X-O (Jarvis) online platform to close in the summer

Hattie627

Most accounts (including ISA accounts) to transfer to Interactive Investor. Information here:- https://www.x-o.co.uk/faq.pdf

refluxer

I hold a modest number of shares within a standard trading account with X-O (not within an ISA or SIPP) that has no monthly fee so, as far as I can see, I'll be migrated to II's 'Investor Essentials' account with has a £4.99 monthly fee.

Hardly a like-for-like swap if that's the case. Hopefully they won't charge a fee for transferring elsewhere before this happens.

Hattie627

refluxer said:

I hold a modest number of shares within a standard trading account with X-O (not within an ISA or SIPP) that had no monthly fees so, as far as I can see, I'll be migrated to II's 'Investor Essentials' account with has a £4.99 monthly fee.

Hardly a like-for-like swap if that's the case.

You could always move your shares to another provider of your choice in advance of the mass migration of accounts to II, which could be messy. Jarvis seem to be giving advance warning of what is to happen, with time-scales to follow.

dales1

Yes, Interactive Investor's fee scale is not cheap.

So I shan't let Jarvis transfer me there.

Before that time, I'll transfer my own Jarvis holdings across to my other brokerage.

(Jarvis say that all of their charges for removing/transferring holdings/accounts out will be waived).

masonic

That's a shame. Though I suppose it's a tough environment with the rise of cheap/free trading platforms.

becky_rtw

We have gilts in an ISA. We use Jarvis as they have only transaction fees. The gilts are not massive buys  but we intended to hold them to maturity. Of course we can sell, but likely to lose money. 

This is worrying as capital gains will be eroded by monthly fees. I hope there's a exit option. Definitely not a good deal for customers. 

refluxer

The next question of course is where to go next for a no-frills, basic share-dealing platform with no monthly account fees or inactivity fees ?

iWeb state they've removed their £100 joining fee (which was a barrier to me previously) so that might be an option ? £5 flat fee for share dealing.

JenniferK

Its a shame as X-O have been great.   I transferred from II to X-O - I do not wish to be migrated back.  I will either move to IWEB or Trading 212.

Hoenir

As Vanguard done recently. Base level monthly account fees will become the norm. The regulatory environment has changed the business models. How platforms made a huge amount of their income has gone. On top of which like every other business. Staff costs have been ramped up following last years budget. 

obsessed_saver

I've been a long time X-O client. Sad news, especially as the new Interactive Investor platform has monthly fees.

What would be a good no-frills (and no monthly fee) execution only platform to migrate to? 

Notepad_Phil

If I didn't already have an ISA with iweb then that would be my definite destination with their zero monthly fees and only £5 per buy/sell, but for technical more than FSCS reasons I'm thinking AJ Bell may be the one for me - from a quick look at their pages their ISA would seem to be a max of £3.50 per month to hold shares/investment trusts/etfs and £5 for irregular purchases of them. That's a lot cheaper for me than moving across to ii - which as I already have a SIPP with them would be an extra £9 per month.

I'll also have to consider HL as they charge a max of £3.75 per month for shares/etfs/investment trusts but their charges for buying those types of investment are a lot higher unless you do a lot more buying/selling than I do, so that would be a negative for me.