Transferring platforms for Stocks & Shares ISA

ljayljay

I am considering transferring form Fidelity to Interactive Investor because of the flat fee structure.

I currently contribute to my investment via a regular saver plan & was wondering if it would be sensible to cancel the direct debits. I am aware that the transfer will take several weeks so was thinking any further purchases during the transfer process may delay things.

I would appreciate any views on this or anything else I need to consider....Thanks.

 

ColdIron

Cancelling the DDs at Fidelity would be cleaner. You could start them at II as soon as you open an account, that would be unlikely to impact on the transfer

Have you checked that all your current investments are available at II? This is particularly important for fund classes, A B I X etc Some platforms negotiate discounts that may not be available to others

ljayljay

ColdIron said:

Cancelling the DDs at Fidelity would be cleaner. You could start them at II as soon as you open an account, that would be unlikely to impact on the transfer

Have you checked that all your current investments are available at II? This is particularly important for fund classes, A B I X etc Some platforms negotiate discounts that may not be available to others

I did wonder about the fund transfer. My funds are all pretty mainstream, is there an easy way of checking this with ii? 

I was thinking of transferring anyway but notice they also have quite a generous cashback offer for January transfers, £500 in my case.

ColdIron

I would go through each one checking carefully on the class. A quick look shows their fund search page

https://www.ii.co.uk/funds

DiamondLil

You can search II for the funds you are interested in here: 

https://www.ii.co.uk/funds#search

ljayljay

Thanks both.

Yes I did check that all my funds are showing on ii.

I was originally with Cavendish who got taken over by Fidelity & they accepted all of my funds into their regular saver bar this one - [ISIN: GB00B61MR835]

https://www.ii.co.uk/funds/svs-brooks-macdonald-def-cptl-a-acc/B61MR83

So although it was still in my portfolio I could no longer add via the regular saver. I spoke to ii earlier & they said the same, so I have switched this investment into one of my other funds.

I have looked at the Key Investor sheet for several of my funds & am unsure if there is anyway to determine if I will have the same issue with any other funds on transfer.

I am tempted to just go ahead & assume that Fidelity & ii treat most funds in a broadly similar way but am all for making the transfer process as painless as possible.

Albermarle

If it is a larger sum, HL have a pretty generous cashback offer. You can transfer back out again after 12 months.

ljayljay

Albermarle said:

If it is a larger sum, HL have a pretty generous cashback offer. You can transfer back out again after 12 months.

Ironically even Fidelity have a good cashback available so must be the season. 
Unfortunately feel a bit negative paying more fees month on month adding via regular saver when little growth. Decided now is the time to reduce charges wherever possible & then leave for the long term.