Halifax Share Dealing to iWeb

SpeedSouth

With the Halifax charges going up in March I need to switch my ISA out of there.  Currently it has £50K in it, and I am not contributing extra on monthly basis.  With Vanguard at £50K it would be under 2 years before iWeb paid off the £100.
My concern with iWeb though, is can they realistically not introduce further annual charges?  I don't want to pay £100 to open an account and find in a year they add a annual charge.

Once I start monthly deposits again, I'd likely open a Vanguard SIPP, and have monthly payments go into there before transferring chunks to iWeb.

eskbanker

SpeedSouth said:

My concern with iWeb though, is can they realistically not introduce further annual charges?  I don't want to pay £100 to open an account and find in a year they add a annual charge.

Yes, they could introduce annual charges.

SpeedSouth said:

Once I start monthly deposits again, I'd likely open a Vanguard SIPP, and have monthly payments go into there before transferring chunks to iWeb.

Not sure that's a good (or even viable) idea - are you wanting to make selective and (semi-)regular transfers between SIPPs?

For any sort of transfer to IWeb, worth noting that there are many reports of glacial progress, so it's not something to do in a hurry....

ColdIron

SpeedSouth said:

My concern with iWeb though, is can they realistically not introduce further annual charges?  I don't want to pay £100 to open an account and find in a year they add a annual charge.

Who can tell, they could, but presumably they've run their numbers and are satisfied with what they have for now. NB There is no £100 account opening charge for their SIPP

Be aware that IWeb are not as competitive for a SIPP as they are for their ISA/GIA. I believe they outsource it to AJ Bell. Check out the 'Transfer in of another registered pension scheme' and the drawdown charges

https://www.iweb-sharedealing.co.uk/our-accounts/self-invested-personal-pension/sipp-charges.html

GeoffTF

SpeedSouth said:

With the Halifax charges going up in March I need to switch my ISA out of there.  Currently it has £50K in it, and I am not contributing extra on monthly basis.  With Vanguard at £50K it would be under 2 years before iWeb paid off the £100.
My concern with iWeb though, is can they realistically not introduce further annual charges?  I don't want to pay £100 to open an account and find in a year they add a annual charge.

Once I start monthly deposits again, I'd likely open a Vanguard SIPP, and have monthly payments go into there before transferring chunks to iWeb.

iWeb has been charging £5 per trade with no platform charges for many years. iWeb SIPPs are expensive. Fidelity seems to be the cheapest option for ETFs. AJ Bell is also cheaper (cut out the middle man). Halifax and iWeb are both brands of HSDL, and use the same staff and IT platform. Transfers between the two should be relatively easy.

Alexland

What asset(s) are you holding in the HSD ISA? If you are not holding funds then could Jarvis X-O be a better option?

Type_45

iWeb introducing a fee would be a kick in the teeth for those who've paid £100 to not have a fee.

eskbanker

Type_45 said:

iWeb introducing a fee would be a kick in the teeth for those who've paid £100 to not have a fee.

Obviously it wouldn't be a popular move, but have they ever explicitly made any such linkage between the one-off initial fee and the lack of ongoing charges, i.e. in what sense could it genuinely be asserted that the former was specifically to avoid the latter?

EdSwippet

eskbanker said:

For any sort of transfer to IWeb, worth noting that there are many reports of glacial progress, so it's not something to do in a hurry....

True, although since iWeb and Halifax Share Dealing are actually the exact same company under the covers, one would hope that a transfer between these two ought to be pretty straightforward.

Type_45

eskbanker said:

Type_45 said:

iWeb introducing a fee would be a kick in the teeth for those who've paid £100 to not have a fee.

Obviously it wouldn't be a popular move, but have they ever explicitly made any such linkage between the one-off initial fee and the lack of ongoing charges, i.e. in what sense could it genuinely be asserted that the former was specifically to avoid the latter?

Yes, we'd need to establish whether such a claim was made.  I transferred a while ago, and whilst it was my understanding that the £100 replaced the fee, I don't recall that being stated.

SpeedSouth

Alexland said:

What asset(s) are you holding in the HSD ISA? If you are not holding funds then could Jarvis X-O be a better option?

Currently its all in VLS 100

EdSwippet

ColdIron said:

... NB There is no £100 account opening charge

From https://www.iweb-sharedealing.co.uk :

... a one-off £100 account opening charge ...