Transfer S&S ISA from HL to Iweb - Cash or In Specie?

Hi,
My HL ISA is reaching the stage where I would benefit from a transfer to fixed fee platform, for example Iweb. It's a bit of a mess at the moment as I've been adding to it piecemeal and have had some changes of heart. I don't expect to add more this tax year.

So the question is do I (1) tidy it up with HL where there are no trading fees, and try the transfer in-specie or (2) if that's not possible instruct transfer in cash and buy the funds in from scratch in Iweb?

What I don't know is if the in-specie transfer will still incur trading fees in Iweb. If They do then maybe cash is the better option with no need to tidy up in HL as it's all going to be sold anyway.

Any comments appreciated.

Thanks.

Comments

  • frugalmacdugal
    frugalmacdugal Posts: 10,077
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    Hi,
    you can sign up with IWeb free HERE, usually £100.
    I'm in process of doing in-specie transfers from Interactive Investor, Trading Account and Isa.
    You open an account, no need to deposit funds, then initiate your transfer from Hl.
    My transfer from II was all done online, so no delay with forms in post.

  • masonic
    masonic Posts: 22,864
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    edited 31 October 2023 at 6:07PM
    You only pay a trading fee when you trade on the market. An in specie transfer does not incur any fees. However, if you transfer in cash, you'd need to stump up a fiver for each asset you bought.
  • Qyburn
    Qyburn Posts: 2,077
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    masonic said:
    An in specie transfer does not incur any fees. 
    Thanks. That's what I hoped.
  • Albermarle
    Albermarle Posts: 21,146
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    Qyburn said:
    Hi,
    My HL ISA is reaching the stage where I would benefit from a transfer to fixed fee platform, for example Iweb. It's a bit of a mess at the moment as I've been adding to it piecemeal and have had some changes of heart. I don't expect to add more this tax year.

    So the question is do I (1) tidy it up with HL where there are no trading fees, and try the transfer in-specie or (2) if that's not possible instruct transfer in cash and buy the funds in from scratch in Iweb?

    What I don't know is if the in-specie transfer will still incur trading fees in Iweb. If They do then maybe cash is the better option with no need to tidy up in HL as it's all going to be sold anyway.

    Any comments appreciated.

    Thanks.
    Halifax S&S ISA ( annual fee £36) is offering cashback for transfer in at the moment.
    Offer | Investing | Halifax
  • Qyburn
    Qyburn Posts: 2,077
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    Halifax S&S ISA ( annual fee £36) is offering cashback for transfer in at the moment.
    Offer | Investing | Halifax
    Cheers. Never easy is it? In this case I'd get that cashback, but trading fees at £9.50 each would eat into that. There's also Lloyds, £40 annual, but only £1.50/trade.
  • granta
    granta Posts: 336
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    Qyburn said:
    Halifax S&S ISA ( annual fee £36) is offering cashback for transfer in at the moment.
    Offer | Investing | Halifax
    Cheers. Never easy is it? In this case I'd get that cashback, but trading fees at £9.50 each would eat into that. There's also Lloyds, £40 annual, but only £1.50/trade.
    I did an in specie transfer from HL to Halifax. It was very quick (well, 3 weeks) and cashback was paid almost immediately.
    As I don't plan to trade with Halifax, this has worked out well. If you have lots of trades to do to re-balance/tidy up, then best to do it at HL if you hold funds. Halifax/iWeb are great for buy and hold.
  • Beddie
    Beddie Posts: 558
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    Qyburn said:
    Halifax S&S ISA ( annual fee £36) is offering cashback for transfer in at the moment.
    Offer | Investing | Halifax
    Cheers. Never easy is it? In this case I'd get that cashback, but trading fees at £9.50 each would eat into that. There's also Lloyds, £40 annual, but only £1.50/trade.
    I use Lloyds, same platform as Halifax, low annual fee and cheap dealing - works for me!
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