IG Custody Fee

DesG

Economic wrote: »

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.

Thanks, not familiar with their terminology, I was hoping it was just a catch all name for their investment accounts, and an ISA would be included.

In that case I don't think I will be moving to them.

JohnRo

I've been told in a phone call to IG that the lock in period for the incentive bonus is only six months, I was under the impression after reading T&C that it was 10 months. Can anyone confirm this?

If so I can escape with the bonus and no fees on one of the three accounts I transferred and the other two I will protest but just have to make three trades in April which are required anyway, so it looks like I might just about get away with it.

No doubt the transfer out to iWeb will be followed by a similar saga knowing my luck..

TCA

Hi John

I didn't transfer to IG but I've got a pdf saved of the offer, which says the following and section 5 appears to back up the 6 months theory:

The following are the terms and conditions of the Reward for transfer (the Offer):

1. Defined terms in these terms and conditions have the same meaning as in the Share Dealing Customer Agreement.

2. IG will pay you an amount of money to your Share Dealing Account when you transfer Instruments over the value of £10,000 from another provider to an IG Share Dealing Account, Stocks and Shares ISA or IG SIPP (the Credit). The amount of the Credit is as follows:

VALUE OF SHARES TRANSFERRED CREDIT AMOUNT
£10,000 - £49,999 £75
£50,000 - £99,999 £125
£100,000+ £250

3.The following are excluded from this Offer:
(a) Cash;
(b) Transfers that are not performed from broker to broker, including but not limited to transfers of certificated shares;

4. The Credit will be paid within the following month of when the instruments are transferred to IG and received from the outgoing broker.

5. IG reserves to withhold or seek repayment of the Credit if you do not hold the Instruments in your IG Share Dealing Account, Stocks and Shares ISA or IG SIPP for a period of at least 6 months of transferring in.

6. Where the Credit is payable in relation to a transfer into a Stocks and Shares ISA or IG SIPP, the Credit will be paid into your Share Dealing Account.

7. IG will only pay one Credit per customer.

8. The Offer applies to any transfers completed after 1 February 2017.

Let me know if you want me to email it to you.

cloud_dog

JohnRo wrote: »

No doubt the transfer out to iWeb will be followed by a similar saga knowing my luck..

If you could choose a different platform, I would very much appreciate it

(Also, not X-O or Fidelity)

darkidoe

I have received the email as well. I haven't been with them for 6 months yet to secure the bonus fee without risk of them asking for it back. Annoying. Might have to take the risk and switch in June before the payment date.

I just hope IWeb is as simple to navigate. The benefit I can see from switching brokers is getting used to the switcharoo and getting comfortable navigating different systems which I believe is to continue in the future.

System

The first quarter with charges (April/May/June) covers the end of the this tax year and the beginning of the next tax year so with selling shares to use up my CGT allowance and investing in my ISA doing three deals should be no problem.

Nerdlinger

Got my email on Tuesday. I'm disappointed with IG so I intend to keep my signing on bonus and delay my move to iweb until 6 months are up. Many thanks to posters here for the useful info.