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Next best platform for non-ISA Funds holding, to iWeb
Comments
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I've been happily using SVS (svsxo.com) for nearly eight years now - no standing charges, just £7.95 buying & selling commission per trade. Only problem I've encountered is that there's no mechanism for automatically distributing any incoming dividends (unless I've missed a recent announcement), so any dividend income has to be withdrawn manually. Another feature of SVS is that they'll set-up accounts in joint names which IWEB won't allow.
Otherwise, as suggested above, look at JarvisX-O. (Accounts in joint names are allowed but the account setup has to be done by post.)0 -
RomfordNavy wrote: »SVS looks very interesting, do they do funds as well?0
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RomfordNavy - if you are looking for another platform that doesn't meet your fund needs consider IG :-)0
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RomfordNavy wrote: ». . . because this is for some investments which will be in my name but on behalf of someone else
Might you have an issue if your platform reports the income to HMRC?
What happens to the capital sum if you get run over by a bus?0 -
Agree, this sounds unwise. Your GIA will be liable to tax (subject to the various thresholds). How does this sit with your other taxable assets?0
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RomfordNavy wrote: »Yes, that is something I had thought about and does concern me a bit.This limit is applied to the aggregated total of any stock or cash held across the following brands which we administer:
- IWeb Share Dealing,
- Halifax Share Dealing,
- Lloyds Bank Direct Investments,
- Bank of Scotland Share Dealing.
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RomfordNavy wrote: »However, this FSCS only applies to any cash held. As far as I can ascertain the FSCS isn't related to shares/funds held.
There is also FSCS protection for investments if the platform/broker goes bust or commits fraud. This protection also applies to fund providers if the funds you invest in cannot return money to you for reasons other than underlying investments going down in value.0 -
There is FSCS protection for cash held in the clients account if the bank holding it goes bust.
There is also FSCS protection for investments if the platform/broker goes bust or commits fraud. This protection also applies to fund providers if the funds you invest in cannot return money to you for reasons other than underlying investments going down in value.0 -
RomfordNavy wrote: »So sounds like, for maximum safety, I really do need to find a different broker so all is not all under the same FSCS grouping.
Whereas if a bank goes bust it is because it has run out of capital reserves, your money isn't ring-fenced and could have been lent out on bad debt, so staying within the FSCS protection limit is more important (not to mention the caveats of holding lots of cash).0 -
Ok so Halifax is perhaps best avoided so as to spread the FSCS protection as far as possible. What is next best?
Assume holding is going to be around £80k with say five fund transactions per year.
Looks like HSBC might be the next best option, their yearly charge of £42 is only 0.0525% of $80k so less than any of the percentage fee brokers.
Edit:
Just tried to setup an HSBC share dealing account but there is a problem - you need to switch your current account banking to HSBC first before they will let you open a share dealing account.0
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