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

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.

GeoffTF

wmb194 said:

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.

Schwab had an option where you could do larger trades much more cheaply by paying a fee for the premium service.

wmb194

GeoffTF said:

wmb194 said:

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.

Schwab had an option where you could do larger trades much more cheaply by paying a fee for the premium service.

The "Frequent Traders Club"? £60 pa then £18 per online trade for the first 20 trades, the £15 for 21-40, £12.50 41-60, ... 

By today's standards it sounds expensive but relative to typical 1990s and earlier pricing it was cheap. At the time I remember people on web forums questioning how Charles Schwab could be so cheap relative to NatWest and there must be something dodgy about it...  

https://web.archive.org/web/20021001224604/http://www.schwab-worldwide.com/europe/

jilawrence

Morning all.  Been helpful following this thread comparing Trading 212 and IWeb.  Now trying to nail down the core differences to help me decide...

A key question about perceived security – does Trading 212 actually carry any more risk compared to IWeb? I assume both provide the standard £85k FSCS protection for Stocks & Shares ISAs.

On the surface, Trading 212 is the cheapest and perhaps more attractive with its app and user interface. However, the recurring theme I notice is comfort from IWeb's backing by Halifax/Lloyds, and the similarity to X-O in terms of readily accessible UK-based support.

Any further thoughts much appreciated.  Cheers.

wmb194

jilawrence said:

Morning all.  Been helpful following this thread comparing Trading 212 and IWeb.  Now trying to nail down the core differences to help me decide...

A key question about perceived security – does Trading 212 actually carry any more risk compared to IWeb? I assume both provide the standard £85k FSCS protection for Stocks & Shares ISAs.

On the surface, Trading 212 is the cheapest and perhaps more attractive with its app and user interface. However, the recurring theme I notice is comfort from IWeb's backing by Halifax/Lloyds, and the similarity to X-O in terms of readily accessible UK-based support.

Any further thoughts much appreciated.  Cheers.

Yes, the FSCS coverage is the same.

I use both and rarely need to use customer service but T212’s has been fine for me with fast responses.

 You should also think about how you’re going to use the account. If you’re more active then saving £5 a trade really adds up but if you rarely trade then I’d dodge the worry and use iWeb. Or go active T212 and hold and hope with iWeb (this is how I use them).

T212 doesn’t offer OEICs or gilts.

miller

JenniferK said:

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.

Finally I got round to having a look and it's done.

GeoffTF

jilawrence said:

I assume both provide the standard £85k FSCS protection for Stocks & Shares ISAs.

If you have less than £85K, the worst that can happen is that you lose access to your investments. Even then, you should regain access within a year, but it has taken longer on some cases. The situation may not be worse with a few times that amount, unless you like peace of mind. If you have seven figures or more, I would avoid T212.

where_are_we

I have decided to transfer my S&S ISA from x-o to iweb.

Most of my investments are accumulating so my dividend amount is small. Iweb have an option to reinvest dividends. What charges do they make on reinvestment of dividends and how often do they automatically reinvest? Do they charge £5 each time?

GeoffTF

where_are_we said:

I have decided to transfer my S&S ISA from x-o to iweb.

Most of my investments are accumulating so my dividend amount is small. Iweb have an option to reinvest dividends. What charges do they make on reinvestment of dividends and how often do they automatically reinvest? Do they charge £5 each time?

"Dividend reinvestment purchases are charged at 2% of the dividend value, and capped at a maximum of £5 per stock."

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

You would hit the cap with a £250 dividend.