AJBell platform - Dividend payout

george4064

Just noticed there isn't an option for dividends to be automatically paid out to your nominated bank account.

I know that HL have the option to do a monthly sweep, where all dividends are paid to your account around the 12th day of each month.

Am I missing something or does AJ Bell really not have this feature?

ColdIron

Which tax wrapper?

george4064

ColdIron said:

Which tax wrapper?

ISA.

However, also interested to hear what the SIPP options are (I presume there's an automatic drawdown feature for the SIPP but not for ISA).

I'm a long way off retirement so haven't really looked into this much yet.

wmb194

george4064 said:

Just noticed there isn't an option for dividends to be automatically paid out to your nominated bank account.

I know that HL have the option to do a monthly sweep, where all dividends are paid to your account around the 12th day of each month.

Am I missing something or does AJ Bell really not have this feature?

I switched away from AJ Bell but I don't remember it having this as an option. In my experience not very many do - they want your cash to remain with them so they can earn interest on it. iWeb/Halifax has a pay away feature, though.

poseidon1

wmb194 said:

george4064 said:

Just noticed there isn't an option for dividends to be automatically paid out to your nominated bank account.

I know that HL have the option to do a monthly sweep, where all dividends are paid to your account around the 12th day of each month.

Am I missing something or does AJ Bell really not have this feature?

I switched away from AJ Bell but I don't remember it having this as an option. In my experience not very many do - they want your cash to remain with them so they can earn interest on it. iWeb/Halifax has a pay away feature, though.

As does Interactive Investors.

pafpcg

wmb194 said:

george4064 said:

Just noticed there isn't an option for dividends to be automatically paid out to your nominated bank account.

I know that HL have the option to do a monthly sweep, where all dividends are paid to your account around the 12th day of each month.

Am I missing something or does AJ Bell really not have this feature?

I switched away from AJ Bell but I don't remember it having this as an option. In my experience not very many do - they want your cash to remain with them so they can earn interest on it. iWeb/Halifax has a pay away feature, though.

IWeb/Halifax (ISA and General investment accounts) has four options for processing dividends received:

1. Automatically reinvest in the same stock as the dividend.  (No alternative choice.)

2. Hold in the account.

3. Pay-away immediately after receipt - the value of each individual dividend is credited to the nominated bank account several days after the due date.

4. Pay-away six-monthly - the dividends are held in the account and the accumulated cash is sent to the nominated bank account twice each year.  (No monthly option.)

If you want to reinvest dividends from all the portfolio into just one stock, then you have to use option 2, and make the reinvestment manually.

If you want to get your dividends credited to your bank account ASAP, the option 3 is the ideal option - no need to wait for weeks!

JarvisX-O will do a quarterly sweep to transfer all the dividends received in the preceding three months.  Otherwise, the default is to hold the dividend cash in the cash account and to email Jarvis to request a manual withdrawal.

Beddie

You could put it to AJ Bell as a suggestion, they might start offering it one day. 

After all, as ISA holders are getting older they are more likely to want to draw an income.

dales1

 email Jarvis to request a manual withdrawal.

Jarvis charge £18 for a manual BACS withdrawal.

masonic

dales1 said:

 email Jarvis to request a manual withdrawal.

Jarvis charge £18 for a manual BACS withdrawal.

On their website they state their cash withdrawal fee is "Free". See https://www.x-o.co.uk/isa-account.html#how-much-cost

Hoenir

dales1 said:

 email Jarvis to request a manual withdrawal.

Jarvis charge £18 for a manual BACS withdrawal.

Never been charged for a withdrawl from my GIA account that's been requested online. "Manual" sounds like an ad-hoc request that requires sometimes time. 

pafpcg

dales1 said:

 email Jarvis to request a manual withdrawal.

Jarvis charge £18 for a manual BACS withdrawal.

Are you thinking of the up-market brokerage service offered by Jarvis Investment Management?  I'm referring to the "value" service offered by Jarvis under the "X-O" branding  (cf IWeb and parent company Halifax Dealing).  I've never been charged for a cash withdrawal.  Because my account is in joint names, on-line requests for withdrawals don't work so Jarvis insist on emails.

Sorry for the confusion.