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

ChangFai

So, I can sell holdings for free now, if I do not want them moved?

Hattie627

ChangFai said:

So, I can sell holdings for free now, if I do not want them moved?

I think normal commission would apply for sales. It does say that fees to transfer holdings to another provider will be waived, along with fees to withdraw cash and holdings.

boingy

It's a shame but I guess they just were not making enough money. I've only ever used them to sell paper certificates, which they did efficiently and (too) cost effectively!

It's a few years since I've used interactive investor for anything but my somewhat mixed experiences mean I would not go back to using them for anything. I'm currently with iWeb for the S&S ISA, which suits me perfectly because I only deal once per year at present so the total annual costs are a fiver! If you deal a lot then other providers will be cheaper.

wmb194

becky_rtw said:

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. 

Stockbrokers come and go. Look at an in specie transfer to iWeb. It offers gilts, £5 per trade and no ongoing account fess. iWeb's a trading name of Halifax Share Dealing and is ultimately owned by Lloyds Bank.

https://www.iweb-sharedealing.co.uk/

becky_rtw

wmb194 said:

becky_rtw said:

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. 

Stockbrokers come and go. Look at an in specie transfer to iWeb. It offers gilts, £5 per trade and no ongoing account fess. iWeb's a trading name of Halifax Share Dealing and is ultimately owned by Lloyds Bank.

https://www.iweb-sharedealing.co.uk/

I'll take a look thanks. I didn't know if gilts were different but good that you can transfer them as is. 

wmb194

becky_rtw said:

wmb194 said:

becky_rtw said:

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. 

Stockbrokers come and go. Look at an in specie transfer to iWeb. It offers gilts, £5 per trade and no ongoing account fess. iWeb's a trading name of Halifax Share Dealing and is ultimately owned by Lloyds Bank.

https://www.iweb-sharedealing.co.uk/

I'll take a look thanks. I didn't know if gilts were different but good that you can transfer them as is. 

It shouldn't be a problem, the gilts listed on the LSE (probably the ones you own) are held in CREST and UK stockbrokers are all setup to deal with CREST.

Targa777

This is disappointing.
i was looking on iWeb’s website. They offer a transfer switching your existing investments option. 

Can I ask how that works, I have an isa and a share account with x-o ..if I used this transfer switching option will all my share holdings be transferred across into an iWeb account without shares having to be sold and then rebought ?

wmb194

Targa777 said:

This is disappointing.
i was looking on iWeb’s website. They offer a transfer switching your existing investments option. 

Can I ask how that works, I have an isa and a share account with x-o ..if I used this transfer switching option will all my share holdings be transferred across into an iWeb account without shares having to be sold and then rebought ?

Yes, it’s called an in specie transfer. You’d open a GIA and ISA account with iWeb or another broker and then ask it to initiate the transfer on your behalf from x-o/Jarvis. There’s a form to fill in, in my experience you’d normally do one each for the GIA and ISA.

refluxer

wmb194 said:

becky_rtw said:

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. 

Stockbrokers come and go. Look at an in specie transfer to iWeb. It offers gilts, £5 per trade and no ongoing account fess. iWeb's a trading name of Halifax Share Dealing and is ultimately owned by Lloyds Bank.

https://www.iweb-sharedealing.co.uk/

The irony there is that I actually used to be with Halifax's Share Dealing service and only moved to X-O when Halifax introduced monthly charges. iWeb wasn't an option at the time due to their £100 joining fee. 

I guess the question is how long will it be before iWeb introduce monthly charges too ?

jimjames

refluxer said:

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.

iWeb have no account fees so that is like for like