Best way to test platform before consolidating (Youinvest to iweb)

newlease

My ISA and SIPP portfolio is all with Youinvest. I am considering moving the ISA to iweb to save on fees. It looks like the site has been improved (https://www.youtube.com/watch?v=jbL0qDI868w) but I still have some concerns over the reliability of the platform to execute.

My thinking is to open an ISA account with iweb (paying the one off £25 admin fee), fund it with a small amount (say £50) and make a buy (£5). If I'm happy with the experience, transfer from Youinvest to iweb. If I'm not, sell (another £5) what I bought as a test and transfer the amount in cash to Youinvest (for free).

What are your thoughts?

My ISA with Youinvest was opened in 2016 (transferred from another provider, before they introduced a new fee structure) and I have not subscribed (funded) into it so far this year (17-18 tax year). Would it be better to proceed with the test above subscribing into iweb the full amount I intend to for 17-18 as this won't incur any additional transfer cost but avoid having subscribed 2 ISAs in the same year which while acceptable may be needlessly confusing.

EdSwippet

newlease wrote: »

... having subscribed 2 ISAs in the same year which while acceptable may be needlessly confusing.

From the Money Advice Service:

You can only pay into one Stocks and shares ISA in each tax year, but you can open a new ISA with a different provider each year if you want to. ...

Alexland

All sounds needlessly complicated. Suggest you just make your decision and stick with it. If it was that bad they wouldn't be in business. If you don't don't like it after a while then you can always transfer again.

badger09

OP

I transferred my ISA to IWeb in 2014 from Hargreaves Lansdown after they changed their fee structure. Apart from some issues with the transfer, from both sides, I've been happy with IWeb.

Their website doesn't have any bells & whistles but does what I want and I haven't had any problems with reliability or anything else. You need to be aware that they don't offer every fund eg L&G Multi Index series, so check before you move.

Did you have any specific concerns in mind?

newlease

badger09 wrote: »

OP

I transferred my ISA to IWeb in 2014 from Hargreaves Lansdown after they changed their fee structure. Apart from some issues with the transfer, from both sides, I've been happy with IWeb.

Their website doesn't have any bells & whistles but does what I want and I haven't had any problems with reliability or anything else. You need to be aware that they don't offer every fund eg L&G Multi Index series, so check before you move.

Did you have any specific concerns in mind?

Thank you for replying with relevant comments.

Hasn't the website been updated this year? Does it not look like this now: https://www.youtube.com/watch?v=jbL0qDI868w

I don't need bells and whistles in terms of research. I also do not value the regular (monthly) investment option or the additional trading markets I get with Youinvest. I thought I would but in practice I don't use them. I buy mostly shares and ETFs on LSE (AIM as well as FTSE) and occasionally shares on NYSE/NASDAQ but I would prefer to use my SIPP for US shares due to withholding tax.

I have been avoiding funds as most platform (including Youinvest) charge too much to hold them. I did check on iweb's marketplace and saw that quite a few ETFs were not available for example VVAL, AGES, RBTX, DGIT, etc. This shouldn't be a major problem but I am surprised as these are not particularly niche and are from major providers like ishares and Vanguard.

I've read of some transfer issues but these exist with all, my main concerns are the stability of the platform. During busy times will the website, however primitive, allow me to make trades without timing out, freezing, logging out, and so on? Will I be able to log in and check my portfolio or download documents at odd hours of the night or is it frequently unavailable for maintenance?

How would you go about the transfer? The other 2 replies aren't useful, one just repeats what I have already mentioned while the other suggests transferring without a test (and transferring back if I don't like it...!) which does not sound wise and will cost a lot as I don't intend to sell existing before transferring. If I plan on subscribing the full 20,000 am I better off doing this with iweb and transferring the amount to Youinvest if I have a bad experience? On reflection, this sounds best route to me.

talexuser

I transferred from YouInvest to iWeb as soon as Bell increased their prices, saving many hundreds a year. The transfer was smooth, just took over 6 weeks which is not abnormal. One fund they did not have on the books they made available within a week so it is worth talking to them. Trades have been fine, dividends paid out to my partner (who I also transferred there) are paid on time, and I have no problems accessing the website for valuations. There is no fee for holding funds, just £5 for buy and sell, with a max 2% on dividend reinvestment. For large ISAs I think they are a bargain.

Eco_Miser

newlease wrote: »

During busy times will the website, however primitive, allow me to make trades without timing out, freezing, logging out, and so on?

Not having a crystal ball, I can't tell you that; I can only tell you I've never had any of those problems, in all the years I've used them.

newlease wrote: »

Will I be able to log in and check my portfolio or download documents at odd hours of the night or is it frequently unavailable for maintenance?

I've never noticed it unavailable, and I log in at all sorts of hours.

badger09

newlease wrote: »

Thank you for replying with relevant comments.

Hasn't the website been updated this year? Does it not look like this now: https://www.youtube.com/watch?v=jbL0qDI868w

Yes, it looks just like that. It works much better on my iPhone since the update

I don't need bells and whistles in terms of research. I also do not value the regular (monthly) investment option or the additional trading markets I get with Youinvest. I thought I would but in practice I don't use them. I buy mostly shares and ETFs on LSE (AIM as well as FTSE) and occasionally shares on NYSE/NASDAQ but I would prefer to use my SIPP for US shares due to withholding tax.

I have been avoiding funds as most platform (including Youinvest) charge too much to hold them. I did check on iweb's marketplace and saw that quite a few ETFs were not available for example VVAL, AGES, RBTX, DGIT, etc. This shouldn't be a major problem but I am surprised as these are not particularly niche and are from major providers like ishares and Vanguard.

I use funds in my ISA. When I asked about the L&G MUlti Index range, I was told IWeb didn't offer them because they aren't UCITS compliant. Other posted have had some success with IWeb adding funds, though can't remember which funds.

I've read of some transfer issues but these exist with all, my main concerns are the stability of the platform. During busy times will the website, however primitive, allow me to make trades without timing out, freezing, logging out, and so on? Will I be able to log in and check my portfolio or download documents at odd hours of the night or is it frequently unavailable for maintenance?

You're right. It is possible to have problems with transfers, while others go through without any issues.

As I don't trade in shares I haven't noticed any issues over busy times. I've logged in from all over the world, so at very odd hours and never noticed any periods when the website wasn't available.

How would you go about the transfer? The other 2 replies aren't useful, one just repeats what I have already mentioned while the other suggests transferring without a test (and transferring back if I don't like it...!) which does not sound wise and will cost a lot as I don't intend to sell existing before transferring. If I plan on subscribing the full 20,000 am I better off doing this with iweb and transferring the amount to Youinvest if I have a bad experience? On reflection, this sounds best route to me.

Are you keen to invest this year's full ISA allowance now?

Are you planning to transfer in specie or in cash?

pavane

There is a chance they would add a missing ETF if you ask. There will be similar alternatives. AGES, RBTX, DGIT are all available. VVAL is missing but VLS 100 is comparable and iweb doesn't charge custody on funds.

Open new with iweb and fund fully if you intend to drop 20k anyway. Transfer it for free as cash to Youinvest if not happy.

Alexland

newlease wrote: »

Thank you for replying with relevant comments... The other 2 replies aren't useful, one just repeats what I have already mentioned while the other suggests transferring without a test (and transferring back if I don't like it...!)

Thanks - seriously you really don't need to worry about iWeb they are a perfectly capable platform used by lots of people and of course they can execute share trades. Sure do some research but it really isn't normal to need to test platforms. Have you tested your car airbags as they are a lot more important? I didn't suggest transfering back but onward transfering elsewhere if you really found reason to be unhappy.

Generally with investing the less you trade the better and if trades are so sensitive that they need to be executed to the nearest millisecond with razor sharp accuracy then it's time to stand back and consider the strategy.

It really shouldn't matter if the platform is down 23 hours a day if you are investing for the long term.

Alex

newlease

badger09 wrote: »

Are you keen to invest this year's full ISA allowance now?

Are you planning to transfer in specie or in cash?

I will be investing the full allowance sometime before April. There is no particular urgency to do this now.

I have 29 holdings which are all UK shares or ETFs. I may have to sell 1 or 2 ETFs iweb does not allow but I am looking to transfer as many as possible in specie. The cost of £25 per holding would be worth it rather over the trouble of selling and buying back which would still cost £15. Unfortunately, Youinvest's transfer out is not capped so it would be some £700 to transfer. 70% of my portfolio is cash as I sold a major investment a few months ago.