Lloyds Stocks and Shares ISA - Any experience or thoughts?

Qyburn

Hi,

Does anyone use or have any information about the Lloyds Stocks and Shares ISA offering or "Share Dealing ISA" as they call it? Costs look reasonable, it should work out cheaper than Hargreaves Lansdown once the value exceeds around £9,000 (exact break even point depends on how many deals per year). However information is sketchy, I can't even see a list of the funds that can be used. The published information focusses more on how easy it is to open an account.

I would also be interested in how easy it is to operate, how responsive when doing things, or any other feedback from people who actually use the account.

Thanks,

wmb194

Qyburn said:

Hi,

Does anyone use or have any information about the Lloyds Stocks and Shares ISA offering or "Share Dealing ISA" as they call it? Costs look reasonable, it should work out cheaper than Hargreaves Lansdown once the value exceeds around £9,000 (exact break even point depends on how many deals per year). However information is sketchy, I can't even see a list of the funds that can be used. The published information focusses more on how easy it is to open an account.

I would also be interested in how easy it is to operate, how responsive when doing things, or any other feedback from people who actually use the account.

Thanks,

Same as iWeb, it's actually rebranded version of Halifax Sharedealing and you might find more information on its website. Of the three I'd choose iWeb - £100 to open but no ongoing fees - and it's okay, a wide choice of funds but no frills, particularly the UI. Withdrawals are on Bacs timescales i.e. takes a couple of days, which is a bit annoying, but I do like the option to have dividends and interest automatically paid out to your nominated account.

Be warned that transfers from other brokers can be very hit and miss in terms of speed and whether they even happen - a couple of weeks ago I had one that iWeb gave up on after a couple of months ("no response from the broker") but Freetrade managed in about two weeks with no fuss.

MarkFromCornwall

Qyburn said:

I would also be interested in how easy it is to operate, how responsive when doing things, or any other feedback from people who actually use the account.

Thanks,

If you use the Lloyds app to manage a current and/or savings account, you can access your sharedealing account through the same app which is handy.

Qyburn

Thanks. Yes I should have mentioned that our main current account is Lloyds, although nowadays we have pretty much no saving with them.

Qyburn

I found their lists of funds etc ..
https://www.investments.lloydsbank.com/funds-centre/

Beddie

I use them - only £40 a year flat fee and £1.50 to buy and sell funds. Not as great a fund range as others (HL etc.) but all the main ones are there. As others have said, it's the same platform as iweb and halifax, which is dated and basic, but it does the job.

jimjames

Qyburn said:

Thanks. Yes I should have mentioned that our main current account is Lloyds, although nowadays we have pretty much no saving with them.

Any particular reason you're looking at Lloyds rather than other options, is there something specific that appeals? £1.50 per trade might be cheaper than iWeb (£5) but is more than others that have no charge to buy funds.  So it really depends how much you are going to be trading and the value of your portfolio to work out which is the best option. 

Qyburn

jimjames said:

Any particular reason you're looking at Lloyds rather than other options, is there something specific that appeals?

A variety of reasons really. I started off looking for low cost on an assumption of reaching at least £20K value with few trades a year. There's also a bit of prejudice really, I like the idea of an outfit that sounds like a bank or serious institution, rather than a social media site. And without this necessarily being rational, I don't like the idea of being locked into one particular brand of funds.

jimjames

Qyburn said:

jimjames said:

Any particular reason you're looking at Lloyds rather than other options, is there something specific that appeals?

And without this necessarily being rational, I don't like the idea of being locked into one particular brand of funds.

It's entirely rational and very sensible to want to have funds from more than one manager and a very good reason to use for your selection criteria. Definitely worth comparing the options within LBG to see if the Halifax/iweb offerings are any better for your situation too.

incus432

Currently there is another good reason to choose Lloyds over Iweb if youre transferring in, which is this cashback offer.  https://www.lloydsbank.com/investing/landing-pages/transfer-offer.html