots.

Alex

digannio

It's definitely worth it in terms of the savings and, as you say, at least with it not being out of the market, a long transfer process won't matter as much.