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

xyz123

cloud_dog said:

@xyz123 have you looked at Scottish Widows Share Dealing service (iWeb was moved into it)?

Hi, I was just looking and it seems they do charge a small fee for transactions unlike Trading 212 hut obviously it's a more well known platform with hopefully better customer service if needed. They also offer bed and isa service to take the hassle out of doing it manually. So not sure which one I will go to yet. 

joeypesci

Hattie627 said:

Most accounts (including ISA accounts) to transfer to Interactive Investor. Information here:- https://www.x-o.co.uk/faq.pdf

Only just seen this as need a place to sell my BP shares where I have a cert so they are held anywhere but home. Never got any e-mail from them that this was happening.

UncleK

Last time I looked - a few months ago - and went to close the (empty) account, the website effectively said "don't do that - it cost nothing to leave it open with nothing in it".
Latest emails from ii:

22 Jan - "From 1 February, you’ll move to our new Core plan, and your monthly fee will be £5.99."

23 Jan - "From 1 February, you’ll start paying a simple, flat monthly fee of £14.99 that covers all your investments (additional charges may still apply)."
Sounds like time to close after all.

mon3ysav3r

As I just found out the only way to get the core plan at 5.99 is to login to ii and set up a direct debit.

UncleK

Hmm - having just received an "Important clarification about your account", correcting the second email received, explaining similar to what mon3ysav3r says, thoughts of the inability to arrange an excessive drinking event at a brewery come to mind and have confirmed that it is indeed time to exit ii.

marathonic

This has just come to my attention today as an old email was hacked and I wasn't notified.

I have two junior ISAs that have been moved. However, we have since become non resident and live outside the UK.

It seems the charge is now £14.99 per month plus a £5 monthly non resident charge. As non resident, you can keep, and continue contributing, to a Junior ISA but cannot open a new one to transfer to.

With it being a Junior ISA, you cannot close until the children, now 4 and 6, are 18.

So, in short, about £1000 each stuck there with a £240 annual charge. It'll just have to sit there until the fees drain the two accounts to zero.

gt94sss2

You should be able to move a junior ISA to a different provider even if overseas.

https://www.gov.uk/guidance/transfer-of-a-child-trust-fund-or-junior-isa-if-youre-an-isa-manager

You can't however, usually keep contributing to them if you move overseas.

marathonic

https://forums.moneysavingexpert.com/discussion/comment/81951376#Comment_81951376

The rules allow transfer, but after going through a spreadsheet list of 17 providers, not one allows you to OPEN the account as non resident. I think the HMRC rules allow it but the reporting requirements are more complex (hence the additional £5 charge with II) so most providers just don't allow it.

marathonic

I might try ringing them on Tuesday. If I can just put the funds in an All World Tracker and pay the lower tier fee (£5.99 per month) but disable trading altogether, Id be less annoyed. At least there's a chance of returns covering the fees. However, their £5.99 plan is for adults and doesn't include Junior ISAs (we had no adult accounts with X-O, just junior). I'm not sure if such an exception is possible in these circumstances - but they may as well just take the money immediately if they don't so I don't have to just watch it drain over a few years

marathonic

One would think there might be rules in place with such a merger that it couldn't severely disadvantage people, force them onto terms they never agreed to and leave them with no options whatsoever - so a complaint is likely worthwhile.

It's either that, or invest it in a mental, high risk stock that will either go to zero or triple in a year. Basically, gamble the funds to avoid the fees taking them.