iWeb - Worth getting in now?

ChilliBob

Hey guys,
I haven't formulated my investment strategy yet but it's top of my list for early 2021.  It will 100% involve investing in some equities funds, almost certainly index trackers. 
Based on the cost hike of £100 vs £25 quid now is it worth signing up to iWeb now anyway? Even if I'm not sure I'd use it right away.
I have a fair pot to share out, so guessing I might need/it might be sensible to have both iWeb and II, if not more platforms?
Lastly, is the £25 a one off, or will it then be a £100 recurring every 12 months as I assume? (No annual admin charges or fees makes me question though)
I know the *right* way to do this is decide asset allocation, decide funds, then find a platform, but based on the cost saving, and that iWeb obviously have some tracker funds, it seems like a good idea, just not sure if I'm overlooking anything.
Cheers!

csgohan4

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

the account opening charge is a one off charge, no annual fees at present

No harm in opening one now if your going to use it in the future, your saving yourself 75 pounds straight off

It's a cheap no frills platform, does the job. However make sure it has the funds you want before committing

ChilliBob

Cool, cheers for confirming. I read it as that but it seemed a bit too good to be true that it'd be a one off only! 

happybagger

I did so last month in order to beat the increase with a view to transferring some L&G trackers to them, to take advantage of the "clean" fund charges, rather than the retail charges. Account opened but can't contribute as used allowance elsewhere this year.
Transfer is quite slow.
Note they have a £5 dealing charge so if you do that a lot it will add up

ChilliBob

I opened not too long ago. Thanks for your feedback, I see myself as an infrequent purchaser, more someone who does a lot of research before taking any action, opposite of a day trader!

I may have a smaller 'fun pot' somwehre, but knowing me when it comes to it I'll still probably be quite careful and ponderous! 

moneyfoolish

Can you open an iWeb S&S ISA and pay the £25 without adding any cash until February or March 2021 and as long as the cash is in can you purchase stocks at any time or do you have to buy them before April 5th 2021?

pip895

I think the account opening does not require an ISA so just put a few pounds in a Share dealing account - then transfer it when you can open the ISA.

wiseonesomeofthetime

pip895 said:

I think the account opening does not require an ISA so just put a few pounds in a Share dealing account - then transfer it when you can open the ISA.

This is what I did yesterday.

tigerspill

How does iWeb compare with Halifax Share Dealing which seems to be even cheaper than the iWeb service - Free to set up and have a GIA plus £12.50 to but funds against iWeb's £25 plus £5 dealing charge?
My plan would be to buy and hold one or two funds.

thegentleway

tigerspill said:

How does iWeb compare with Halifax Share Dealing which seems to be even cheaper than the iWeb service - Free to set up and have a GIA plus £12.50 to but funds against iWeb's £25 plus £5 dealing charge?
My plan would be to buy and hold one or two funds.

In terms of platform? As far as I can tell it's exaclty the same, just different colours and logos.

In terms of charges, I think iWeb is cheaper as buy and hold would be £25 + 2 x £5 = £35 then nothing afterwards whereas Halifax is £12.50 per quarter so £50 a year.

Alexland

thegentleway said:
In terms of charges, I think iWeb is cheaper as buy and hold would be £25 + 2 x £5 = £35 then nothing afterwards whereas Halifax is £12.50 per quarter so £50 a year.

HSD is £12.50 pa for an ISA (GIA no ongoing charge) then £12.50 per trade or £2 per regular purchase.