Saga share account

klsmith

We currently have our shares held in the Saga share account, but now find that they are moving our account to EQi.

We have until June 1st to arrange transfers out of the account to a new broker.

This seems to be very short notice when due to the Corona virus outbreak it is almost impossible to open new accounts and transfer shares. They have given us just 24 days including weekends and two bank holidays.

The only options for a custody free account appears to be iWeb, who are not allowing transfers into new accounts at the moment and X-O, who I haven't heard of before! Are there any others we haven't spotted.

Does anyone else think Saga are locking us into an expensive service? Not what we expect from a company who are supposed to look after the over-50s!

ColdIron

Is this an ISA, SIPP or unwrapped? Presumably you have shares and not Unit Trusts/OEICs as X-O don't do funds. If so there are quite a few places with competitive pricing. Many are no or low fee and often have caps on charges. What is best for you will depend on the sums involved and trading frequency

https://monevator.com/compare-uk-cheapest-online-brokers/

klsmith

Thanks -it is shares in an ISA and also unwrapped.

ColdIron

iweb is about as cheap as it gets but is fairly bare bones. £25 account opening fee for an ISA and dealing account pair but no annual fees. At the other end of the scale even Hargreaves Lansdown are competitive for shares. £11.95 dealing but no annual fee in the dealing account and the ISA is capped at £45. In between you could look at AJ Bell, Halifax Share Dealing, X-O, Fidelity etc. You will need to run your own numbers and trading pattern to determine what is best for you, Ease of use and customer service may have a value to you as well

fifeken

klsmith said:

We currently have our shares held in the Saga share account, but now find that they are moving our account to EQi.

We have until June 1st to arrange transfers out of the account to a new broker.

I too have a Saga share account but haven't heard anything from them.  How did they get in touch?

cherry76

By email and post.