X O Share ISA

janicetamers

Hi
I want to withdraw all funds from my X O ISA.
They are saying a minimum £60 or shares held in the account is needed. Else £60 needs leaving in the account to cover the closer fee of £50.
There is no mention of a minimum amount need to be held, in their terms & conditions, the £50 closer fee is mentioned.
Can they do this?

eskbanker

janicetamers said:

Hi
I want to withdraw all funds from my X O ISA.
They are saying a minimum £60 or shares held in the account is needed. Else £60 needs leaving in the account to cover the closer fee of £50.
There is no mention of a minimum amount need to be held, in their terms & conditions, the £50 closer fee is mentioned.
Can they do this?

Perhaps it isn't spelt out in the way you're expecting but it doesn't make sense to allow accounts to be left open with less than the closure fee (of £50 + VAT = £60) in them, because that would allow people to circumvent some or all of that fee simply by leaving accounts dormant without actually closing them....

Edit: clause 33.5 explains this:

If you reduce or give instruction to reduce the level of cash and/or investments in your ISA to a value below the closure fee or to such an extent that we, in our reasonable discretion, believe you are maintaining the ISA solely to avoid our closure charges, then we may terminate the ISA with immediate effect and charge you our normal closure fee.

janicetamers

Ok, seen that after myself now.

Slightly pedantic the closer fee is £50 not £50 plus vat.

janicetamers

So how can they insist on a £60 minimum cash balance that is not stated in their terms & conditions.

Alexland

janicetamers said:

Slightly pedantic the closer fee is £50 not £50 plus vat.

No, it is £50 plus VAT
https://www.x-o.co.uk/important-info.html#info-21
All charges are subject to VAT at the prevailing rate with the exception of Dealing Commission, which is exempt.

janicetamers

Ok
£60 in a segregated account, for ever then!
Fook em.

eskbanker

janicetamers said:

Ok
£60 in a segregated account, for ever then!
Fook em.

Yeah, that'll show 'em!

<facepalm>

janicetamers

eskbanker said:

janicetamers said:

Ok
£60 in a segregated account, for ever then!
Fook em.

Yeah, that'll show 'em!

<facepalm>

Well might need it future. No use giving the money to them spend!
<doublefacepalm>

eskbanker

janicetamers said:

eskbanker said:

janicetamers said:

Ok
£60 in a segregated account, for ever then!
Fook em.

Yeah, that'll show 'em!

<facepalm>

Well might need it future. No use giving the money to them spend!
<doublefacepalm>

That wouldn't be for ever then, that would just be until you decided to use it, or until they closed your account under clause 33.5, whichever comes first....

Alexland

I guess you could invest the money in 1 unit of an accumulation tracker ETF such as SWDA and hope that over enough decades it grows enough to cover the trade fee and exit fee assuming they don't inflation adjusted it.

janicetamers

Withdrew and left £60.
Will take a punt on HSBC shares on the remainder, unless their system flags it.
You get 1 year with a £60 balance and zero activity, when they trigger account closure, for anyone else thinking about using XO in future