Which Broker for buying and holding some Investment trusts?

RomfordNavy

cashbackproblems wrote: »

just a warning about XO, their website and CS is a joke, constantly disabling/locking my account and having to call them, never had this problem with HL/Vanguard etc

and their service is extremely limited e.g. no dividend reinvest, having to each email time for withdrawals etc. Stick to HL

Oh dear, X-O doesn't sound much like a good idea then.

Would I be correct in thinking that using HL for the ISA might be a good idea as the only cost involved would the the £45 per year capped fee?

ValiantSon

RomfordNavy wrote: »

Oh dear, X-O doesn't sound much like a good idea then.

Would I be correct in thinking that using HL for the ISA might be a good idea as the only cost involved would the the £45 per year capped fee?

Why not iWeb?

ColdIron

RomfordNavy wrote: »

Would I be correct in thinking that using HL for the ISA might be a good idea as the only cost involved would the the £45 per year capped fee?

There are other costs to consider, principally transaction charges for purchases/sales, stamp duty on purchases, reinvestment charges and exit fees. These are common to most platforms. See the link in my post #5

Thrugelmir

cashbackproblems wrote: »

just a warning about XO, their website and CS is a joke, constantly disabling/locking my account and having to call them, never had this problem with HL/Vanguard etc

and their service is extremely limited e.g. no dividend reinvest, having to each email time for withdrawals etc. Stick to HL

Not my experience, been with them 4 years now. With regards to lockouts or CS. With regards to other services it's horses for courses. As ultimately services cost money to provide. Personally I'm not one for automatic reinvestment as a neccessity.

RomfordNavy

pafpcg wrote: »

Unless you want a joint account, stick to IWeb!
It's cheaper and offers both automatic dividend reinvestment or distribution. (HL's automatic dividend distribution is in monthly batches.)

Ok so iWeb does sound like the best but I will need two accounts, one ISA one non-ISA.

Could have both with iWeb but what about FSCS protection limit of £50k, that would not apply individually but to the whole iWeb holding. Hence the need for another Broker as well as iWeb.

ValiantSon

RomfordNavy wrote: »

Ok so iWeb does sound like the best but I will need two accounts, one ISA one non-ISA.

Could have both with iWeb but what about FSCS protection limit of £50k, that would not apply individually but to the whole iWeb holding. Hence the need for another Broker as well as iWeb.

The limit is increasing to £85,000 in the new year. It is also worth asking yourself how likely it is that you would need to call on that protection. Your investments are held in a ring-fenced account, which is separate from the company's operating budgets. The funds themselves are not owned by the platform, and should there be a collapse of the platform then - in a relatively short time - another platform would take over. Your underlying investments would not be affected.

RomfordNavy

So happy to go with iWeb for a non-ISA account. However I still prefer a seperate ISA account elsewhere to transfer a couple of existing ISAs into, say total value in ISAs £100k. So question remains if not iWeb who is the next best for an ISA.

RomfordNavy

Can holdings be transfered from a non-ISA to an ISA account?

The current cash ISA has a 120-day notice period. If possible it would be good to create a non-ISA account for the moment and then in 120 days time when the ISA is transfered, move the holdings in the non-ISA account to the ISA or is that asking a bit too much?

RomfordNavy

Just checked out AJ Bell/YouInvest for an ISA but charges are higher than I had expected:
Shares holding - 0.25% max £30/yr (actually £7.50/qtr)
Funds holding - 0.25%
Buy/sell funds - £1.50

Buy/Sell shares - £9.95

Maybe not so bad for funds but not so cheap for shares.

talexuser

Happy with iWeb, saved a lot of money since transferred from AJ Bell when they increased their charges without letting you out for free (they have a history of this). Unwrapped had all the trusts/ETFs I wanted, one fund in the ISA was not listed available but when I queried this they added it in a couple of weeks.