iWeb S&S ISA charges.

RolandFlagg

I've used my S&S ISA £20k with Youinvest (AJ Bell) this year.
Next tax year I was thinking of going with iWeb.
With Youinvest, what I did was pay in £2.5k a month over 8 months. £500 per month in 5 funds run by Ballie Gifford.
Youinvest would charge a fee of £1.50 for each of my 5 regular payments of £500 each month (so £7.50 a month).
With iWeb, the only fee I can see is the opening account fee of £25 (going up to £100 in January).
Does anyone know if they allow the same setup as I have with Youinvest, that is paying into several funds over several months until I have fulfilled my ISA allowance?
And if so, do they charge any fees on top of the one off £25 opening fees for those regular payments?
Thanks.

Another_Saver

Yes it's £5 dealing fee for all trades.

eskbanker

IWeb's dealing charge is £5, so not so well suited to regular purchases of multiple funds, but you could do what some others do and use it to hold what you already have while doing the buying elsewhere, i.e. transfer your existing BG holdings from AJB to IWeb and buy more at AJB (repeat as necessary)....

ColdIron

The IWeb site is a great resource for IWeb products and charges

https://www.iweb-sharedealing.co.uk/charges.html

RolandFlagg

Thanks all. I saw the £5 trading charge, but hoped regular monthly payments were less...or free!
So If I were to drip feed monthly payments into a S&S ISA over the next 5 years, so I had a total of £100K + hopefully profits, where would be the best/cheapest service to be?
I do have an account with HL. I have been paying £240 a month into a SIPP for about 15 years.
I am better off having my ISA and SIPP in one place, whether that be with Youinvest, HL or somewhere else?

eskbanker

RolandFlagg said:

Thanks all. I saw the £5 trading charge, but hoped regular monthly payments were less...or free!
So If I were to drip feed monthly payments into a S&S ISA over the next 5 years, so I had a total of £100K + hopefully profits, where would be the best/cheapest service to be?

'Best' is always something of a subjective concept, but you can compare the relative costs of main players via a number of comparison sites such as:

http://monevator.com/compare-the-brokers/

http://www.comparefundplatforms.com/

https://www.boringmoney.co.uk/calculator/

You might wish to consider whether it's more cost-effective to adjust your investing pattern to minimise dealing costs, e.g. buying one fund each month, rotating around them, rather than five different funds every time....

Michael121

eskbanker said:

IWeb's dealing charge is £5, so not so well suited to regular purchases of multiple funds, but you could do what some others do and use it to hold what you already have while doing the buying elsewhere, i.e. transfer your existing BG holdings from AJB to IWeb and buy more at AJB (repeat as necessary)....

So wouldn't you be paying into two isas then? So in my case im buying hsbc portfolio in an isa at hsbc, if i were to then transfer to hsbc fund on iweb wouldn't i be paying into 2 isa in the same year? 

eskbanker

Michael121 said:

eskbanker said:

IWeb's dealing charge is £5, so not so well suited to regular purchases of multiple funds, but you could do what some others do and use it to hold what you already have while doing the buying elsewhere, i.e. transfer your existing BG holdings from AJB to IWeb and buy more at AJB (repeat as necessary)....

So wouldn't you be paying into two isas then? So in my case im buying hsbc portfolio in an isa at hsbc, if i were to then transfer to hsbc fund on iweb wouldn't i be paying into 2 isa in the same year? 

Sorry, perhaps I should have been clearer, what I was meaning was to transfer after the end of each tax year, so IWeb would only hold prior year money in this scenario, avoiding any such rule breaches....

happybagger

Was just looking at iweb and for anyone not yet with an account considering it, please note:
Pay £25 (increasing to £100 from 4th January 2021) to open your account and then invest tax-efficiently for £5 dealing commission per trade.

csgohan4

happybagger said:

Was just looking at iweb and for anyone not yet with an account considering it, please note:
Pay £25 (increasing to £100 from 4th January 2021) to open your account and then invest tax-efficiently for £5 dealing commission per trade.

Seems even they are not immune to overhead costs. Still worth it if it's only one off. 

wiseonesomeofthetime

happybagger said:

Was just looking at iweb and for anyone not yet with an account considering it, please note:
Pay £25 (increasing to £100 from 4th January 2021) to open your account and then invest tax-efficiently for £5 dealing commission per trade.

I was looking to use iWeb for access to a VanGuard LS S&S ISA next April, but a £100 charge would be an obstacle for me.

I shall research myself, however, I assume there is nothing stopping me opening an iWeb account today for £25, yet not fund anything until next tax year.