Fidelity Cashback offer for transfer of ISAs, SIPPs or Investment accounts

Alexland

noclaf said:
Valid point, most of my Pension and all of my ISA (excluding Lisa) is with Fidelity..I will wait till next year, once have added 25-26 allowance to the ISA will consider switching the ISA to another platform to spread the risk though I do prefer to stick with the established names. In some ways this makes sense as for my ISA would prefer to use OEICs as there are more multi asset options and I want to incorporate fixed income ( given where some of these valuations are heading esp US) where as conversely happy to keep SIPP 100% Equities and using ETF's since Fidelity's capped platform fees are favourable.

Mr I Webb just came inquiring after your account. Shabby fellow in a dated suit but from a good family no doubt.

incus432

He came with Mr Hal I Fax and Mr L L Oyd.  They were trying to disguise their dated suits with bright colours.

artyboy

incus432 said:

Yes the cap for ETFs is a really important on AJ Bell too.  Not offered on Charles Stanley who also have a current big cashback offer. I'm really happy with AJB so would be reluctant to move.  The other negative on Fidelity for me is that you can't hold individual gilts.

Did I miss a change to the CS Direct charges? I was previously only paying £20/month for holding a good chunk of ETFs, which stacked up against what they were offering in cashback...

If it really is 0.3% platform charge going forward then it's a big fat Adios from me...

Albermarle

incus432 said:

Have decided to hold off on initiating a transfer to Fidelity for now, to see if HL repeat their offer of January last year, which was £1500 (compared to Fidelity's 1000) for my pot.   Also they can do gilts and MMFs .

https://www.thisismoney.co.uk/money/diyinvesting/article-12823159/Investors-offered-3-500-Hargreaves-Lansdown-biggest-cashback-offer.html

HL previous two offers were very generous, most likely as they were dressing themselves up for sale, and presumably hoped an increase in market sale and AUM would boost the sale price.
Now they are under new management, they do have a current cashback offer, but for invited customers only. Plus it is less generous. ( there was a thread about it , around 3 weeks ago ?)
So I think you will be waiting in vain.....

Alexland

artyboy said:

Did I miss a change to the CS Direct charges? I was previously only paying £20/month for holding a good chunk of ETFs, which stacked up against what they were offering in cashback...

If it really is 0.3% platform charge going forward then it's a big fat Adios from me...

Looking at this document (currently showing a Nov-24 date at the bottom) the decency cap is £50 pm.
https://www.charles-stanley-direct.co.uk/SiteDocuments/GetSiteDocumentByType?DocumentType=RatesAndCharges

For my CSD ISA cashback offer I got around their £5 pm minimum charge (and trade costs) by using one of their own funds. It was a fixed amount of topcashback for opening a new account so I just made a minimum DD regular investment for a few months until the incentive became payable then sold, withdrew and closed the account.

artyboy

Alexland said:

artyboy said:

Did I miss a change to the CS Direct charges? I was previously only paying £20/month for holding a good chunk of ETFs, which stacked up against what they were offering in cashback...

If it really is 0.3% platform charge going forward then it's a big fat Adios from me...

Looking at this document (currently showing a Nov-24 date at the bottom) the decency cap is £50 pm.
https://www.charles-stanley-direct.co.uk/SiteDocuments/GetSiteDocumentByType?DocumentType=RatesAndCharges

For my CSD ISA cashback offer I got around their £5 pm minimum charge (and trade costs) by using one of their own funds. It was a fixed amount of topcashback for opening a new account so I just made a minimum DD regular investment for a few months until the incentive became payable then sold, withdrew and closed the account.

Hmm, something has definitely changed then, I can see they were taking £20pm regular as clockwork up till the end of July, and then a gap, and then £100 in October. Given what I've read in the current T&Cs, that correlates to the charges coming out twice yearly - thank god I at least get some benefit of the cap. But that's still a 250% increase and I genuinely don't remember being notified of a change.

In reality I'll probably have to suck it up until next July, when the lock in period for my next £1000 cashback expires, but they won't see me for dust after that. And I'm going to damn well complain in the meantime!

How dare they try and play me at my own game 

Alexland

artyboy said:

How dare they try and play me at my own game 

Maybe ask them what's happening? If you do see a material increase in charges it doesn't seem reasonable that they could hold you to a cashback lock-in period as they have an obligation to treat you fairly. Especially if you haven't been notified. Maybe they will let you take the money and leave early to get a cashback deal elsewhere?

artyboy

Alexland said:

artyboy said:

How dare they try and play me at my own game 

Maybe ask them what's happening? If you do see a material increase in charges it doesn't seem reasonable that they could hold you to a cashback lock-in period as they have an obligation to treat you fairly. Especially if you haven't been notified. Maybe they will let you take the money and leave early to get a cashback deal elsewhere?

Oh I will be asking - the cashback won't be paid till next July either so I am realistically free to move, but it still makes sense to hold out for that for another 7 months for the sake of £350 more in fees.

Johnjdc

Albermarle said:

incus432 said:

Have decided to hold off on initiating a transfer to Fidelity for now, to see if HL repeat their offer of January last year, which was £1500 (compared to Fidelity's 1000) for my pot.   Also they can do gilts and MMFs .

https://www.thisismoney.co.uk/money/diyinvesting/article-12823159/Investors-offered-3-500-Hargreaves-Lansdown-biggest-cashback-offer.html

HL previous two offers were very generous, most likely as they were dressing themselves up for sale, and presumably hoped an increase in market sale and AUM would boost the sale price.
Now they are under new management, they do have a current cashback offer, but for invited customers only. Plus it is less generous. ( there was a thread about it , around 3 weeks ago ?)
So I think you will be waiting in vain.....

I fear you're right. I contacted them to ask if they could share any plans but they stonewalled.

incus432

Albermarle said:

incus432 said:

Have decided to hold off on initiating a transfer to Fidelity for now, to see if HL repeat their offer of January last year, which was £1500 (compared to Fidelity's 1000) for my pot.   Also they can do gilts and MMFs .

https://www.thisismoney.co.uk/money/diyinvesting/article-12823159/Investors-offered-3-500-Hargreaves-Lansdown-biggest-cashback-offer.html

HL previous two offers were very generous, most likely as they were dressing themselves up for sale, and presumably hoped an increase in market sale and AUM would boost the sale price.
Now they are under new management, they do have a current cashback offer, but for invited customers only. Plus it is less generous. ( there was a thread about it , around 3 weeks ago ?)
So I think you will be waiting in vain.....

Ah. Drat. Still no harm in waiting to February to see, then going for Fidelity