Saga Stocks ISA? £0 fees on holding shares?

[Deleted User]

I can't post a link but if you search Saga ISA, quite easy to find.
Does anyone here use them?

dunstonh

Why do you think they have no fees?
Their website says they have a 0.35% p.a. charge subject to a minimum of £8.75 a quarter.
Plus £11.95 for each trade placed online.

eskbanker

dunstonh said:

Why do you think they have no fees?
Their website says they have a 0.35% p.a. charge subject to a minimum of £8.75 a quarter.

I read that as applying only to funds, not shares.

Alexland

If it wasn't for the unnecessary age discrimination of needing to be over 50 then I agree it looks like no custody fee on exchange traded assets, a £1.50 regular investment rate and a 1% dividend reinvestment rate (min £1.00) makes this quite attractive to the right investment pattern. Their white label product seems more attractive than Equiniti's direct ISA pricing. Maybe something for me when I am too old to contribute into my LISA.

grumiofoundation

Since the website states "The account is exclusively for UK residents over 50" and if as your name implies you were born in 1975 you may be out of luck. 

Lyonnesse

I've used Saga for 5 years but yesterday they told us they are transferring us to another platform.  With loads more charges naturally.  I used MSE to find that iWeb would be my cheapest option (one off set up fee £25, then £10 per trade, but no monthly, quarterly or annual charges - yet).  Saga say if I transfer out before 1 June I can avoid transfer out fees.  iWeb say they aren't taking any new transfer ins for the foreseeable future, due to coronavirus.  Nice!

You can't contact iWeb unless you have an account and that costs £25.  I'll wait a couple of weeks and if I can't get in then I'm going to have to take the financial hit and sell all my shares now.  It's probably less costly than paying the other company their charges in a market that may not go up for some time to come

Alexland

Lyonnesse said:

I've used Saga for 5 years but yesterday they told us they are transferring us to another platform.  With loads more charges naturally.  I used MSE to find that iWeb would be my cheapest option (one off set up fee £25, then £10 per trade, but no monthly, quarterly or annual charges - yet).  Saga say if I transfer out before 1 June I can avoid transfer out fees.  iWeb say they aren't taking any new transfer ins for the foreseeable future, due to coronavirus.  Nice!

Yes EQi quaterly fees look less attractive for holding an ISA (although they do offset against trade charges) so iWeb might be better where once you pay the £25 setup then all trades cost £5 (not £10). We are iWeb customers and happy with the service. I believe that Masonic had some luck recently getting iWeb to do a couple of inbound ISA transfers during this period.

EQi's Lifetime ISA custody charge of 0.20% (capped at £40 pa, or free if you have another account) might be attractive as it doesn't look like there are any fund trading charges although it's not entirely clear?

badger09

Lyonnesse said:

I've used Saga for 5 years but yesterday they told us they are transferring us to another platform.  With loads more charges naturally.  I used MSE to find that iWeb would be my cheapest option (one off set up fee £25, then £10 per trade, but no monthly, quarterly or annual charges - yet).  Saga say if I transfer out before 1 June I can avoid transfer out fees.  iWeb say they aren't taking any new transfer ins for the foreseeable future, due to coronavirus.  Nice!

You can't contact iWeb unless you have an account and that costs £25.  I'll wait a couple of weeks and if I can't get in then I'm going to have to take the financial hit and sell all my shares now.  It's probably less costly than paying the other company their charges in a market that may not go up for some time to come

IF you're happy to be in cash at the moment, and I realise that's a big IF, you could sell up now and transfer to a Cash ISA as a temporary measure until IWEB start accepting transfers again. You could then open your IWEB account and contact them. Your Cash ISA transfer would be quick once they start up again