Cheapest Broker for DRIP (Dividend Reinvestment Plan)

murfy92

Hi,

I am not a trader or a regular purchaser of shares. 

I simply have some Royal Mail shares which I purchased during the IPO back in 2013. 

The shares are managed by interactive investor and I have been on Dividend Reinvestment Plan from the very start.
Interactive Investor are now charging £9.99 a month to manage my shares. They were charging £22 every quarter.

I find these charges too much as apart from the DRIP my account is inactive.

I was wondering who the cheapest brokers would be for my shares.
 
Someone mentioned Degiro but I couldn't find their fees for DRIPs. 

Do I really need a stockbroker for my requirements?

masonic

Are the shares in a S&S ISA?

jimjames

iWeb would charge £100 to open an account and nothing more so after 10 months you'd be in profit. There are small fees to reinvest dividends which I think is 1%.

Vortigern

If the shares are not in an ISA:

Equiniti/Share view, the registrar for RM,  has a Corporate Sponsored Nominee service. It might cost about £10 to transfer your shares in, but then no cost to hold and possibly a free DRIP. Equiniti is not the cheapest place for selling shares, but when you want to sell, you can transfer to a cheaper broker.