iWeb Change to Scottish Widows

jimjames

Dunnsdale said:

The new SW system only allows me to log in on my pc but not on my phone, first thoughts are to look for a new provider. HL currently have a £150 JL voucher for new transfers. 

Depending on what you hold you might get a shock moving to HL at 0.45% pa compared to SW where you pay no annual fees.

Dunnsdale

Thanks Jim, I'd not factored that in. 👍

thunderroad88

Dunnsdale said:

The new SW system only allows me to log in on my pc but not on my phone, first thoughts are to look for a new provider. HL currently have a £150 JL voucher for new transfers. 

I’ve just investigated the various platform options again following the II increase in which my wife’s ISA sits…she has a middling six figure sum in it, all in OEIC funds which I rebalance/tweak only very occasionally (maybe about 10 paid for trades a year), no GIA, no SIPP. SW/iweb would  be the best and cheapest option at approx £10 a month in trading fees, but my ISA is held there so eggs in the one basket and all that.

I found that even with the II increase (but trading fee reduction), it was easily going to be the next best option costing us about £20 per month. The likes of HL and Fidelity, even with free fund trading, were going to be 90-£100 a month. 

So depending on your holdings and requirements, think carefully about those fees.

masonic

thunderroad88 said:

I found that even with the II increase (but trading fee reduction), it was easily going to be the next best option costing us about £20 per month. The likes of HL and Fidelity, even with free fund trading, were going to be 90-£100 a month. 

These options both have a cap on custody fee for exchange traded holdings. My S&S ISA moved from II to HL over a year ago and paying £3.75 per month outweighs the rather extortionate trading fees as I can minimise those. I had planned to move on again before now but I've yet to find a compelling alternative and don't want to merge into my existing iWeb ISA.

Kaizen917

Unless Im struggling to navigate through the SW website, it looks to me like the iWeb ISA has replaced the one that SW used to have (0.35% for up to 100). Shouldnt that make them pretty competitive as far as ISAs go? I know the 5 pounds trade charge is 5 pounds above the likes of T212 but then they count as being part of a more established group. Or is it just the case of comparison sites and content creators not caught up on the change?

SpeedSouth

I thought/hoped I'd be able to see it all in the same place as my workplace pension.  Nope, I have to go to Scottish Widows and log into each account separately.  

GeoffTF

Kaizen917 said:

Unless Im struggling to navigate through the SW website, it looks to me like the iWeb ISA has replaced the one that SW used to have (0.35% for up to 100). Shouldnt that make them pretty competitive as far as ISAs go? I know the 5 pounds trade charge is 5 pounds above the likes of T212 but then they count as being part of a more established group. Or is it just the case of comparison sites and content creators not caught up on the change?

No, the iWeb ISA has not been replaced. The only change is the introduction of free regular purchases, which can be one off. You have to pay £5 if you sell though.

SevenUpPear8

For the regular investing, I'm a bit confused by the separate subscription and investment plans. Sometimes the subscription date is a few days before the investment date, but sometimes they're on the same date. Sometimes there's a 2-day gap between the subscription and investment, and sometimes it's longer.

It's probably made worse by the upcoming bank holidays, but it makes me feel a bit uneasy. Maybe the way to go is just set up the investment plan, and set reminders to add cash manually by debit card a couple days earlier?

I think in the below picture, the pairs are supposed to be 1&4, 12&17, 17&22, 24&[date in Jan], but because the dates seem to move month by month because of weekends etc, and potentially crossover into the following month, it's still a bit fuzzy for me.

Kaizen917

GeoffTF said:

Kaizen917 said:

Unless Im struggling to navigate through the SW website, it looks to me like the iWeb ISA has replaced the one that SW used to have (0.35% for up to 100). Shouldnt that make them pretty competitive as far as ISAs go? I know the 5 pounds trade charge is 5 pounds above the likes of T212 but then they count as being part of a more established group. Or is it just the case of comparison sites and content creators not caught up on the change?

No, the iWeb ISA has not been replaced. The only change is the introduction of free regular purchases, which can be one off. You have to pay £5 if you sell though.

I meant iWeb replacing the SW ISA. Unless I simply didnt manage to see it on their website anymore but then it would be odd having one provider offering two very different S&S ISA accounts.

EthicsGradient

SevenUpPear8 said:

For the regular investing, I'm a bit confused by the separate subscription and investment plans. Sometimes the subscription date is a few days before the investment date, but sometimes they're on the same date. Sometimes there's a 2-day gap between the subscription and investment, and sometimes it's longer.

It's probably made worse by the upcoming bank holidays, but it makes me feel a bit uneasy. Maybe the way to go is just set up the investment plan, and set reminders to add cash manually by debit card a couple days earlier?

I think in the below picture, the pairs are supposed to be 1&4, 12&17, 17&22, 24&[date in Jan], but because the dates seem to move month by month because of weekends etc, and potentially crossover into the following month, it's still a bit fuzzy for me.

Looks like 2 clear working days between the debit and the investment day. That works for the first 3 pairs; for the last, the 24th and the 31st are both LSE half days, which probably does complicate it - they appear to have opted to wait for Fri 2nd Jan for the investment day (that would be "3 working days from the start of the debit day to the start of the investment day" still).

Why the days between debit days vary so much, I can't tell, though.