IWeb - who's using them?

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  • jimjames
    jimjames Forumite Posts: 17,302
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    Long term happy user here as well. Significant saving compared to HL and that saving is every year so really adds up over time.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • bongoali
    bongoali Forumite Posts: 166
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    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
    DiamondLil Forumite Posts: 606
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    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
    EthicsGradient Forumite Posts: 750
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    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
    ColdIron Forumite Posts: 8,272
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    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
    bongoali Forumite Posts: 166
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    Thank you folks.
  • GeoffTF
    GeoffTF Forumite Posts: 1,181
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    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
    masonic Forumite Posts: 22,033
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    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
    SamDude Forumite Posts: 396
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    @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
    masonic Forumite Posts: 22,033
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    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.
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