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

sjw1

Had it half an hour ago and, while it's good they're doing it, that information really should have been a part of the initial announcement and in the FAQ.  Too late for many who've already initiated a transfer to an alternative provider.

Hoenir

Targa777 said:

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. 🤔

Already jumped ship. Suspect many others have as well. Hence why the email has gone out. Too little to late. Why wasn't this offered in the first place? Not that it would have influenced my personal decision. 

JenniferK

My transfer to IWEB has already been completed.  Thats fast for a Stocks ISA.

miller

JenniferK said:

My transfer to IWEB has already been completed.  Thats fast for a Stocks ISA.

Did you receive a notification from them that it had been completed? I've not checked my new account for a while since initiating the transfer so it could already be done.

filbert1884

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.

Correct, my experience was super smooth.

Also the year isn't important, as long as it's a previous year. When I transferred the bulk of my holdings last year, my 24/25 allowance remained at 20k.

filbert1884

buglawton said:

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.

In that case, I don't know how I was able to transfer 11 different holdings + cash from my x-o ISA to T212 in one go. The whole process took around 2 weeks IIRC.

filbert1884

Hoenir said:

filbert1884 said:

Section62 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?

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.

Ok, make sense, but why not choose a platform that charges £0 per trade?

Like Amazon did. Once they've gained market share and crushed the market oppositon. They increase their prices. 

I guess we'll see, if they do, and it's more than another similar platform, I'll move.

Personally, I can't base my decisions on what MAY happen at some unknown point in the future, but that's just me.

Hoenir

filbert1884 said:

Hoenir said:

filbert1884 said:

Section62 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?

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.

Ok, make sense, but why not choose a platform that charges £0 per trade?

Like Amazon did. Once they've gained market share and crushed the market oppositon. They increase their prices. 

I guess we'll see, if they do, and it's more than another similar platform, I'll move.

Personally, I can't base my decisions on what MAY happen at some unknown point in the future, but that's just me.

As an investor investing in companies with the sole purpose of making profits for their shareholders. I've learnt to be cynical.  No one starts a new business , sinks millions of pounds into it, without a longer term plan.   People love something for nothing though. That's why the marketing works so well. Let socoial media do the heavy lifting at miminal cost. 

JenniferK

miller said:

JenniferK said:

My transfer to IWEB has already been completed.  Thats fast for a Stocks ISA.

Did you receive a notification from them that it had been completed? I've not checked my new account for a while since initiating the transfer so it could already be done.

No notification. Just notced that all my holdings are now with IWEB.

wmb194

Hoenir said:

filbert1884 said:

Hoenir said:

filbert1884 said:

Section62 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?

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.

Ok, make sense, but why not choose a platform that charges £0 per trade?

Like Amazon did. Once they've gained market share and crushed the market oppositon. They increase their prices. 

I guess we'll see, if they do, and it's more than another similar platform, I'll move.

Personally, I can't base my decisions on what MAY happen at some unknown point in the future, but that's just me.

As an investor investing in companies with the sole purpose of making profits for their shareholders. I've learnt to be cynical.  No one starts a new business , sinks millions of pounds into it, without a longer term plan.   People love something for nothing though. That's why the marketing works so well. Let socoial media do the heavy lifting at miminal cost. 

T212 makes money but it's like anything, you take what's on offer and when the offer changes you reassess.

You're an old hand, you must have seen a million stockbrokers come and go. You can probably remember the time 25+ years ago when NatWest was one of the country's biggest retail stockbrokers but where is it now? Charles Schwab arrived c.2000 and turned British stockbroking upside down by undercutting* everyone but where is it now? Barclays bought it, slowly ruined it (it's now Barclays Smart Investor) and most people moved on. Plus ca change.

*At the low, low price of £15 per trade initially up to, IIRC, £2,000 and then a lot more above that.