Interactive Investor feedback

mutley74

Hi
I currently have a ISA and SIPP with HL. I am on their negotiated fees for the past few years (when they offered a deal to retain customers). 

I ran through all my fees and worked out I could probably save at least £300 per year to switch to ii. Although content with HL customer service, realise they are the more expensive of trading platforms. I do trade a few times a month. 

Yet the ii app has very poor ratings.  

What is the trading platform like?  Do ii offer any discounts on holding fund management fees and initial fees? (As i get some funds discounted via HL).  

 Any feedback appreciated. thanks

masonic

I don't believe ii has any special discounts on fund fees, but initial fees are generally waived by all fund supermarkets. I normally use the website on a PC to do most things, but have on occasion used the app when I'm away from home. It seems adequate to me. I prefer other sites for doing research such as Trustnet, Morningstar, Citywire et al, so the only reason I log in at ii is to download my portfolio to update my own records, to vote on share issues, and to trade.

It's probably worth mentioning that you can use their regular investing service to place buy orders at no cost (just set up for one month online and then delete), so save the trading credits for sell orders.

k_man

Be aware, II don't prefund as HL do, so that can add a delay, and fund changes would be a sell and buy, with time out of the market (unless you maintain a cash float).

Your few trades a month may become costly, unless the regular investing method suggested above works for you.

LHW99

I find II perfectly adequate as a platform, although I don't use the app. I am a buy & hold investor, so the free trades cover the small amount of trading I do. The fees get cheaper the more you have invested, as they are fixed, and you can choose a slightly more expensive monthly fee and get slightly cheaper trades (https://www.ii.co.uk/our-charges#plans).

ChesterDog

From a customer service point of view...

I have a slightly complex situation regarding multiple accounts, and have found the customer service to be first class. My calls have always been answered very quickly, too.

jamei305

k_man said:

Be aware, II don't prefund as HL do, so that can add a delay, and fund changes would be a sell and buy, with time out of the market (unless you maintain a cash float).

Your few trades a month may become costly, unless the regular investing method suggested above works for you.

Indeed, when selling investment trusts I've found I've had to wait until the settlement date to reinvest the proceeds.

Albermarle

jamei305 said:

k_man said:

Be aware, II don't prefund as HL do, so that can add a delay, and fund changes would be a sell and buy, with time out of the market (unless you maintain a cash float).

Your few trades a month may become costly, unless the regular investing method suggested above works for you.

Indeed, when selling investment trusts I've found I've had to wait until the settlement date to reinvest the proceeds.

I think ( not sure ) that would apply to all platforms, and the pre funded switching is only for OEIC funds .

Linton

k_man said:

Be aware, II don't prefund as HL do, so that can add a delay, and fund changes would be a sell and buy, with time out of the market (unless you maintain a cash float).

Your few trades a month may become costly, unless the regular investing method suggested above works for you.

I believe  II do prefund . I have often bought funds from the proceeds of a sale before the settlement date.  You cant of course withdraw the money until it is received.

masonic

jamei305 said:

k_man said:

Be aware, II don't prefund as HL do, so that can add a delay, and fund changes would be a sell and buy, with time out of the market (unless you maintain a cash float).

Your few trades a month may become costly, unless the regular investing method suggested above works for you.

Indeed, when selling investment trusts I've found I've had to wait until the settlement date to reinvest the proceeds.

I have never had to wait more than a few minutes from the moment a trade in an ETF or investment trust has executed until I can reinvest the proceeds. Even with OEICs the money is available the day after the trade executes - well ahead of settlement.

k_man

Maybe the wrong terminology then

With HL you can change funds without an explicit sell and buy, and there appears to be no significant gap between old fund to new.

masonic

k_man said:

Maybe the wrong terminology then

With HL you can change funds without an explicit sell and buy, and there appears to be no significant gap between old fund to new.

Unless they've changed things, at HL the buy order is executed at the valuation point after the sell order is executed (i.e. buy and sell do not happen on the same day). This is the same as ii, but at ii you must place the two orders separately, meaning that you have to wait until the sell order executes to place the buy order. So it is a convenience thing, rather than being out of the market for longer.