AJ Bell raising cap on shares custody charge

Alexland

DavidT67 said:

Yep, that JISA fee increase is particularly egregious; 50% increase from £5.00 pq to £2.50 pm 

Yup plus AJ Bell's £1.50 trade fees (even on funds) but at least no exit fee to leave now.

Fidelity are now accepting inbound transfers to their 'free' (if you stick to funds) JISA but only as cash not in-specie yet. I don't think Fidelity have ever had an inbound transfer from Jarvis X-O before as it wasn't on their list of known JISA managers and they wanted to know the account number format so that they could program the verification logic into their transfer form.

Jarvis X-O recently updated their charges table to put the £50+vat exit fee on their JISAs (was previously only on S&S ISAs) but I challenged them on this (with their email from earlier in the year confirming there were no JISA exit charges) asking when they notified us of the change of terms and what chance we had to leave without paying the new charge and they agreed to waive it on our accounts which isn't entirely satisfactory. It would have been better if Jarvis X-O had set the exit charge to only apply to accounts opened after a certain date or had notified people properly. Not often you hear of a platform sneakily adding a new exit charge.

DavidT67

It seems the broker platforms now behave like Sky & Virgin,  when you threaten to leave the fees soundly become negotiable!
The Share Centre is been merged into Interactive Investor and the range of offers I've had to stay just keeps getting better. 
From 'your fees are going to double', to 'we'll keep the same fees for six months' and now 'we'll keep the current fees for the life of the account'.

Alexland

DavidT67 said:

From 'your fees are going to double', to 'we'll keep the same fees for six months' and now 'we'll keep the current fees for the life of the account'.

Wow that's an offer that will give them an ongoing administrative burden!

Nuggy96

If you were around 24-28 years old and own a home so using your S&S LISA towards retirement and putting £4k lump sum in each tax year, with £4k currently in your LISA. Does anyone have recommendations for platform and fund/ETF?

Thanks,

Alistair31

Nuggy96 said:

If you were around 24-28 years old and own a home so using your S&S LISA towards retirement and putting £4k lump sum in each tax year, with £4k currently in your LISA. Does anyone have recommendations for platform and fund/ETF?

Thanks,

I’m 30 and doing as you propose, I use AJ Bell Youinvest holding VWRP ETF. (And a few self-selected shares that tanked in March, and are now looking quite sweet) 

I think the fee may be capped but @Alexland is the man for advising on saving that may be available.

Alexland

Alistair31 said:
I think the fee may be capped but @Alexland is the man for advising on saving that may be available.

As the unofficial forum platform fees nerd it's my view that EQi are currently offering the lowest S&S LISA platform charges for any account valuation provided you are happy to stick to funds. For ETFs or ITs then AJ Bell are best but this is a more expensive option particularly for a smaller account where the trade fees (even at the reduced scheduled rate) will have a bigger impact. In terms of funds EQi offer a good range including the low cost high volatility HSBC FTSE All World or the good value lower volatility HSBC Global Strategy series.

masonic

Alexland said:

Alistair31 said:
I think the fee may be capped but @Alexland is the man for advising on saving that may be available.

As the unofficial forum platform fees nerd it's my view that EQi are currently offering the lowest S&S LISA platform charges for any account valuation provided you are happy to stick to funds. For ETFs or ITs then AJ Bell are best but this is a more expensive option particularly for a smaller account where the trade fees (even at the reduced scheduled rate) will have a bigger impact. In terms of funds EQi offer a good range including the low cost high volatility HSBC FTSE All World or the good value lower volatility HSBC Global Strategy series.

Does the base fee of £12.50 per quarter and product fee of £9.98 per quarter for a Dealing Account need to be factored in on top of the 0.2% custody fee (capped at £10 per quarter), or is it possible to have a free LISA without the dealing account? The website suggests the LISA is free of product fees if another account is held, but does not mention what it costs if it is the only account held. All the charging scenarios on their FAQ page include a Dealing Account (and therefore the base fee plus one or more product fees, see this page).

Alexland

masonic said:

Does the base fee of £12.50 per quarter and product fee of £9.98 per quarter for a Dealing Account need to be factored in on top of the 0.2% custody fee (capped at £10 per quarter), or is it possible to have a free LISA without the dealing account? The website suggests the LISA is free of product fees if another account is held, but does not mention what it costs if it is the only account held. All the charging scenarios on their FAQ page include a Dealing Account (and therefore the base fee plus one or more product fees, see this page).

I agree it's very confusing as their LISA page says if you only have a LISA you get a free dealing account (in which case you no longer only have a LISA) but then if you have a dealing account you get a free LISA so it seems to depend what order you open the accounts as to which would be free. Finally that last bullet about no additional funds platform fee has been put under the second section but seems to apply to both.

I know at least one regular on this forum has an EQi LISA so might confirm the fees they actually pay.

https://eqi.co.uk/info/lifetime-isa/pricing

Alz1986

This company will charge you for breathing. HL atleast have the decency to not charge you for transferring out.

Alistair31

Alz1986 said:

This company will charge you for breathing. HL atleast have the decency to not charge you for transferring out.

YouInvest have dropped their transfer out fees.