Transfer Vanguard funds to a fixed fee platform

ericlered7

ColdIron said:

ericlered7 said:

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?

Yes, yes and yes

and how do you request the transfer, can it be done in the online Vanguard account?

You must initiate the transfer from IWeb not Vanguard

https://www.iweb-sharedealing.co.uk/our-accounts/transfer-your-existing-investments.html#isa-or-sd-account

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

Not if you do an 'in speccie' transfer as per the link

You should make sure that IWeb allow you to hold your existing investments

Thank you, very helpful.

Sea_Shell

Before we start pressing buttons and applying...

What's the iWeb platform actually like to use?  Good interface?   Clear information?   Good customer service?

I can't see that they have an app.   Do they link up with the Lloyds bank app?

If no app, is the web page easy to navigate on a phone?

masonic

I don't think they have an app. The website is basic and I've found it works well on a phone. I only use it to place trades, as I get information from elsewhere. I've no complaints. I can't comment on customer service - I've been with them about 5 years and so far haven't needed any. During that time I've added/withdrawn money, traded, and transferred in multiple other ISAs without needing to speak to anyone.

Notepad_Phil

Sea_Shell said:

Before we start pressing buttons and applying...

What's the iWeb platform actually like to use?  Good interface?   Clear information?   Good customer service?

I can't see that they have an app.   Do they link up with the Lloyds bank app?

If no app, is the web page easy to navigate on a phone?

To add to masonic's reply, I've only needed to contact their customer service a few times over the years I've been with them (the last time was actually just before xmas), but they've been responsive and helpful whenever I have.

ColdIron

Just for balance: I've only contacted CS once just after I transferred to them. I wanted to know where I could find the forms to set up a monthly direct debit. The CSR couldn't find them and suggested I Google them

She did have the good grace to phone me back the next day to tell me they don't offer the facility

So they are not always the bright and bushy tailed people you find at, say, HL but as a long term buy and hold investor I am more than happy with them

Sea_Shell

Thanks for that feedback.


What about proving ID?   Do they use electronic verification?

Are there lots of hoops to jump through to sign up?

masonic

It was a while ago for me, but I didn't need to provide any documents and the process was simple.

Sea_Shell

It goes to show how careful you need to be with all this stuff...

We were thinking of moving just "old" ISA years only to iWeb (from Fidelity), but on reading all the Fidelity blurb, there are no exit fees as such, however, if you only have a little bit (or nothing) with them, but keep an account open, and don't have a regular investment set up, their fee is £45 per month!!!!    

So we could shoot ourselves in the foot somewhat.

So we will be moving it all, including current tax year.    As otherwise, our accounts with just a couple of £k in will get stung with charges.   

We don't have any "new" money to put in them, so trying to avoid the £5 per trade fee with iWeb isn't really a consideration, in our case.

Sea_Shell

iWeb ISA duly opened.

Will tackle the transfer in a couple of days.

We'll make sure mine all goes through smoothly before doing DHs, so as to still have access to the money, if needed, mid-transfer.


I haven't made any tax year contributions to my fidelity ISA, so I'm free to open this new one.

Am I right in thinking DH can open this one too if he's only going to be transferring in, not making any new contributions.   He has contributed to his fidelity ISA this year.

masonic

Sea_Shell said:

Am I right in thinking DH can open this one too if he's only going to be transferring in, not making any new contributions.   He has contributed to his fidelity ISA this year.

Correct, it makes no difference whether there are current year subscriptions or whether there will be new contributions.