IWeb - who's using them?

jimjames

Long term happy user here as well. Significant saving compared to HL and that saving is every year so really adds up over time.

bongoali

Hello all.. I have a related question if anyone can help please?

I’m currently with Fidelity and put in £200 per month via direct debit from my bank account to a S&S ISA (VLS 100%).

Fidelity do not charge me each month for this.

I am wondering if I move to iWeb with the same approach whether each month I would get charged £5 for “dealing”.

Just wondering because Fidelity don’t charge me (I know they have a platform fee).

Thanks in advance.

DiamondLil

I've been with IWeb for years and totally happy with them; I don't find the user interface dated at all - it's a refreshing change from others which seem to be always changing. For the very few deals I make, the low charge of £5 doesn't hurt too much.

@bongoali - as far as I know IWeb don't offer a monthly direct debit option.

EthicsGradient

bongoali said:

Hello all.. I have a related question if anyone can help please?

I’m currently with Fidelity and put in £200 per month via direct debit from my bank account to a S&S ISA (VLS 100%).

Fidelity do not charge me each month for this.

I am wondering if I move to iWeb with the same approach whether each month I would get charged £5 for “dealing”.

Just wondering because Fidelity don’t charge me (I know they have a platform fee).

Thanks in advance.

Yes, the iWeb £5 applies to fund purchases, as well as shares etc. So that'd be £60/year; if you have a regular savings plan with Fidelity, the fee seems to be 0.35% of your total holding - so while that's below £17,143, Fidelity is cheaper. I would guess Fidelity is pretty good for those starting out an ISA.

ColdIron

bongoali said:

I’m currently with Fidelity and put in £200 per month via direct debit from my bank account to a S&S ISA (VLS 100%).

Fidelity do not charge me each month for this.

I am wondering if I move to iWeb with the same approach whether each month I would get charged £5 for “dealing”.

IWeb do not offer monthly investing or direct debits. You could move it manually but they would charge the £5 transaction fee

IWeb are great for larger sums and infrequent dealing

Percentage fee providers like Fidelity are better for smaller sums and frequent dealing

bongoali

Thank you folks.

GeoffTF

I have had an iWeb account for over 10 years. I have not had any serious problems. I find the website is easier to use than Vanguard's, and they pay dividends much more quickly than Vanguard.

masonic

bongoali said:

Hello all.. I have a related question if anyone can help please?

I’m currently with Fidelity and put in £200 per month via direct debit from my bank account to a S&S ISA (VLS 100%).

Fidelity do not charge me each month for this.

I am wondering if I move to iWeb with the same approach whether each month I would get charged £5 for “dealing”.

Just wondering because Fidelity don’t charge me (I know they have a platform fee).

Thanks in advance.

Put the £200 per month into a First Direct 7% regular saver. When it matures use the proceeds to invest £2,595 for a single £5 trading fee..

SamDude

@masonic - rather than putting the money into a FD regular saver, would you not recommend continuing to pay into the Fidelity S&SISA, and then transfer it once a year to iWeb (as a 'past year' ISA) for a single £5 fee?

(curious to know if there are any issues with this as that is what I'm thinking of doing (separately to my FD reg-saver)

masonic

SamDude said:

@masonic - rather than putting the money into a FD regular saver, would you not recommend continuing to pay into the Fidelity S&SISA, and then transfer it once a year to iWeb (as a 'past year' ISA) for a single £5 fee?

(curious to know if there are any issues with this as that is what I'm thinking of doing (separately to my FD reg-saver)

You wouldn't even need to pay a £5 fee. I don't believe Fidelity allow partial transfers out, so you'd have the additional overhead of applying for a new S&S ISA, setting up your regular investment again, and ultimately risk Fidelity deciding that they no longer want to have a relationship with you if they get fed up with the behaviour. I don't like to potentially burn bridges, so this is not something I would do.