Halifax Share Dealing to iWeb

SpeedSouth

eskbanker said:

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....

eskbanker said:

That should read Vanguard ISA.  To avoid the £5 fees if I look to start monthly deposits as I did previously with Halifax.  Let the pot build up over a few years before transferring chunks to iWeb.

Alexland

SpeedSouth said:

Currently its all in VLS 100

Aah in which case that investment wouldn't be possible with Jarvis X-O and it would take a portfolio of 2-3 ETFs to get a similar asset allocation which would incur trade fees to setup and rebalance so you would be better with iWeb for your ISA.

Given HSD probably have the same transfer delays as iWeb (probably same transfer team and nominee) then you would probably suffer a bigger transfer delay going anywhere else.

eskbanker

ColdIron said:

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

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

There's no £100 for their SIPP, but OP was primarily looking at their ISA initially, which does have the initial fee:

Investing with IWeb

If you're looking for an ISA, Share Dealing Account or a Self-Invested Personal Pension (SIPP) IWeb can offer you:

• access to 7 world markets through our share dealing service.
• no annual administration charges for our ISA or Share Dealing Account so you can make sure more of your money stays invested.
• a one-off £100 account opening charge and a dealing commission of just £5 on every trade (our SIPP has no account opening fee).
• extra peace of mind that IWeb is part of Lloyds Banking Group.

Edit: OP has now clarified that they didn't mean to refer to SIPPs anyway!

ColdIron

EdSwippet said:

ColdIron said:

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

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

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

Yes sloppy of me, I was referring to the SIPP

a one-off £100 account opening charge and a dealing commission of just £5 on every trade (our SIPP has no account opening fee).

SpeedSouth

eskbanker 

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....

When you say glacial what are we talking.  If I started the process soon would it likley complete by March, to avoid paying the annual charge at Halifax again?

Thrugelmir

SpeedSouth said:

eskbanker 

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....

When you say glacial what are we talking.  If I started the process soon would it likley complete by March, to avoid paying the annual charge at Halifax again?

How many staff members will be isolating due to Covid? Staff shortages are hitting all sectors of the economy. 

eskbanker

SpeedSouth said:

eskbanker 

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....

When you say glacial what are we talking.  If I started the process soon would it likley complete by March, to avoid paying the annual charge at Halifax again?

While the point made earlier about IWeb and Halifax being one and the same under the bonnet is valid, I don't know if this actually results in swifter transfer times, as it depends exactly where the bottleneck is - I haven't gone back and searched for relevant threads but if you search for the likes of 'iweb transfer' then you should get a sense of what's been happening.

However, it's worth noting IWeb's own published caution at https://www.iweb-sharedealing.co.uk/our-accounts/transfer-your-existing-investments.html

• How long does it take?

  Most transfers can be completed electronically. Our usual timescales for electronic transfers of cash and UK shares is around 10 working days. Fund and international shares can take longer.

  If your current broker is unable to transfer electronically it can take around 6 weeks for cash and UK shares. Fund and international shares can take up to 10 weeks.

  Please be aware, we’re currently experiencing transfer delays of up to 3 weeks to log your transfer and up to 12 weeks to complete due to unprecedented demand for our service.

GeoffTF

SpeedSouth said:

eskbanker 

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....

When you say glacial what are we talking.  If I started the process soon would it likley complete by March, to avoid paying the annual charge at Halifax again?

iWeb quotes 15 weeks for a transfer in its T&Cs. There have been reports of transfers taking longer than that, but they are probably exceptions. Halifax to iWeb ought to be quick because they are on the same IT platform, but there is no guarantee of that.

Alexland

GeoffTF said:

Halifax to iWeb ought to be quick because they are on the same IT platform, but there is no guarantee of that.

About a year ago forum members were saying such transfers between HSD/iWeb were only taking a couple of days and then maybe 6 months ago someone confirmed it took a couple of weeks. The longest delay is probably waiting for them to get around to starting work on the transfer but if they are using the same nominee then the assets do not require reregistering with the fund managers etc. I wonder to what extent the iWeb transfer delays are caused by the team being busy with HSD transfers out since the new charges were introduced.

GeoffTF

Alexland said:

GeoffTF said:

Halifax to iWeb ought to be quick because they are on the same IT platform, but there is no guarantee of that.

About a year ago forum members were saying such transfers between HSD/iWeb were only taking a couple of days and then maybe 6 months ago someone confirmed it took a couple of weeks. The longest delay is probably waiting for them to get around to starting work on the transfer but if they are using the same nominee then the assets do not require reregistering with the fund managers etc. I wonder to what extent the iWeb transfer delays are caused by the team being busy with HSD transfers out since the new charges were introduced.

Further back in time, when it was requested, HSDL transferred their Motley Fool branded accounts to iWeb very quickly. The HSDL transfer team is clearly overloaded at the moment.