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

Tarian

GeoffTF said:

Tarian said:

filbert1884 said:

sjw1 said:

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....

My point is there are platforms that charge £0 per trade, and £0 platform fees, so why are people signing up to a platform that charges £5 per trade?

iWeb's "£5 per trade" does NOT include Limit Orders.
iWeb charge £2 for each - including amending the price.
(They list them under Trade Plans)

Given that I never Buy/Sell "at best", £7 per trade is bad enough - but an extra £2 just to change a Limit Order makes iWeb a NO for me.
AFAIK, no other broker does that.

The £2 set up fee is waived in ISAs and SIPPs.

Thanks. I should have read further.

(Dont see why that ISA exception needs to be pushed lower down the page. How about iWeb starts:
"In a Share Dealing Account, each TradePlan costs £2.....etc?")

Tarian

wmb194 said:

Tarian said:

filbert1884 said:

sjw1 said:

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....

My point is there are platforms that charge £0 per trade, and £0 platform fees, so why are people signing up to a platform that charges £5 per trade?

iWeb's "£5 per trade" does NOT include Limit Orders.
iWeb charge £2 for each - including amending the price.
(They list them under Trade Plans)

Given that I never Buy/Sell "at best", £7 per trade is bad enough - but an extra £2 just to change a Limit Order makes iWeb a NO for me.
AFAIK, no other broker does that.

That isn't how it works. You're charged £2 to set up the tradeplan but if it executes the dealing fee is £3. If it doesn't execute and expires or you cancel/amend it you've spent £2. It's never been an issue for me but I rarely use it.

Thanks. I should have read it more carefully. i.e. about that £2 coming off the £5.

But as someone who ALWAYS uses Limit Orders - and cancels a fair few - I see no reason to pay for something that no other Broker charges for.

Section62

Tarian said:

....
But as someone who ALWAYS uses Limit Orders - and cancels a fair few - I see no reason to pay for something that no other Broker charges for.

But nobody's asking you to.

The whole point of this particular hamsterwheel is different platforms/providers offer different features and have differing fee structures.  Everyone is free to pick the platform/provider that works for them.... there is no answer which is 'wrong' in all cases.

GeoffTF

Tarian said:

(Dont see why that ISA exception needs to be pushed lower down the page. How about iWeb starts:
"In a Share Dealing Account, each TradePlan costs £2.....etc?")

Share Dealing Account is the iWeb/Halifax/Lloyds/BOS term for an account that is not tax sheltered. Vanguard calls it a General Account and HL calls it a Fund & Share Account.

Tarian

GeoffTF said

Tarian said:

(Dont see why that ISA exception needs to be pushed lower down the page. How about iWeb starts:
"In a Share Dealing Account, each TradePlan costs £2.....etc?")

Share Dealing Account is the iWeb/Halifax/Lloyds/BOS term for an account that is not tax sheltered. Vanguard calls it a General Account and HL calls it a Fund & Share Account.

Should I have finished the suggested sentence for iWeb ?
"In a Share Dealing Account, each TradePlan costs £2, while it is free in an ISA or SIPP".

The point is...
Limit Orders have been around for decades (if not centuries).
They are entirely normal - yet iWeb hides them.
Nothing under:
https://www.iweb-sharedealing.co.uk/our-accounts/self-select-stocks-and-shares-isa.html
or
https://www.iweb-sharedealing.co.uk/help-and-guidance/existing-customer/managing-your-isa.html

iWeb disguises Limit Orders under "Trade Plans".
https://www.iweb-sharedealing.co.uk/charges.html

My mistake was - after having to search for Limit Orders - not to read a separate paragraph that ISAs are excepted from that £2 charge.

If some investors have no interest in Limit Orders that is fine.
After a load of people suggested iWeb, it seemed reasonable to highlight a notable exception.

anonymousmackem

on a different note I signed up for an iWeb ISA account on 19/4 and all of my stocks have transferred across today. Much quicker than I expected, given I used a signed paper transfer form which was mailed second class 🤣 Book cost of some shares is incorrect, hoping they can adjust that 🤞

buglawton

gt94sss2 said:

buglawton said:

I bit the bullet and began moving my ISA stocks from X-O to Trading212. Several things to note already.

- In X-O's FAQ it says to email them if you to not want to transfer to ii - I did this.

- The Trading212 ISA transfer-in process starts innocently enough. It finds X-O then finds your stocks one by one and asks for the 'average price' as a way you can track gain since purchase within X-O.

- For each ISA stock you transfer in, you have to digitally sign. It's fiddly but doable.

- It does not mention 'in specie' or ask for the year of your ISA contributions. I am assuming Trading212 will automagically know to record which year you put the stocks into the ISA. This matters due to the £20k/year ISA limit.

- Biggie. On the 3rd stock out of a total of just 4 (simple me), it blocked me with a message like 'you can only have two active transfers at one time'. No prior warning at all!

It sounds as if you transferred each share via a separate transfer request.

You are supposed to do one request listing all the shares you want to transfer from a specific broker - so one signed form per transfer not per share holding.

There's no such feature in Trading212. The only feature available there is 'ISA Portfolio Transfer' which converts into 'Shares Transfer' after you've started the steps. This matches the hands-on video I posted.

Hoenir

Tarian said:

GeoffTF said

Tarian said:

(Dont see why that ISA exception needs to be pushed lower down the page. How about iWeb starts:
"In a Share Dealing Account, each TradePlan costs £2.....etc?")

Share Dealing Account is the iWeb/Halifax/Lloyds/BOS term for an account that is not tax sheltered. Vanguard calls it a General Account and HL calls it a Fund & Share Account.

The point is...
Limit Orders have been around for decades (if not centuries).
They are entirely normal - yet iWeb hides them.

Generally people don't understand how they work and get their fingers burnt when selling stocks. Not a tool for the average Joe to have any need to use. 

GeoffTF

Hoenir said:

Tarian said:

GeoffTF said

Tarian said:

(Dont see why that ISA exception needs to be pushed lower down the page. How about iWeb starts:
"In a Share Dealing Account, each TradePlan costs £2.....etc?")

Share Dealing Account is the iWeb/Halifax/Lloyds/BOS term for an account that is not tax sheltered. Vanguard calls it a General Account and HL calls it a Fund & Share Account.

The point is...
Limit Orders have been around for decades (if not centuries).
They are entirely normal - yet iWeb hides them.

Generally people don't understand how they work and get their fingers burnt when selling stocks. Not a tool for the average Joe to have any need to use. 

It is also worth noting that iWeb, in common with nearly all UK retail brokers, executes all its deals through market makers. A consequence is that limit orders sometimes do not trigger when the price falls below the set level. That results in unwanted calls to customer services. Placing limit orders in the order book does not have this problem, but the customer can be badly burned in other ways. The FCA does not allow ordinary private investors to be given direct access to the order book, and iWeb does not want to know about anything that requires them to assess and register customers as sophisticated investors.

Targa777

I assume others got the email today which says that there will be no monthly fee for the first 6 months after the move to II, gives you a chance to try it out before deciding if you want to transfer to someone else. I was thinking of moving to iWeb but might delay that till I’ve give interactive investor a try out. 🤔