IG Custody Fee

TCA

Thanks for posting Economic. Despite the transfer bonus, that puts the kibosh on my potential transfer from TD to IG. iWeb it is instead then. I wonder if I can exit TD before their quarterly charges kick in.

Us old TDers became II customers from 11th December and first quarterly charges are due on the second Wednesday of the month following account opening - so 10th January I presume. Pro-rata charges maybe.

And so we get on the merry-go-round again. Sick of it.

ivormonee

Funnily enough I had originally tried to transfer from TD/ II to iweb a few weeks ago but my transfer stalled because iweb did not have all my stocks on their platform, and they could not and would not add them. So iweb were of no use at all in the end. So I started the transfer process again from scratch, this time to transfer to IG. It's too late to stop the transfer now so I'll wait and see what exactly their new charges will be. iweb have some additional costs which are a one off joining fee of £25 and exit fees of £125. Commission rates are £5 compared to IG's £8 and II's £10. I'm not sure if there's really a clear cut winner on charges but I'm frustrated with the whole process of spending a few weeks on a transfer merry go round only to end up with a £24 quarterly fee anyway compared to a £22.50 quarterly fee which I was trying to avaoid and which was the whole point of starting these transfer processes in the first place. And still no email from IG about their new charges! And who knows what new charges all these platforms will dream up in 2018!

MysteryMan00

Lure people across then up the fees.

Typical of the sort of spivvery that passes for entrepreneurship these days

darkidoe

JohnRo wrote: »

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.

Same for me. I was just going to say that I am starting to get used to the layout of their platform. *Sighs*

ivormonee

Their platform will be changing in the new year - they told me that they are doing a major re-vamp and it will all be new. Quite what this will look like and how it will function remains to be seen, but it's very bare bones at the moment. It had better be good for the new charges they will be imposing.

JohnRo

Unless something changes at iWeb there's nothing IG can do now that will prevent me moving away from their revamped platform at the earliest opportunity, other than scrapping the charges they're imposing on those sucked in by the incentive.

I'll be making the minimum three trades a quarter to trim down ahead of clearing off altogether once the incentive bonus clock has ticked down.

Going to be up a couple of hundred or so once all is settled, not a complete disaster then but still annoying.

ivormonee

Spoke to someone at IG. Apparently the new charges will not apply to everyone, only people who have received a letter from them. It will be phased in for other customers later. Seems odd but that's what they seemed to be saying. If you're affected you might want to check with them directly. They've kept the website as saying "free from custody charges" and are showing the inactivity fee for anyone inactive after two years.

kamz58

I am currently with II and was looking to move to IG based on the fancy but useless comparison table on their website. Spoke to the IG CS about the transfer and at the end of the call the CS mentioned the custody charges of 24£. When I asked why it isnt on your website, she said that oh sorry we haven't yet updated our website.
Says a lot about the company ethics IMHO.
At least II give you those 22.50 as credits unlike IG.

Nerdlinger

If I must pay an annual platform fee then back to Halifax looks best for me. When I left it was 0.2% of the ISA value, now it's a more modest £12.50. No contact from IG yet though.

darkidoe

Nerdlinger wrote: »

If I must pay an annual platform fee then back to Halifax looks best for me. When I left it was 0.2% of the ISA value, now it's a more modest £12.50. No contact from IG yet though.

Same. I am awaiting for them to contact me to..