Stocks & Shares ISA Fees

jonesypeter

Hello,
I'm in the process of moving my investments (ISA, SIPP & Share account) from Hargreaves Lansdown to iWeb (Halifax).

iWeb charge £5 per transaction, does anyone know if these sorts of fees have to come out of your ISA allowance? There seems no way to pay the fees any other way (For example through my linked bank account).

Thanks

SonOf

iWeb charge £5 per transaction, does anyone know if these sorts of fees have to come out of your ISA allowance?

Legally no. However, not every provider/platform supports it taking it via other means.

masonic

Few providers support paying trading costs from an account other than the one being used to trade. This can be achieved through paying a platform fee that gives rise discounted trading fees or trading credits.

jonesypeter

Thanks, but the platform fees were part of the reason for leaving HL. I was paying over £100 a month with them, so I will just have to accept the £5 comes out of the ISA allowance. Thanks for the comments.

masonic

jonesypeter wrote: »

Thanks, but the platform fees were part of the reason for leaving HL. I was paying over £100 a month with them, so I will just have to accept the £5 comes out of the ISA allowance. Thanks for the comments.

Yes, HL is very expensive when you build up a larger investment portfolio. Whereas others are far cheaper. For example, Halifax Sharedealing charges £12.50 per year and has a discounted £2 trading charge for scheduled buys. Interactive Investor charges £9.99 per month and gives you £7.99 of trading credit and access to 99p buys (so one free sell, or up to 8 free buys per month). But if you trade very infrequently, these options will not beat iWeb.

jonesypeter

Yes, if you don't mind the website looking a bit retro, and don't want hand-holding the research I did found it the cheapest for my usage case. £25 one off charge, and £5 per trade. I'm going to invest the saving I make from moving from HL

badger09

jonesypeter wrote: »

Yes, if you don't mind the website looking a bit retro, and don't want hand-holding the research I did found it the cheapest for my usage case. £25 one off charge, and £5 per trade. I'm going to invest the saving I make from moving from HL

Me too, after moving from HL when they changed their fee structure several years ago. However, be aware that IWEB doesn't offer all funds eg the L&G Multi Index series

jonesypeter

Yes. Good point to mention. They don't do some of the 'Lindsell Train' either (I just went for Fundsmith instead). I would suggest that if people are transferring they check all their funds are available (Or suitable alternatives).

AnotherJoe

masonic wrote: »

Yes, HL is very expensive when you build up a larger [STRIKE]investment[/STRIKE] fund portfolio. Whereas others are far cheaper unless you have ETFs and ITs in which case they may not be. For example, Halifax Sharedealing charges £12.50 per year and has a discounted £2 trading charge for scheduled buys. Interactive Investor charges £9.99 per month and gives you £7.99 of trading credit and access to 99p buys (so one free sell, or up to 8 free buys per month). But if you trade very infrequently, these options will not beat iWeb.

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