iWeb Change to Scottish Widows

GeoffTF

It is down. I was hoping for a short snappy web address. It is now hidden in the small print of the Scottish Widows website. They seem to want to hide iWeb and hope it fades away.

Zekko

Tassie_Devil said:

Anybody else having problems logging in to the website today?

Yes, I get a "Service Unavailable" when I try to login to SW Share Dealing on the SW website.

masonic

Sea_Shell said:

masonic said:

Regular investing is already there. They've separated "Subscription Plan" from "Investment Plan" meaning that you can use regular investing on cash already in the account (which is not the case on some other platforms I could name). There is even a one-off option so you don't need to set up and then cancel the instruction if you just want to get a fixed sum invested on the cheap.

I see that.  
Does that really mean that you can use the one-off option and avoid the £5 trading fee?   
It seems as though it can pull money from your nominated bank account, if not already held as cash.

The subscription plan is independent of the investment plan, so if you wish to invest new money you would need to ensure you set up a subscription plan to land in your account on or before the chosen investment date. The investment plan has the option to make a one-off investment, or a recurring monthly investment. So it works rather like the Interactive Investor or AJ Bell schemes and not like the HL or Fidelity ones. It is nice that they've given the one-off option, but even if they did not, the same can be achieved by setting up a monthly plan and cancelling it after the first month, which is the workaround used elsewhere.

ivormonee

They will be aware that the one-off option might be used to circumvent the dealing charge. The only reason I can think of as to why they have set this up this way is that the advance notice might allow them to batch together trades thereby making costs lower for them, making the circumvention feasible.

EthicsGradient

ivormonee said:

They will be aware that the one-off option might be used to circumvent the dealing charge. The only reason I can think of as to why they have set this up this way is that the advance notice might allow them to batch together trades thereby making costs lower for them, making the circumvention feasible.

Yes, I think that is the attitude of most platforms that provide free regular investing - by batching them up, the cost per customer becomes small enough for them to ignore, and it encourages investing with them, which gives them the long-term profits. It is notable that ii doesn't offer every investment that it offers for one-off investing for regular investing as well - only the more popular ones. 

Zekko

SW Share Dealing website is now online.

Yes, it's reassuringly similar to IWeb in terms of the website layout.

talexuser

No problems here. I like the new look... more uncluttered.

hallmark

Can Iweb users use the SW app now?

Rollinghome

GeoffTF said:

It is down. I was hoping for a short snappy web address. It is now hidden in the small print of the Scottish Widows website. They seem to want to hide iWeb and hope it fades away.

It's not too clear what they were hoping to achieve. There's nothing that couldn't have been updated under the old address without the new plethora of links. I assume it will still be managed by HSDL along with their other brands from the same office in Leeds.

The new address is shared with platforms for private investors, employers, and advisors, and private investors are then asked to choose between "Scottish Widows Share Dealing (formerly IWeb)" and "Investments, ISAs, OEICs". Which seems to suggest that the former is just for investing in company shares. Seems very confusing for new clients with links all over the place.

And the warning doesn't sound too reassuring:

"Please be aware that:

There may be occasions when online access is not available. If this is the case our phone lines will be open for dealing transactions only, but please note that waiting times may be longer than normal. Find out what to do when there is no online access."

Enzo_L

Rollinghome said:

And the warning doesn't sound too reassuring:

"Please be aware that:

There may be occasions when online access is not available. If this is the case our phone lines will be open for dealing transactions only, but please note that waiting times may be longer than normal. Find out what to do when there is no online access."

That "warning" is a direct copy from the IWeb website. It isn't anything new.