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

ChesterDog

That wasn't a proper answer - I was in a tearing hurry.

No, I'm not very concerned about the FSCS cover limit when it comes to mainstream investments - the portfolio values make it infeasible to take into account anyway.

But I can easily mitigate "platform risk", so that's why we run things this way.

ericlered7

Hi all,

I have read through this thread, am I right in thinking that if I have a S&S ISA with Vanguard, I can open a new one with iWeb, and request to transfer my previous years subscriptions from Vanguard to iWeb, whilst keeping my current years subs in the Vanguard ISA, which I can keep adding to, and transfer at a later date if I want?

In this way I would avoid the ongoing 0.15% Vanguard fee, and there is also no charge at either end for transferring? and no ongoing charges from iWeb for holding?

Do you open the iWeb ISA first, and once it's open, request the transfer? and how do you request the transfer, can it be done in the online Vanguard account?

Finally, when an ISA is transferred in this way, is there any risk of being "out of the market" at all?

Thanks for any help, happy new year!

ColdIron

Duplicate post, see reply at

https://forums.moneysavingexpert.com/discussion/comment/79745144/#Comment_79745144

Asghar

Can anyone tell me if it's free to withdraw cash from the ISA, like dividends (can only see mention of a CHAPS charge), and what is the minimum investment amount?

Thanks.

masonic

Asghar said:

Can anyone tell me if it's free to withdraw cash from the ISA, like dividends (can only see mention of a CHAPS charge), and what is the minimum investment amount?

Thanks.

Yes, BACS withdrawals are free. I've not encountered a lower limit, and have withdrawn small cash balances of <£100 from my trading account before. For investments, the minimum often varies by fund. The £5 trading fee makes it uneconomical to buy or sell small amounts.

badger09

expansion said:

badger09 said:

expansion said:

I have opened a new LISA with AJ Bell and put in the max 4k. I already have an ISA with AJ Bell but I have not put in any money yet this tax year so I have 16k allowance still. Should I open the iweb ISA, transfer the AJ Bell and then put in up to 16k? If I put in the 16k in the existing AJ Bell ISA will it break ISA rules?

Not sure what you’re asking but here goes….

You have paid £4k into a new LISA with AJ Bell during this tax year. 

You have an existing S&S ISA which contains only previous tax years’ subscriptions. 

You want to open an S&S ISA with IWeb and pay in £16k

No problem with doing that, no ISA rules broken. 

I’m not sure whether you actually want to transfer your existing S&S ISA from AJ Bell to IWeb 
or whether you think you have to
You don’t have to, but you can if you want to. 

If you do want to transfer it, it’s probably easier to open the S&S ISA with IWeb, pay in your £16k & then ask them to arrange the transfer. 

What you can’t do is pay into both S&S ISAs during the rest of this tax year. 

Perhaps if you say what you’re trying to achieve, I can help. 

I want to transfer. I know I don't have to.

I understand I can't add to both and easiest to add to new iweb account but not the cheapest because of iweb's foreign rates.

Can I open a new iweb with zero balance and still contribute this year's 16k to the old AJ Bell and then transfer in specie to iweb? iweb's terms say 5k must be transferred or deposited within 6 months giving 2 months in 2022-23 to add from next year's allowance. This would work unless iweb force me to deposit on opening the account or would close it because of zero balance for more than 4 months.

I’m still not sure what you’re trying to achieve but as there are no other replies, I’ll have a go. 

Why can’t you open the ISA account with IWeb now and ask them to transfer all your previous years’ subscriptions, in specie, from AJ Bell immediately?

Continue to subscribe up to  £16k to your ISA with AJ Bell before 5/4/23.
After 6/4/23 ask IWeb to xfer previous year’s subscriptions in specie and continue to subscribe up to £20k into your ISA with AJ Bell

Curious to know what you’re  invested in which would attract ‘foreign rates’

pbryd

This is good for me. I have 17.5K in Premium bonds but would like to move some of it into investments. I have owned Index Tarckers before but don't have anything at the moment.

alewin

Something has gone wrong with my ISA transfer to iWeb.

Posted the transfer form (as requested) on the 5th, Thursday, requesting a Stocks transfer.
Received a letter yesterday dated the 9th, Monday, detailing the request for the ISA transfer from Santander as Cash.

Just checked my Santander account and the funds have been sold into cash, this happed on 13th, Friday.
Can't believe it, now out of the market along with all the hassle just to save fees. Not sure what to do now.
iWeb have the same fund, HSBC FTSE All-World Index C.

EthicsGradient

alewin said:

Something has gone wrong with my ISA transfer to iWeb.

Posted the transfer form (as requested) on the 5th, Thursday, requesting a Stocks transfer.
Received a letter yesterday dated the 9th, Monday, detailing the request for the ISA transfer from Santander as Cash.

Just checked my Santander account and the funds have been sold into cash, this happed on 13th, Friday.
Can't believe it, now out of the market along with all the hassle just to save fees. Not sure what to do now.
iWeb have the same fund, HSBC FTSE All-World Index C.

I think the first thing would be to contact iWeb and ask for the same number of units to be restored to your ISA, at no cost to you. I'd hope they'd be honest about their mistake, but it'll help if you had a scan of the form you posted (yes, I know, we often don't bother doing things like that).

alewin

I saved a PDF of the transfer form which I then printed and signed.
It shows the the type of ISA as a Stocks and Shares ISA, and the transfer to be made as "Stocks and residual cash", which I'm hoping was in-specie.
I chose that option and not the cash one.

Hope I did everything right. Anyone with any experience transferring to iWeb. Feel gutted having to wait around two weeks (being out of the market), for the cash to be settled and transferred over.