iWeb Offering £100 Cashback (Negating the £100 Account Opening Fee)

retiringtoosoon

I currently have ~£65k in Vanguard platform S&S ISA which i add £500 per month into their FTSE Global All Cap Index Fund Accumulation fund.

Would it make sense to open this iWeb ISA and transfer the bulk across to avoid paying ongoing Vanguard fees?
Could i then continue to invest in the Vanguard fund either on the Vanguard or iWeb platform?

ColdIron

Would it make sense to open this iWeb ISA and transfer the bulk across to avoid paying ingoing Vanguard fees?

You would save ~£100 pa in fees, only you can say if it's worth it

In specie transfers could take quite a bit of time but maybe that doesn't matter to you

Could i then continue to invest in the Vanguard fund either on the Vanguard or iWeb platform?

As it's an ISA it would have to be one or the other, not both in any one tax year. Obviously Vanguard would not charge for trades

The fund is available on IWeb

ivormonee

It's worth opening an account now while it's effectively free, if you have the £5k available, even if you might not want to use it. It'll be there in the future if you ever decide to make use of it. After a year you could still take back your £5k and retain the account if you wanted.

k_man

ivormonee said:

It's worth opening an account now while it's effectively free, if you have the £5k available, even if you might not want to use it. It'll be there in the future if you ever decide to make use of it. After a year you could still take back your £5k and retain the account if you wanted.

Is any interest earned on cash in iWeb?

If not you are missing out on £140 of interest in an EA (more for a fixed savings account), to save £100.

kev2009

Hi all,

I did open a Halifax share dealing account ages ago (prob 10 years or so ago now...) not even sure if its still active as I bought and sold my shares and never logged in since....

Would I be eligible for this and get the £100 cash back?  Also, could I open it now and not put any money in it until April as I have an existing share dealing account (non-ISA and not with Halifax) which I now want to move to a Stocks & Shares ISA and iWeb is looking very good compared to my other provider.  Admittedly I'd have to sell all my shares and then re-buy in the ISA but that's ok.

Thanks

Kev

badger09

retiringtoosoon said:

I currently have ~£65k in Vanguard platform S&S ISA which i add £500 per month into their FTSE Global All Cap Index Fund Accumulation fund.

Would it make sense to open this iWeb ISA and transfer the bulk across to avoid paying ongoing Vanguard fees?
Could i then continue to invest in the Vanguard fund either on the Vanguard or iWeb platform?

You could open an ISA with IWEB & transfer all previous tax years subscriptions in specie. Just leave your current year’s subscriptions with Vanguard & carry on investing £500 pm with them. Then after 5th April 2023, transfer 2022/23 subscriptions to IWEB. Rinse & repeat 

AmityNeon

When and how does IWeb actually collect the £100 account opening charge? The language isn't very clear to me.

The account opening charge will be taken from your nominated bank account. However, if we are unable to collect this it will be taken from available money within your share dealing account or ISA.

There was no direct debit instruction, and only a £1 authorisation charge has been placed on my debit card.

tomla

AmityNeon said:

When and how does IWeb actually collect the £100 account opening charge? The language isn't very clear to me.

The account opening charge will be taken from your nominated bank account. However, if we are unable to collect this it will be taken from available money within your share dealing account or ISA.

There was no direct debit instruction, and only a £1 authorisation charge has been placed on my debit card.

Same here. Ditto to the £5 dealing charge?

ColdIron

The £5 dealing charge is taken from the trade, so if you buy £1,000 of a fund it will buy £995 of units. Ditto sales, if you sell nnn units that would realise £1,000 you get £995

Snapdragon

AmityNeon said:

When and how does IWeb actually collect the £100 account opening charge? The language isn't very clear to me.

The account opening charge will be taken from your nominated bank account. However, if we are unable to collect this it will be taken from available money within your share dealing account or ISA.

There was no direct debit instruction, and only a £1 authorisation charge has been placed on my debit card.

When I opened my IWeb account (Dec 30th 2020, to get it open prior to them putting the joining fee up on 1st Jan 2021) the £1 authorisation test was taken via my debit card (shows on bank statement 3rd Jan) and returned to same account, then the joining fee was debited to the card the following day, shows on statement 4th Jan. So if you used a debit card, that's the bank they are referring to as your nominated bank account.