Charles Stanley Direct to increase fee to 0.35%

eskbanker

ColdIron wrote: »

Singapore fried noodles: £6.00

I think that's the first time I've ever seen that word on here when it isn't a typo for a certain CRA!

ColdIron wrote: »

Char Shui pork in XO sauce: £6.40

Many posters seem to prefer the flavour of IWeb....

No Chicken Hang Seng?

Anonymous101

I'm in the process of moving my fund.
I was considering doing it anyway but this fee increase has been a tipping point for me. Anyone that is close to making the same decision should consider the ongoing increased costs.

It could well be negligible now but with additional contributions over the coming years that small difference could end up being substantial.... and whilst CSD are waiving the transfer out fees its a good time to move.

MK62

I hope your move doesn't hold mine up.....

steveksullivan

I considered moving to Vanguard when I discovered their fees a while ago, but with my relatively small investment it was going to take years to recoup the CS costs for transferring out. With them now waiving the costs it became a no-brainer.


To be fair to CS, they only received the transfer request from Vanguard yesterday and they actioned it the same day...... yet to appear in my Vanguard account though.

pip895

Anonymous101 wrote: »

It could well be negligible now but with additional contributions over the coming years that small difference could end up being substantial.... and whilst CSD are waiving the transfer out fees its a good time to move.

Not disputing that now is a good time to leave if you are minded to, but I personally wouldn't be putting great store on any future savings I am going to make down the line.

The DIY platform industry is relatively young and I wouldn't count on the remaining <0.3% operators or even the flat rate ones keeping their low fees. HL is very profitable with its 0.45% fee -but it is huge. I wouldn't be surprised if the smaller outfits really need to be charging this sort of money to remain solvent long term. I expect more price rises and mergers in the not too distant future...

Best to move only when you have good reason - particularly if you have poor service with an operator.

Small accounts <50k are probably being subsidised on the majority of platforms so there is a likelihood of more flat rate charges and exit fees being introduced, particularly if as a group these become more mobile and liable to transfer. Every transfer even if it is only for of a few thousand must cost a considerable amount in administration costs.

SeeMe

Grumpazoid wrote: »

0.25% of 22K = £55
0.35% of 22K = £77

So it will be £22 more on my 22k VLS holding when the 0.35% comes in, but with vanguard investor charging just 0.15%, that makes a saving of around £44, but still not sure if its worth the ISA transfer out, although every penny counts for us small investors i suppose.


Anyone use Vanguard Investor? are you happy with the service.

Iain_For

SeeMe wrote: »

So it will be £22 more on my 22k VLS holding when the 0.35% comes in, but with vanguard investor charging just 0.15%, that makes a saving of around £44, but still not sure if its worth the ISA transfer out, although every penny counts for us small investors i suppose.


Anyone use Vanguard Investor? are you happy with the service.

Have done for over a year for our ISAs, which are both invested in Vanguard funds. We also have a number of general accounts with them that we use for savings for our grandkids. I first used Vanguard when I worked in the US so a large part of me choosing them was based as much on their ethos and strong tendency to drive down costs over time. We transferred 2 S&S and a cash ISA account from different providers to them, all went smoothly. The platform itself is simpler and less sophisticated than CSD in terms of tools but at the same time I find its presentation of fund performance clearer and easier to follow and it is definitely easy to use. If your plans only involve VLS or other Vanguard funds then it probably fits the bill.

SeeMe

Iain_For wrote: »

Have done for over a year for our ISAs, which are both invested in Vanguard funds. We also have a number of general accounts with them that we use for savings for our grandkids. I first used Vanguard when I worked in the US so a large part of me choosing them was based as much on their ethos and strong tendency to drive down costs over time. We transferred 2 S&S and a cash ISA account from different providers to them, all went smoothly. The platform itself is simpler and less sophisticated than CSD in terms of tools but at the same time I find its presentation of fund performance clearer and easier to follow and it is definitely easy to use. If your plans only involve VLS or other Vanguard funds then it probably fits the bill.

Thanks for the reply.
I will only invest in VLS fund so its sounds good for me to transfer my ISA, i just wanted a simple fund to buy and let it ride and add at times, as i am now in my 60's that suits me fine.

Ps. I have just sent a secure message to CSD to give notice i will transfer my ISA out with no exit fee as i am still in the 30 day notice period. Hope i worded it correctly.

constantly_confused

td;dr - Get your transfer sorted sharpish, CSD need to be contacted by the new platform by the 10th.

You will receive a generic response stating that they are sorry to hear that you want to leave, the rise in cost is needed for security etc.....

What you really need to do is get your transfer started sharpish. CSD need to be notified of by your new provider by the 10th to benefit from the no cost in specie transfer.

I have just done this and found them to be very quick once they received notification. I transferred three funds last week with one of them being from Vanguard. 2 were on my new platform within 4 days and the Vanguard one is still outstanding.

SeeMe

constantly_confused wrote: »

td;dr - Get your transfer sorted sharpish, CSD need to be contacted by the new platform by the 10th.

You will receive a generic response stating that they are sorry to hear that you want to leave, the rise in cost is needed for security etc.....

What you really need to do is get your transfer started sharpish. CSD need to be notified of by your new provider by the 10th to benefit from the no cost in specie transfer.

I have just done this and found them to be very quick once they received notification. I transferred three funds last week with one of them being from Vanguard. 2 were on my new platform within 4 days and the Vanguard one is still outstanding.

As long as CSD are notified by the new provider before the 10th, can the full transfer go past the 10th and still qualify for a no exit fee?