ISA from iWeb to Lloyds Bank Share Dealing

RomfordNavy

Have recently moved an existing ISA to iWeb, with the intention of moving other ISAs to them as well so as to keep all ISAs in the same place.

However I now discover that iWeb is not a suitable place for this ISA because they offer only a restricted range of Funds, a number of those I want to invest in are simply not available there.

First problem is identifying a suitable alternative broker. Any thoughts on Lloyds Bank Share Dealing, do they hold the full range of funds?

Second issue is that moving out of iWeb is going to cost, moving in was free but moving out is not. What's the chance of getting iWeb to refund these costs. I think iWeb should make it clear that they restrict the funds available and should make that list available without having to create an account with them.

masonic

It's very common for different investment platforms to offer a different range of funds. Checking whether a platform carries the funds you want to hold should be one of the first steps of considering where to move. Few, if any, will hold every fund available to invest in.

Why don't you visit the Lloyds fund centre https://www.investments.lloydsbank.com/funds-centre/ to see if the funds you want to hold are available?

londoninvestor

I've just transferred my ISA to Lloyds, and am in the process of moving my unwrapped account.

No quibbles, and they are pretty responsive to questions. I contacted several brokers before choosing Lloyds, and I'd judge them the best in terms of their communication with me.

But they use the same underlying Halifax platform as iWeb do, so they probably won't solve your problem. They were very upfront with me that they won't offer any fund which has an initial charge in its KIID, which rules out the Lindsell Train Global Equity I know you want.

ColdIron

It wouldn't surprise me to discover that Lloyds, Halifax Share Dealing and iWeb had the same range. iWeb is operated by Halifax Share Dealing who are part of the Lloyds Banking Group

londoninvestor

RomfordNavy wrote: »

I think iWeb should make it clear that they restrict the funds available and should make that list available without having to create an account with them.

They do - here. I'm sure it was there when I was comparing brokers too - I did my initial research using material on websites, and followed up to double check when they didn't have the funds I wanted.

RomfordNavy

masonic wrote: »

It's very common for different investment platforms to offer a different range of funds. Checking whether a platform carries the funds you want to hold should be one of the first steps of considering where to move. Few, if any, will hold every fund available to invest in.

Why don't you visit the Lloyds fund centre https://www.investments.lloydsbank.com/funds-centre/ to see if the funds you want to hold are available?

Didn't know you could look at the range of funds without joining. Doesn't look like they hold the Lindsell Train funds either.

RomfordNavy

ColdIron wrote: »

It wouldn't surprise me to discover that Lloyds, Halifax Share Dealing and iWeb had the same range. iWeb is operated by Halifax Share Dealing who are part of the Lloyds Banking Group

That looks to be correct, Lloyds do not allow the Lindsell Train funds either.

capital0ne

RomfordNavy wrote: »

Didn't know you could look at the range of funds without joining. Doesn't look like they hold the Lindsell Train funds either.

On iWeb, just go to their web page and open either the shares center or funds center,
https://www.markets.iweb-sharedealing.co.uk/share-centre/ or https://www.markets.iweb-sharedealing.co.uk/funds-centre/ find the share or fund, open it's details page and you will see if it's eligible for an ISA, SIPP or plain share dealing.

londoninvestor

One more thing worth saying about the fund lists from Lloyds / Halifax / iWeb. Sometimes they'll be prepared to add a fund if it meets their trading criteria.

I asked them about a Hermes fund they didn't list, and they agreed to add it for me (and it is indeed there now). For that fund, it was a case of "no one's asked us for it before, but no reason why we can't offer it".

But as I say, anything with an initial charge on its KIID is a firm 'no' from them.

Glen_Clark

RomfordNavy wrote: »

Second issue is that moving out of iWeb is going to cost, moving in was free but moving out is not.

Just looking at their charges
£25 per stock to transfer out.
It says no account closure fee
But there is a charge of £25 for 'voiding of ISA' and a charge of £25 for 'repair of ISA'
Anyone know what that means?

short_butt_sweet

Glen_Clark wrote: »

But there is a charge of £25 for 'voiding of ISA' and a charge of £25 for 'repair of ISA'
Anyone know what that means?

that's in case you subscribe too much to ISAs, or wrong combination of ISAs, or when not UK resident, or on friday 13th, etc ...

see in the guidance to ISA managers: https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager#repair-void