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

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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

  • 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: 27,187 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 31 October 2023 at 7:07PM
    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: 3,583 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    masonic said:
    An in specie transfer does not incur any fees. 
    Thanks. That's what I hoped.
  • Albermarle
    Albermarle Posts: 27,820 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    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: 3,583 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    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: 504 Forumite
    Tenth Anniversary 100 Posts Photogenic Name Dropper
    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: 1,012 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    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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