ISA charges

neil7

Hi
I have an ISA with interactive investor. It holds Lloyds shares only. I do not trade in any way. I just need an ISA to hold my shares. I am not selling or buying anymore.

ii will charge £8 monthly from June for my isa (price going up for everyone). Is there another company I could use and pay less?

Is a transfer straight forward?

thanks

masonic

Yes, there are providers who will charge you nothing to hold your Lloyds shares, for example X-O. A transfer is straightforward, free, but may take some time to complete. You would not be out of the market if you transfer the shares directly.

neil7

many thanks
do you know where I can find details of different providers who offer what I need for free?

re: 'You would not be out of the market if you transfer the shares directly.'
do you mean if i transfer my shares to a new provider?

lisyloo

neil7 wrote: »

many thanks
do you know where I can find details of different providers who offer what I need for free?

re: 'You would not be out of the market if you transfer the shares directly.'
do you mean if i transfer my shares to a new provider?

Yes, they mean transferring the Lloyds share instead of iii selling your shares for cash and your new provider buying new shares.
The risk with the latter is prices could rise and you might get fewer shares and you may have to pay 2 lots of bid/offer spread.

masonic

neil7 wrote: »

many thanks
do you know where I can find details of different providers who offer what I need for free?

Not sure this is a complete list, but https://monevator.com/compare-uk-cheapest-online-brokers/

As mentioned, x-o is one option and quite popular, though I haven't used it personally, SVSXO is one which I have formerly used but trading fees are more expensive, and DeGiro is a non-UK based alternative. There are several other trading startups like trading212 who I wouldn't currently recommend over the more established players.