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

Shedman

We've sent a couple of transfers requests (ISA accounts) by post to iWeb (each sent 1st class) and Jarvis have emailed within 2 days of posting to say they have received the request to transfer to iWeb and that they have initiated the transfer so that bit is pretty prompt.  Not sure how long the actual transfer will take though.  

wmb194

Shedman said:

We've sent a couple of transfers requests (ISA accounts) by post to iWeb (each sent 1st class) and Jarvis have emailed within 2 days of posting to say they have received the request to transfer to iWeb and that they have initiated the transfer so that bit is pretty prompt.  Not sure how long the actual transfer will take though.  

If it's only exchange traded securities held in Crest these days it should be pretty quick. In my experience the holdups have always been with Oeics/unit trusts.

"You can invest in a wide range of products including UK listed shares, Gilts, Bonds, Exchange Traded Funds and Investment Trusts. Please note that you cannot buy or hold overseas shares or unit trusts in an X-O account."

Hoenir

sjw1 said:

I've had no issues with Trading 212 either (only have a cash ISA).

I mailed Jarvis early this week to ask not to migrate me to ii and that I would be transferring elsewhere (iWeb) and if they could confirm they don't support digital and a wet signature is required - still heard nothing.. 🙁

Find a new broker. Request a transfer. Then notify Jarvis. Who'll notate aganst your account(s). 

With many thousands of customers to deal with. When the time comes if no action has been taken you'll be transferred. There's no hanging around. 

filbert1884

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

sjw1

filbert1884 said:

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

Because many people have shares in <insert company name here>, have no wish to pay a monthly fee and just want to be able to sell them at a reasonable rate when they want to?

Open to suggestions though....

sjw1

Separate question I guess.....if you have shares in a company from a SIP (buy shares in 'your' (company you work for) company) scheme that are not held in whichever scheme your company chose for them to be held in..... can those shares (held well in addition to the tax free period where they can be sold) be transferred elsewhere as it looks like some of these companies can charge hundreds of pounds for a simple sale of said shares?...

GeoffTF

filbert1884 said:

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

Because you pay nothing if you do not trade or hold a cash balance. If you trade rarely, it costs very little. iWeb is owned by Lloyds Bank, so your investments should be safe. If you have many times the compensation limit, safety matters.

buglawton

Hoenir said:

buglawton said:

Hoenir said:

buglawton said:

also failure of the X-O platform to give you anywhere near real time prices.

If that were the case they'd have gone out of business a very long time ago. 

I think that's what is happening, see topic title. My context is: Failure of the X-O platform to give you anywhere near real time prices for any investments outside of the UK. We've been using other websites to get a price then buying via X-O and it's been less than ideal.

Which websites have you been obtaining prices from ? 

MarketWatch and JustETF.

buglawton

IWeb's costs table of the major competitors. They don't include Trading212 presumably because it's not big enough.

https://www.iweb-sharedealing.co.uk/charges/competitor-charges.html

"Why have we picked these competitors?

The five other brokers in the chart represent the five largest stockbrokers in the market, they also offer a service which is similar to the one IWeb offers (e.g. they don't charge a subscription fee for access to their full range of assets)".

 

Section62

filbert1884 said:

Why are so many opening an account with a provider (iWeb) that charges £5 per trade and pays no interest on cash balances in a S&S ISA? What am I missing?

I have no plans to buy or sell anything, and if I did it would be one 'sell' order which at £5 would currently be cheaper than X-O's £5.95.

I don't keep enough cash in a S&S ISA for long enough to worry about the interest on it, and with no ongoing monthly fees there's no need to keep a cash float for the fees to be taken from.

The question I ask myself is why didn't I transfer to iWeb sooner... the only thing I can think of is the now scrapped £100 joining fee which would have made it a bad move.  Then maybe I got a bit lazy and was happy to stay with X-O, because there was no monthly cost in doing so.