Do iWeb sometimes reduce the setup fee for a S&S ISA? 26 November 2021 at 1:37PM in ISAs & tax-free savings 4 replies 111 views

isayhello

Hi, am going to do a tranfer from HL to iWeb to start using the account and become familiar with it. I have the money in HL just sitting in cash, not invested into any funds yet. I was hoping this will be a straightforward transfer and not take upto 6 months as I have read others experienced.

The fee for iWeb is £100 and used to be £25, I did read that sometimes they drop it again. Does anyone know if this happens often? is it worth waiting for?

jimjames

I guess it depends if you're prepared to wait 2 years or whenever it might be. If you have a decent size portfolio you'd save more than £75 in a year by moving to iWeb from HL. I can't see any reason why it would drop at the moment, they do need to make money from somewhere

isayhello

Thanks, I'm just a bit new still and wasn't sure if others had a better idea. I would wait if they did but it doesn't sound like it will happen anytime soon.

It's a smaller pot at the moment I'm moving, about 20k and if things go smooth then I think I'd eventually move a larger pot from Vanguard.

Alexland

If they are overloaded with transfer work at the moment it seems unlikely they will want to reduce their price such that they get even more customers with transfer requests...

eskbanker

isayhello said:

Thanks, I'm just a bit new still and wasn't sure if others had a better idea. I would wait if they did but it doesn't sound like it will happen anytime soon.

It's a smaller pot at the moment I'm moving, about 20k and if things go smooth then I think I'd eventually move a larger pot from Vanguard.

That notional £75 IWeb fee saving you're hoping for should be outweighed by less than one month's long term average growth from your £20K pot that's currently sitting around earning nothing, so why wait?