Paying Iweb Platform Fees

Qyburn

Hi, 
Does anyone know if Iweb has a mechanism to pay their fees from a separate account? Even though i dont intend to touch things if I transfer to Iweb, it's inevitable there'll be the odd transaction now and again. It would suit me better to pay these as they arise, rather than guess how much cash to leave uninvested, and certainly better than having to sell investments which in turn would clock up more charges.

ColdIron

IWeb has no annual/platform fee for their ISA or GIA. They do charge £5 per transaction and they simply deduct it from the value of the trade. I.e. you buy £1,000 of a fund, they take their fiver and purchase £995 of units. It's quite a useful and simple mechanism that allows you to run with a £0 cash float should you wish

mebu60

There are no fees that I am aware of in their ISA, just per trade. Believe joining fee is waived up to year end so don't delay if you are going to open an account with them. 

Qyburn

ColdIron said:

IWeb has no annual/platform fee for their ISA or GIA. They do charge £5 per transaction and they simply deduct it from the value of the trade. I.e. you buy £1,000 of a fund, they take their fiver and purchase £995 of units. It's quite a useful and simple mechanism that allows you to run with a £0 cash float should you wish

Cheers, that sounds good actually. Presumably it's the same selling, you receive £5 less than the sold price.

ColdIron

IWeb use AJ Bell for their SIPP and it does have annual charges

• We keep things simple with a quarterly admin charge based on the value of your SIPP. This charge is payable in arrears at the end of March, June, September and December, and applies for the lifetime of the SIPP.
  All charges are inclusive of VAT and will be deducted from the SIPP.

https://www.iweb-sharedealing.co.uk/our-accounts/self-invested-personal-pension/sipp-charges.html

I'm pretty sure there is no way to use a separate account for this so a cash float would be required to avoid sales but the fee is explicit so no guessing required

ColdIron

Qyburn said:

ColdIron said:

IWeb has no annual/platform fee for their ISA or GIA. They do charge £5 per transaction and they simply deduct it from the value of the trade. I.e. you buy £1,000 of a fund, they take their fiver and purchase £995 of units. It's quite a useful and simple mechanism that allows you to run with a £0 cash float should you wish

Cheers, that sounds good actually. Presumably it's the same selling, you receive £5 less than the sold price.

Precisely that

Qyburn

Cheers. It's an ISA I'm concerned with initially. I do have a very small Royal London pension, but i might leave that where it is.

ColdIron

Qyburn said:

Cheers. It's an ISA I'm concerned with initially. I do have a very small Royal London pension, but i might leave that where it is.

Probably wise. There are cheaper platforms for SIPPs, especially small value ones