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

newlease

Alexland wrote: »

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

Each platform transfer would cost over £500 with my portfolio. Your logic is similar to switching one's main current account as part of opening a new one without first trying it.

Availability and speed are not the same thing. Availability is critical in some of my executions, I am not just buying funds or shares in major companies. I am happy to hear iweb doesn't have availability issues.

badger09

newlease wrote: »

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.

In that case, if you still want to 'test' IWeb after reading comments here, I would suggest you open new ISA account with IWeb. Ask them to transfer from Youinvest enough of your existing uninvested cash to purchase 2 or 3 shares/ETFs so you can see how quickly they are executed.

You'll need to complete, print & post an application form, but a cash transfer should happen much quicker than an in specie transfer, and Youinvest don't charge for it.

Then, if you're happy with IWeb, invest this year's ISA allowance and arrange for the rest of ISA to be transferred, in whichever order you wish.

If you're not happy with IWeb, you can invest this years allowance either with Youinvest, or another provider while you think again.

inflationbuster

I've had iWeb for years it's basically the Halifax platform. For me it's been faultless for buying and selling UK equities and l don't use the platforms limit orders or stops.

If you have concerns contact them with the instruments you want to purchase before you join the platform surely that makes more sense then your 'test'.

newlease

badger09 wrote: »

In that case, if you still want to 'test' IWeb after reading comments here, I would suggest you open new ISA account with IWeb. Ask them to transfer from Youinvest enough of your existing uninvested cash to purchase 2 or 3 shares/ETFs so you can see how quickly they are executed.

You'll need to complete, print & post an application form, but a cash transfer should happen much quicker than an in specie transfer, and Youinvest don't charge for it.

Then, if you're happy with IWeb, invest this year's ISA allowance and arrange for the rest of ISA to be transferred, in whichever order you wish.

If you're not happy with IWeb, you can invest this years allowance either with Youinvest, or another provider while you think again.

The feedback on iweb does give me more confidence but I would still like to confirm before transferring over my portfolio. As I mentioned I see this as no different to testing a new bank before making a full switch, there is no need to commit to marry during the first date.

Can you please explain why you recommend your suggested route over opening with iweb and funding directly (with new money) into iweb and then transferring either from Youinvest to iweb if happy or iweb to Youinvest or another provider if unhappy (having funded iweb to maximum contribution for the year if not done already before transferring out). I understand what you propose would be the correct route if I had already funded Youinvest this year but I have not so there is no issue of subscribing to more than one ISA in the same year. Transferring cash is free but I don't understand the advantage. If it is intended to test the transfer process I can't imagine much going wrong with cash, I should then add a holding or two but the trouble, even if nothing goes wrong, of partial transfers isn't appealing.

badger09

If you invest even a small amount of new money in IWeb now, but after a few weeks decide you don't really like them, you would either have to transfer out again fairly quickly and wait for the transfer to complete before paying in the balance of this year's allowance, or pay in the whole £20k, leaving most uninvested to avoid buying & selling fees, and then transfer either to Youinvest, or a new provider.

My suggestion leaves you free to invest all of this year's £20k, whenever & wherever you wish.

badger09

Just spotted this, which might influence your decision


https://forums.moneysavingexpert.com/discussion/5743015

newlease

badger09 wrote: »

If you invest even a small amount of new money in IWeb now, but after a few weeks decide you don't really like them, you would either have to transfer out again fairly quickly and wait for the transfer to complete before paying in the balance of this year's allowance, or pay in the whole £20k, leaving most uninvested to avoid buying & selling fees, and then transfer either to Youinvest, or a new provider.

My suggestion leaves you free to invest all of this year's £20k, whenever & wherever you wish.

I do see your point. Thanks for explaining.

Perhaps I should clarify having 20k uninvested for some weeks would not be a problem, I have sold a major investment so have liquidity many times this and I won't come to invest it for some time until the right buying opportunity.

I thought perhaps the partial transfer out was being suggested as leverage against Youinvest to show my serious intent to leave so they keep me as a customer.

Chickereeeee

Why not just pay £25 and open a trading account with iWeb and try that? Then add an ISA account (for free) and transfer in later, if you like it.

C

pafpcg

I concur with the favourable reports on IWeb. In the several years since I transferred my S&S ISA from AllianceTrustSavings, I've had no reason to complain, except:

IanManc wrote: »

I have never known the IWEB website to freeze or log me out - unless I've been inactive for ten minutes and I've ignored the one minute warning they give you.

IanManc's comment remined me of one of the IWeb web-site's "features" which irritates me. If I start an on-line chat session with IWeb staff, the part of the web-site displaying my account doesn't recognize chat session activity and quietly logs me out. Frustrating but only a minor issue (and I avoid the problem nowadays by switching back to my account every few minutes).

grey_gym_sock

iweb have been OK for me; though, as has been noted, there are some restrictions on what investments they carry.

i did specifically ask them if they could add VVAL earlier in the year, and they said they wouldn't (at the moment) because it only has 1 market maker. though it can be worth asking this kind of question - sometimes, they say yes.