Don't Forget Halifax Share Dealing Starts Charging for "Holding" Shares Soon

eskbanker

elle_may said:

NewPieman said:

Remember Halifax Share Dealing Account starts charging to have an account in April......so if you just hold shares in there and do nothing....you'll be £36 a year lighter......

Confused. Does this mean if you hold any shares with them. Or is this a different account to sell your shares.

I'm confused about your confusion, but Halifax Share Dealing is a platform for buying, holding and selling shares and other investments, which is introducing an annual £36 admin fee that they didn't charge before.  Do you have one of these accounts?

refluxer

elle_may said:

NewPieman said:

Remember Halifax Share Dealing Account starts charging to have an account in April......so if you just hold shares in there and do nothing....you'll be £36 a year lighter......

Confused. Does this mean if you hold any shares with them. Or is this a different account to sell your shares.

Halifax will be charged £36/year for their share dealing account from next month and the dealing commission per trade will reduce from £12.50 to to £9.50. The new £36/year fee will also include (replace) the previous £12.50/year S&S ISA fee.

This means that anyone (without a S&S ISA) not buying or selling shares more than 12 times a year will be worse off and anyone simply holding shares with the Halifax (outside of a S&S ISA) and not trading regularly will effectively be paying Halifax £36/year for them to hold the shares..

If you're a customer, you should have received an email about this in January last year and a reminder last November. The emails contained some useful examples for customers to work out the new charges and whether they'll be better or worse off.

elle_may

eskbanker said:

elle_may said:

NewPieman said:

Remember Halifax Share Dealing Account starts charging to have an account in April......so if you just hold shares in there and do nothing....you'll be £36 a year lighter......

Confused. Does this mean if you hold any shares with them. Or is this a different account to sell your shares.

I'm confused about your confusion, but Halifax Share Dealing is a platform for buying, holding and selling shares and other investments, which is introducing an annual £36 admin fee that they didn't charge before.  Do you have one of these accounts?

I have ordinary shares that were with Halifax when it went down but now with Lloyds and never sold or bought shares. I have not had any emails or letters regarding this.

eskbanker

elle_may said:

eskbanker said:

elle_may said:

NewPieman said:

Remember Halifax Share Dealing Account starts charging to have an account in April......so if you just hold shares in there and do nothing....you'll be £36 a year lighter......

Confused. Does this mean if you hold any shares with them. Or is this a different account to sell your shares.

I'm confused about your confusion, but Halifax Share Dealing is a platform for buying, holding and selling shares and other investments, which is introducing an annual £36 admin fee that they didn't charge before.  Do you have one of these accounts?

I have ordinary shares that were with Halifax when it went down but now with Lloyds and never sold or bought shares. I have not had any emails or letters regarding this.

If you hold Lloyds Banking Group shares, but not a Halifax Share Dealing account, then this new charge doesn't affect you in the slightest....

chucknorris

NewPieman said:

Remember Halifax Share Dealing Account starts charging to have an account in April......so if you just hold shares in there and do nothing....you'll be £36 a year lighter......

I used to have a share dealing account with Halifax, but never again. It was a long time ago by the name suggests, I had a 'PEP', and I wanted to transfer it to my ISA, they said it couldn't be done. I argued with them on the telephone and the woman that I was talking to said "I have been doing this for over 20 years, you are wrong, you can't do that" It took me many weeks for them to concede and do it, and I lost out, the price of the share that I wanted to invest had had risen significantly by the time it was done. I wouldn't touch them with a barge pole.

latecomer

I completely forgot about this due to other stuff going on - I am too late to transfer my ~£1200 shares out but will sell them, withdraw the cash and close the account and hope it completes in time to avoid the charge.   

eskbanker

latecomer said:

I completely forgot about this due to other stuff going on - I am too late to transfer my ~£1200 shares out but will sell them, withdraw the cash and close the account and hope it completes in time to avoid the charge.   

That would potentially make sense if your shares are doing particularly well just now (oil company?) or if you really need the money imminently (although transferring wouldn't have addressed that), but in general it doesn't look like a good time to be liquidating, so you could easily be losing far more than £36 by doing so....

latecomer

thanks for the reply.  they are Royal mail shares that I've had since IPO, just letting the dividends slowly grow.  but the £36 a year charge will cancel any growth from dividends.  Will either rebuy using a cheap execution only broker or more likely just add it to my Vanguard S&S ISA.  Its a small % of my overall total and despite the recent fall in price is still ahead of IPO price by virtue of the dividends. 

Fingerbobs

I've just had an email from Halifax reminding me about the forthcoming administration fee, and it says "If you’ve already told us that you’d like to close or transfer your account, you won’t be charged and you don’t need to do anything further."

Fingerbobs

Just received an email confirming that my Halifax Sharedealing account has been closed. 
I can still log in on the web site, but I then get a message saying the service is not currently available.