HL Active Savings Account

Zola.

Alexland wrote: »

Please let us know how they respond as I doubt it's that easy to persuade them? I am very sceptical they will be interested in dropping their fees on our 2 years of LISA contributions.

If you are in VLS have you considered HL's discounted Blackrock Consensus?

Alex

No joy

Unfortunately it will not be possible to reduce the management fees for you and your wife's Stocks & Shares ISAs. By investing through HL you have access to over 2,500 funds available on the platform however if you feel that investing directly through Vanguard will be cheaper you are able to transfer your account.

To instruct a transfer you will need to contact Vanguard who will have some form of application for you to complete.

Costs associated with transferring holdings from us are a transfer fee of £25 per stock being transferred and, were the transfer to leave less than £50 worth of holdings, an account closure fee of £25 + VAT. I can confirm that no charge is made to transfer cash if the cash is being transferred with stock, in which case only the stock transfer and account closure fee would be incurred.

Please be advised that a stock transfer can take up to six weeks to complete following receipt of the administration fee levied, however some transfers may take longer as we are dependent upon the efficiency of your new provider. Please rest assured that we will endeavour to complete the process as quickly as possible. A closing statement will be forwarded to you upon completion.

Please also be advised that any cash balance on your account, including sale proceeds should you be transferring any underlying investments as cash, will be sent to your new provider once all stock holdings have been transferred. This is to ensure that any dividends or income received during the transfer process are included in any payment made to your new provider. If however you wish for the cash on your account to be sent before this please contact our Helpdesk.

Please ensure you have read and understood the Key Features and Terms and Conditions of the HL Service.

I hope this has been of assistance to you. If you have any further queries, please view our Help and Support centre or contact me on 0117 900 9000.


6 weeks to do a transfer? Thats a joke.

Might stick with them for the short term.

eskbanker

Zola. wrote: »

6 weeks to do a transfer? Thats a joke.

Unlikely to be a coincidence that this the timescale allowed by the rules, as per https://www.gov.uk/individual-savings-accounts/transferring-your-isa:

ISA transfers should take no longer than:

• 15 working days for a cash ISA and a cash Lifetime ISA
• 30 working days for a stocks and shares ISA, investments held in an innovative finance ISA and stocks and shares in a Lifetime ISA

If your transfer takes longer than this, contact your ISA provider.

digannio

They certainly didn't offer to lower the fees at the drop of a hat for the sixty grand SIPP I had with them. They refused point blank and explained all the details about what a great service they have and how they don't pretend to be the cheapest and warned that some fund management companies might not be as financially viable and stable as them etc. I transferred out to AJ Bell Youinvest (who refunded the transfer fees) and it was done very quickly... but it was only invested in one fund, L&G Multi Index 5.

Alexland

Zola in some ways HL probably did you a favour not dropping their fee as it sounds like you would be significantly better investing directly with Vanguard Investor (or iWeb if you trade infrequently) anyway.

Alex

badger09

bxboards wrote: »

H-L will drop their platform fees to 0.25% pretty much at the drop of a hat if you ask.

I find them excellent value coupled with their low cost trackers, once you are on the 0.25% rate.

badger09 wrote: »

Really?

At what level of investment?

Its a pity bxboards hasn't replied:cool:

cardi11

I threatened to leave HL with my 6-figure investment and they readily dropped their fees to 0.25%. I then transferred all my AJBell Stocks & Shares ISAs to HL and found the transfer a nightmare because of the very poor administration procedures of AJBell (coupled with the atrocious spelling and grammatical errors in their messages).

I have found HL's administration to be excellent but try to avoid their fund selection suggestions which seem based on giving custom to their "friends" e.g. Neil Woodford, rather than suggesting funds which have performed, and are performing, so much better. I use Trustnet instead to select my funds.

I am also contemplating the new HL Active Savings product from HL but doubt whether that product will have any significant advantages, certainly in terms of competitive interest rates. It also lacks an option to have the cash held within an ISA which would be advantageous for switching between Stocks & Shares and cash.

C_Mababejive

Regarding separate income reinvestment instructions for each holding,, HL says that this is a business decision and it simply would not be viable or cost effective !

One wonders why other companies feel they can off this? Surely once the software is up and running then its an automated process anyway.

peterg1965

I transferred my SIPP out of HL to the InvestAcc Minerva SIPP as they couldn't offer me any more than a derisory rate of interest for cash holdings. There is a reason why 'Active Savings' is not available in ISA/SIPP.

They know full well, that if they offered access to the fixed interest cash/bond accounts offered by Metro Bank/United Trust/Investec etc etc they would lose out on massive amounts of their monthly fees.

It suited me to have all of my 6 figure SIPP in fixed rate accounts (at c1.9%) for the next two years before I crystallise, HL couldn't offer this, so I left...and I am very happy with the new provider and the certainty I have in my guaranteed SIPP returns leading up to my 55 birthday

short_butt_sweet

peterg1965 wrote: »

There is a reason why 'Active Savings' is not available in ISA/SIPP.

i'm pretty sure HL have said (this is going by updates to shareholders, not info aimed at customers) that active savings will eventually be available in ISA/SIPP. suggesting that they just prefer to roll it out gradually.

They know full well, that if they offered access to the fixed interest cash/bond accounts offered by Metro Bank/United Trust/Investec etc etc they would lose out on massive amounts of their monthly fees.

this is an interesting point, though. they are only aiming to make c. 0.25% on cash in active savings. and they are making more like 0.5% or so from other cash held on their platform. so expanding active savings doesn't make sense for them unless it will attract a lot more cash onto the platform.

C_Mababejive

Has anyone else chanced it with HL and tried to negotiate a lowered fee since we heard from Card11 post #27??