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

jimjames

talexuser said:

I'm generally a buy and hold, max the ISA every year, but have dividends to invest and probably spend £100 to £150 on trades every year on dividends for ISA and unwrapped. Even so have saved thousands on account fees compared to other platforms. Pretty sure I paid £25 to open years ago. No brainer.

iWeb don't charge the £5 dealing fee for dividends, there is a reinvestment option that is tiny, something like 1% I think.

talexuser

Good point, 2% on small amounts capped at £5? It depends on your balance, for small sums the reinvestment is definitely worthwhile, for larger sums the £5 is pretty insignificant. I won't live long enough to be able to transfer all my unwrapped into the ISA at max level every year.

AlwaysLearnin

For info of anyone considering this, I opened an iWeb account on Fri 9th Dec, requested a transfer of previous years amounts from Vanguard on Tue 13th, and have just logged in to iWeb and found that the amounts are showing already (16th).  I didn't actually hear anything from iWeb about the transfer after filling in the online form, but did get messages from Vanguard about it.  Not too worried about not hearing anything, as long as it all moved over smoothly!  All in all, pretty impressed (on both sides)

drob4

AlwaysLearnin said:

For info of anyone considering this, I opened an iWeb account on Fri 9th Dec, requested a transfer of previous years amounts from Vanguard on Tue 13th, and have just logged in to iWeb and found that the amounts are showing already (16th).  I didn't actually hear anything from iWeb about the transfer after filling in the online form, but did get messages from Vanguard about it.  Not too worried about not hearing anything, as long as it all moved over smoothly!  All in all, pretty impressed (on both sides)

Was this an in specie fund that you were transferring? There were reports of lengthy delays between Vanguard and IWeb a while ago.

How does the transfer work at Vanguard’s end? Does the account remain open for you to add to in the next year?

AlwaysLearnin

drob4 said:

AlwaysLearnin said:

For info of anyone considering this, I opened an iWeb account on Fri 9th Dec, requested a transfer of previous years amounts from Vanguard on Tue 13th, and have just logged in to iWeb and found that the amounts are showing already (16th).  I didn't actually hear anything from iWeb about the transfer after filling in the online form, but did get messages from Vanguard about it.  Not too worried about not hearing anything, as long as it all moved over smoothly!  All in all, pretty impressed (on both sides)

Was this an in specie fund that you were transferring? There were reports of lengthy delays between Vanguard and IWeb a while ago.

How does the transfer work at Vanguard’s end? Does the account remain open for you to add to in the next year?

It was in specie.

I have current year contributions still in Vanguard, so the account remained open

retiringtoosoon

AlwaysLearnin said:

drob4 said:

AlwaysLearnin said:

For info of anyone considering this, I opened an iWeb account on Fri 9th Dec, requested a transfer of previous years amounts from Vanguard on Tue 13th, and have just logged in to iWeb and found that the amounts are showing already (16th).  I didn't actually hear anything from iWeb about the transfer after filling in the online form, but did get messages from Vanguard about it.  Not too worried about not hearing anything, as long as it all moved over smoothly!  All in all, pretty impressed (on both sides)

Was this an in specie fund that you were transferring? There were reports of lengthy delays between Vanguard and IWeb a while ago.

How does the transfer work at Vanguard’s end? Does the account remain open for you to add to in the next year?

It was in specie.

I have current year contributions still in Vanguard, so the account remained open

Thanks for info. I’ve just set up my account with iweb and applied for prior years Isa transfers. Hope it goes smoothly. Is there a phone app at all for iweb platform?

adindas

wmb194 said:

SharpShooter said:

So they let you open an account and they promise to return your £100.

They offer free U.S trading, but not UK (confused) with a 1.5% transaction fee. In the modern day, these companies are out of date.

The nice thing about iWeb is that it doesn't charge any ongoing account fees. What you can do is buy shares and funds elsewhere at no or lower cost on platforms and with stockbrokers that charge account fees and later transfer them to iWeb.

I have not scrutinised the iWeb fee structure. With the Vanguard Personal there is  the annual platform fee of 0.15%, capped at £375.

I understand that they allow in-specie transfer without fee??

Could you do both in S&S ISA and SIIP Account ??

If you have a SIIP accountant with Vanguard that mainly mainstream funds that you hardly ever sell apart from keep adding is using DCA. So to take advantage of both, you accumulate it using Vanguard platform and if it is reasonably enough you transfer it to iWeb to avoid this 0.15% if staying in Vanguard. Is it possible to do that, Is there any catch ?

Will it cost nothing to do in-specie transfer for majority of them to iWEB and it costs nothing (no maintenance fee) to keep it iWeb for indefinite period ??

How long will it take to transfer existing assets in S&S ISA, SIIP to this iWEB ?

Thank you for your time ...

ColdIron

iWeb aren't as competitive for SIPPs as they are for ISAs, £90/£180 pa custody fees (unlike £0 for ISAs) plus £180 pa in drawdown. You may be able to get better elsewhere. I think they outsource SIPP management to AJ Bell

https://www.iweb-sharedealing.co.uk/our-accounts/self-invested-personal-pension/sipp-charges.html

Edit: There may be transfer in charges

• Transfer in of another registered pension scheme
• £60 per plan (maximum £300)

retiringtoosoon

retiringtoosoon said:

AlwaysLearnin said:

drob4 said:

AlwaysLearnin said:

For info of anyone considering this, I opened an iWeb account on Fri 9th Dec, requested a transfer of previous years amounts from Vanguard on Tue 13th, and have just logged in to iWeb and found that the amounts are showing already (16th).  I didn't actually hear anything from iWeb about the transfer after filling in the online form, but did get messages from Vanguard about it.  Not too worried about not hearing anything, as long as it all moved over smoothly!  All in all, pretty impressed (on both sides)

Was this an in specie fund that you were transferring? There were reports of lengthy delays between Vanguard and IWeb a while ago.

How does the transfer work at Vanguard’s end? Does the account remain open for you to add to in the next year?

It was in specie.

I have current year contributions still in Vanguard, so the account remained open

Thanks for info. I’ve just set up my account with iweb and applied for prior years Isa transfers. Hope it goes smoothly. Is there a phone app at all for iweb platform?

Just to follow up on this, 5 days later the transfer in specie has been confirmed and I can see the funds on the Vanguard platform have been marked as transferred already. Nice smooth quick process!

AlwaysLearnin

It was only 2 or 3 days for the cashback to show on my account too.  Very pleased so far!