IG Custody Fee

Legacy_user

From Spring 2018, IG are introducing a £24 per quarter custody fee (with an exemption if you trade three or more times during the quarter).

sabretoothtigger

For shares or everything?

System

sabretoothtigger wrote: »

For shares or everything?

It is replacing the share dealing inactivity fee so probably just shares.

darkidoe

Economic wrote: »

From Spring 2018, IG are introducing a £24 per quarter custody fee (with an exemption if you trade three or more times during the quarter).

Any link to the new fee structure? I can't find it on their website.

cloud_dog

Glad I didn't succumb to the IG transfer offer and went with iWeb (even more) now.

Just hoping I'm not posting a 'iWeb introduce inactivity charges' at some point in the future.

System

cloud_dog wrote: »

Glad I didn't succumb to the IG transfer offer and went with iWeb (even more) now.

Just hoping I'm not posting a 'iWeb introduce inactivity charges' at some point in the future.

I left TD/ii because of the introduction of fees to transfer out to another broker as I do not want to be a captive consumer, which is why I did not go to iWeb.

System

darkidoe wrote: »

Any link to the new fee structure? I can't find it on their website.

From their email:
"From spring 2018, we’re replacing our share dealing inactivity fee with a £24 custody fee, payable at the end of each quarter, which you could be subject to depending on your trading activity during that quarter.

Any commission you pay on your share dealing account during the quarter will be deducted from the fee. You will also be exempt from the fee if you do one of the following:
1 Deal three or more times across any of your IG accounts during the quarter
2. Hold assets worth £15,000 or more across your IG Smart Portfolio accounts at the end of the quarter

Only share dealing and ISA accounts holding non-cash assets will be subject to the custody fee. The fee will be applied per client rather than per account.

Accounts with assets will be allowed to go into deficit as a result of the fee. Final terms of the start date and application of the fee will be announced shortly."

cloud_dog

Yeah, there is that side of things, although transfer fees are pretty common. Really didn't want to leave TD Direct they were excellent for charges and service but couldn't live with II incompetency.

cloud_dog

Economic wrote: »

From their email:
"From spring 2018, we’re replacing our share dealing inactivity fee with a £24 custody fee, payable at the end of each quarter, which you could be subject to depending on your trading activity during that quarter.

Any commission you pay on your share dealing account during the quarter will be deducted from the fee. You will also be exempt from the fee if you do one of the following:
1 Deal three or more times across any of your IG accounts during the quarter
2. Hold assets worth £15,000 or more across your IG Smart Portfolio accounts at the end of the quarter

Only share dealing and ISA accounts holding non-cash assets will be subject to the custody fee. The fee will be applied per client rather than per account.

Accounts with assets will be allowed to go into deficit as a result of the fee. Final terms of the start date and application of the fee will be announced shortly."

Actually, with the full information, they still seem very reasonable on the charges front, taken as a whole. If I were with them I would probably stay with them in light of this.

ivormonee

I've just transferred to IG from TD/II because of TD's new quarterly charge. My trransfer is apparently going to complete next few days and too late to stop it. The news of IG now also saying they will introduce a new quarterly fee negates the whole reason for leaving TD in the first place. All that hassle for nothing.

By the way I've not received the email from IG to inform me of the new fees - I only know about it because of this thread on the forum! If they haven't sent me the email, maybe not all customers will get charged from the same start date? Otherwise, why else would they not be sending all their customers the email about the new fees?

JohnRo

I haven't heard anything directly either, it's a bit of a kick in the teeth coming within days of transfer. It says a lot about IG.

I'll still profit from them but the move to iWeb will be happening at the first opportunity next year, unless a better offer turns up in the mean time.