IG Custody Fee

grey_gym_sock

well, i'm glad i didn't get around to moving my interactive investor (formerly tdd) ISA to ig.

with ig's transfer-in bonus (which also appears to have stopped - i can't see it mentioned on ig's website now), moving to ig and then on again would have more than paid for itself. but i'm not in this for a merry-go-round of switches. it's not worth making my life more complicated.

i'm pretty sure i'm going to move my ii ISA to iweb instead. the main downside is that there are 1 or 2 investments i might want to hold which aren't available at iweb. but that's really another topic ...

ivormonee

I also found that iWeb didn't hold all of my funds which is why my transfer to them didn't go through. iWeb seems to have a real lack of some funds and when I spoke to them they told me that there are many that they don't have and would not be able to add. I had to start from scratch.

I don't know what is happening with new charges at IG other than what they told me recently about phasing in for different customers. Only those they have written to will pay the charges; everyone else won't (for now). That's according to their customer services person on the phone.

JohnRo

The dreaded email landed today, I'll protest in the strongest possible terms and be entirely ignored.

Their reasons given for the imposition of these fees are laughable, it's a simple bait and switch tactic.

Scoundrels!

ArchBair

If you only have ETF's or IT's in your SIPP or ISA portfolio's then Fidelity only charge £45 per annum with no transfer out charges. Also, in the case of SIPP's there are also no drawdown charges!

capital0ne

ArchBair wrote: »

If you only have ETF's or IT's in your SIPP or ISA portfolio's then Fidelity only charge £45 per annum with no transfer out charges. Also, in the case of SIPP's there are also no drawdown charges!

What about using iWeb?

Sally57

capital0ne wrote: »

What about using iWeb?

I think they are more expensive for SIPPS but cheaper for isas

PeakOwl

Just a hunch, but I suspect part of IG's motive here could be to cover some of the likely future loss they face in binary trading income:

https://www.ftadviser.com/regulation/2017/12/18/watchdog-looks-to-ban-sale-of-binary-options/

For those switching to Iweb, be wary if you hold any US based/earning stocks, as the handling of the US withholding tax for stocks held in an ISA has been less than satisfactory in my experience. To this regard I've heard better things about X-O, and as they have no quarterly/annual fees either, and also have a low dealing charge (£5.95) I'm probably going to give them a try.

bowlhead99

PeakOwl wrote: »

For those switching to Iweb, be wary if you hold any US based/earning stocks, as the handling of the US withholding tax for stocks held in an ISA has been less than satisfactory in my experience. To this regard I've heard better things about X-O, and as they have no quarterly/annual fees either, and also have a low dealing charge (£5.95) I'm probably going to give them a try.

How are you going to buy US based stocks at x-o, who only deal in stocks that are listed on the London stock exchange? They are cheap because they are simple.

Are you getting confused/misled by comments from other people that x-o handle the receipt and conversion to sterling of foreign currency dividends quickly and efficiently? You can get dollar dividends from things listed in London which x-o could acquire or hold for you, but if you are buying a genuine US-based stock (such that you need a US tax withholding form) then it doesn't seem like X-O are the obvious choice, due to not offering many/any ?

Unless they have changed and expanded their service offering recently.

DesG

Can anyone confirm if this exemption means you will be exempt from the custody fee if you have over 15K in an ISA with them?

"2. Hold assets worth £15,000 or more across your IG Smart Portfolio accounts at the end of the quarter"

System

DesG wrote: »

Can anyone confirm if this exemption means you will be exempt from the custody fee if you have over 15K in an ISA with them?

"2. Hold assets worth £15,000 or more across your IG Smart Portfolio accounts at the end of the quarter"

If the £15,000 is invested in the IG Smart Portfolio, see: https://www.ig.com/uk/investments/smart-portfolios
Since the management charge is 0.65%, it would cost you at least £97.50pa to hold £15,000 in the IG Smart Portfolio compared to the custody fee of £96pa.