Baillie Gifford closing direct accounts

Reaper

Albermarle wrote: »

I do not think HL charge for buying or selling any funds/OEIC's- only the annual service charge applies.

I was thinking of trading in Investment Trusts such as the BG funds which are being transferred over. They count as shares which incur the fee, but you are right that OEICs are free.

cloud_dog

Can I just add... The post has been and gone today and still no letter.

Perhaps I'm a 'keeper'

cloud_dog

Was searching HL for their charges re certificated withdrawal of shares from a nominee account (couldn't find anything) and came across the below from HL site:

If you hold share certificates, it could be worth considering an easier, safer option that could save you time and money.

And, although it’s a long way off, from 2025 share certificates will become obsolete. They’ll be replaced with an electronic holding with a registrar.

I'd not previously come across any reference to the ending of paper certificates before. Obviously, it is more than possible that it is out there and I've never noticed/paid any attention.

Jarvis X-O do it for £15, so I may need to transfer my BG IT to X-O at some point (I already have an account with them).

tuckeral

I've received my notification letter and won't be transferring to HL as the fees are too high.
I only invest in Scottish Mortgage so want to keep that option but need something that will accept an equivalent to the children's savings plan (the accounts are designated trust accounts).
Apart from youinvest mentioned above are there any other good low-cost alternatives to have a look at?
I have to have a look at the penalties/tax liability ('cos I'm not currently sure of the rules) but may have a look into just cashing the money out and starting off stocks and shares Junior ISAs that have the option to invest again in Scottish Mortgage. Again suggestions suitable for this greatly appreciated.

skipfeeney

I've got a children's saving plan with them and Only invest £30 a month. When it moves to HL will there be a fee to buy £30s worth of investment trust every month?

Vortigern

tuckeral wrote: »

I've received my notification letter and won't be transferring to HL as the fees are too high.
I only invest in Scottish Mortgage so want to keep that option but need something that will accept an equivalent to the children's savings plan (the accounts are designated trust accounts).
Apart from youinvest mentioned above are there any other good low-cost alternatives to have a look at?
I have to have a look at the penalties/tax liability ('cos I'm not currently sure of the rules) but may have a look into just cashing the money out and starting off stocks and shares Junior ISAs that have the option to invest again in Scottish Mortgage. Again suggestions suitable for this greatly appreciated.

Rather than cashing out, you could ask BG to send you a share certificate, which you could either retain as a certificate or lodge with another broker. BG will issue a certificate free of charge.

skipfeeney wrote: »

I've got a children's saving plan with them and Only invest £30 a month. When it moves to HL will there be a fee to buy £30s worth of investment trust every month?

No fee with HL for three years. You'll need to set up a new DD with HL.

tuckeral

In the transition period of three years if you set up your £30/month investment as a regular saving investment then there is no fee. After the three years there will be a £1.50 charge each time applied and for any ad hoc purchases a £11.95 charge will apply (if doing less than 9 extra trades in that month).

atush

A lot of ITs are doing this, one of ours with invesco perpetual did it some years go (moved to Share Center) and now our Witan one is moving to HL.

Reaper

It's a shame. Investing direct has generally been much cheaper than via a platform, particularly when it comes to all the "add on" charges.

david78

Was anyone else expecting their account to transfer to HL on 1st June only to find it has not happened?