TheShareCentre - Taken over by Interactive Investor

Alexland

Fidelity are now accepting transfers (we moved our kids JISAs across) and if you stick to funds there would be no ongoing platform or trade fees on children's accounts just your choice of fund manager's percentage ongoing charge.
However they normally require a minimum £1k lump sum or £25 per account regular payment but there's nothing to say you can't stop the regular payment... They shouldn't expect you to setup the payment until the existing account has transferred anyway as each child can only have one S&S JISA at once. I doubt they would bother chasing it if you forgot...

NWDave

Alexland said:

Fidelity are now accepting transfers (we moved our kids JISAs across) and if you stick to funds there would be no ongoing platform or trade fees on children's accounts just your choice of fund manager's percentage ongoing charge.
However they normally require a minimum £1k lump sum or £25 per account regular payment but there's nothing to say you can't stop the regular payment... They shouldn't expect you to setup the payment until the existing account has transferred anyway as each child can only have one S&S JISA at once. I doubt they would bother chasing it if you forgot...

Alex - thank you - can you expand on this please? I have the current JISA invested in an AIM oiler and want to simply transfer the holding across to another provider from ii - is that possible with Fedility? Are their fees lower than the £9.99 ii charge?
If I went down the fund manager route with Fedility, I get the £1k lump sum or a £25 per month S/O or D/D but you recon that if I don't set it up after the initial swap has taken place then I should in theory get away with it? Has that worked? Fab info if so and with my track record of investing using AIM that might be a better method to try to get the £90 back to the £1000 that I started with!

Once again my sincere thanks for getting back to me so late at night - as you can imagine it will have kept me awake tonight worrying about it along with the impact to Furlough although I know there are others in a worse situation than me - Know you made a difference to my welfare!!

NWDave

Also - Alex / anyone - have you had any dealings with X-O.co.uk would they be a good fit for me - i rarely trade and just want a low fee platform to house the JISA?

Thank you in advance

Alexland

NWDave said:
I have the current JISA invested in an AIM oiler and want to simply transfer the holding across to another provider from ii - is that possible with Fedility? Are their fees lower than the £9.99 ii charge?

If I went down the fund manager route with Fedility, I get the £1k lump sum or a £25 per month S/O or D/D but you recon that if I don't set it up after the initial swap has taken place then I should in theory get away with it? Has that worked? Fab info if so and with my track record of investing using AIM that might be a better method to try to get the £90 back to the £1000 that I started with!

I believe Fidelity are still only transfering child accounts as cash so it would probably mean selling the existing investment but it sounds terrible anyway so it might be a good chance to reinvest in a globally diversified multi asset or tracker fund for which you would only pay the fund manager (Vanguard, HSBC, etc) around 0.2% pa.
If you stick to funds (not shares) then Fidelity are willing to run the account for free until age 18 or they change their policy whatever happens first. I have had an account with them continuously for nearly a couple of decades and they have always treated me reasonably well. Our kids already had over £1k in their accounts so I never considered setting up the £25pm.
My guess is that I doubt they will bother to chase you to setup the regular contribution after the transfer has completed. Even if they do it's the child that would benefit as opposed to £9.99 going to II each month. It might be the best way to get the account back up to £1k or more.

NWDave said:

Also - Alex / anyone - have you had any dealings with X-O.co.uk would they be a good fit for me - i rarely trade and just want a low fee platform to house the JISA?

Our kids JISAs were with Jarvis X-O before we moved them to Fidelity as I was tired of paying £5.95 to invest new contributions and prefer funds. The service was good but they had quietly extended their £50+vat ISA account closure fee to cover JISAs which was annoying as I specifically emailed them to clarify that the fee didn't apply to JISAs before opening the accounts. I followed up on that old email from them complaining they hadn't notified me of the change or given a window to transfer out without incurring the fee and so they waived it on our accounts.

NWDave

Alex you are a legend thank you ever so much for your input - and as you probably guessed I slept well last night - such is the power of these forums!! Once again my thanks to you.

I am going to make a complaint to TheShareCentre and ii as they have misled account holders and I am surprised that more people have not come forward with this as I suspect there will be others in the same boat.

In regard to the JISA I now have some options to ponder today - but as the stock has a chance to regain some ground its likely to be with Jarvis X-O.

Alexland

Sometimes you are best to cut your losses on both platforms and investments. I wouldn't waste too much time on complaining just get a transfer underway. I also wouldn't pin my hopes on a share that has already dropped over 90% or commit to £50+vat of exit fees on a £90 investment but it's a free world and glad if I helped you sleep last night. My parting suggestion is to seriously reconsider moving to a diversified low cost fund on Fidelity perhaps with regular contributions to try and get the account valuation back to £1k or more.

NWDave

Thanks Alex you have given some food for thought!

A quick update - a call to TheShareCentre today confirmed that JISA's that moved to ii were on the basis of £0 monthly account admin fee for the life of the account. The only fees payable would be any share dealings.
So next call to ii armed with this information and spoke this time to Daisy in Customer Service who put my mind to rest on two points. 
First - the info provided in the account around fee's was not in line with the JISA account.
Second - the info I had from a colleague was wrong!
Third - she confirmed that my JISA would have no monthly fee for the life of the account and the only fee payable would be for any share dealing which is as I understood it. I also have this in writing now - just in case!

In conclusion ii please get your T&C's updated to fit with the account held! Daisy of ii you put my mind to rest too!!