Moving share account, but when to do it?

HarryIb

I've currently got a share account with BoS, but I'm going to close it and transfer the shares to another provider. I'm due to pay the annual fee to BoS on 15th May. Should I transfer the shares before, or after, paying the fee? I'm concerned that the payment might be in advance for 12 months, so if I leave it until after I pay, I may have to pay another fee for the next 12 months (fee is about £35). Anyone know about the circumstances of these fees, and when it would be best to move? Thanks.

george4064

From a quick read through BoS' website, it does appear the annual £36 fee is taken in one payment and its not clear what would happen if you transfer out/close your account.

Probably best to submit your transfer request now, and separately ask BoS to clarify how they'll deal with your £36 customer admin charge. Think thats the best you can do in this situation.

dales1

Assuming the BoS fee arrangements are the same as my Halifax account :-

The £36 admin fee due on 15 May is for the year to come, and it's now too late to cancel the fee.

So the fee payment makes no difference to your choice of date for transferring your shares.

(They will have already reserved the fee from your cash balance, which will now be showing a balance after the fee deduction).

So, transfer your shares whenever you prefer.

Hoenir

Unlikely that the transfer will be effected in the next 8 days either. You've left it rather late. 

HarryIb

Thanks for the comments. I'll effect the change soon, and yes, unfortunately I should have done this earlier. I'll be moving the shares to a free 'Friends and Family' account with ii.