Virgin Stocks & Shares ISA

higueron

I have a Virgin S&S ISA which has a monthly account charge of around £30 to pay the fees Virgin sell an appropriate amount of shares each month to cover the fees I think there is an option to open another account which you can fund with enough money to cover the annual cost or could I set up a direct debit from my bank to cover the monthly fees I am not sure what the best thing is to do as if they are selling shares every month surely the balance of my shares will go down

wmb194

higueron said:

I have a Virgin S&S ISA which has a monthly account charge of around £30 to pay the fees Virgin sell an appropriate amount of shares each month to cover the fees I think there is an option to open another account which you can fund with enough money to cover the annual cost or could I set up a direct debit from my bank to cover the monthly fees I am not sure what the best thing is to do as if they are selling shares every month surely the balance of my shares will go down

Why can’t you transfer your holdings to another broker? For instance, iWeb, ultimately owned by Lloyds Bank, doesn’t charge an ongoing account fee but instead charges £5 per trade.

Ayr_Rage

Ouch, HL only charge £45 per year on my ISA, I only hold Investment Trusts though.

Fees can be paid from income(my choice), directly by debit card or sale of shares.

I'd be looking to vote with me feet.

Robin9

Thankyou @wmb194 for raising this. Made me think .   The full detail of the Virgin charges are:

Our charges are 0.75% in total each year, based on the value of your account. So, if your account had a value of £10,000 for a whole year that would be £75.

The 0.75% is made up of:

• 0.30% per year (that’s £30 of the £75 total charge above) is an Account Charge for running your account. We collect this charge by selling a small amount of your investment units each month.
• 0.45% per year (that’s £45 of the £75 total charge above) is an Annual Management Charge for managing your investments. We allow for this charge by adjusting your daily unit price.

masonic

So it is really a 0.3% platform fee as you'd pay the fund fees anywhere else too. That's still rather expensive.

Fund fees of 0.45% are not very good value if these are just index tracking funds. That could probably be slashed below 0.2% by choosing a platform with a wider range of investments and picking new investments.

higueron

thanks folks for your input I appreciate your help I suppose I could always transfer to a cash ISA as I am 76 I dont want to be subject to a market downturn