iWeb Change to Scottish Widows

DRS1

bagand96 said:

Apologies if this has been covered before, I've a question about using the new fee-free regular investing feature to dodge trade fees.

I have a S&S ISA with iWeb/SW and I tend to deposit 2 or 3 times a year and then invest in a fund. Whilst I find the £5 trade fee very reasonable given the zero platform fees, is my understanding correct that I can use regular investing to avoid this?

For example if I want to invest £5000 in a fund:

- Set up a Subscription plan for £5000 
- Set up an Investment plan to invest that £5000 in a fund (or smaller amounts in multiple funds)

Is it that simple? At first I assumed I'd then have to cancel the subscription, but I see both the Subscription and Investment plans have "once only" options so i wouldn't even have to do that?

Yes it is that simple.

It can be even simpler if you have cash in the ISA as you can just set up the Investment Plan on its own (and as a one off).

The thing to note is that investments under the Investment Plan happen on specified days (you can pick which one) so you don't actually know the price you will pay when you place the order.  Also not every investment is available under the Investment Plan.  I went through 3 or 4 before I hit one which appeared as available.

bagand96

DRS1 said:

bagand96 said:

Apologies if this has been covered before, I've a question about using the new fee-free regular investing feature to dodge trade fees.

I have a S&S ISA with iWeb/SW and I tend to deposit 2 or 3 times a year and then invest in a fund. Whilst I find the £5 trade fee very reasonable given the zero platform fees, is my understanding correct that I can use regular investing to avoid this?

For example if I want to invest £5000 in a fund:

- Set up a Subscription plan for £5000 
- Set up an Investment plan to invest that £5000 in a fund (or smaller amounts in multiple funds)

Is it that simple? At first I assumed I'd then have to cancel the subscription, but I see both the Subscription and Investment plans have "once only" options so i wouldn't even have to do that?

Yes it is that simple.

It can be even simpler if you have cash in the ISA as you can just set up the Investment Plan on its own (and as a one off).

The thing to note is that investments under the Investment Plan happen on specified days (you can pick which one) so you don't actually know the price you will pay when you place the order.  Also not every investment is available under the Investment Plan.  I went through 3 or 4 before I hit one which appeared as available.

Thanks! At this point it will be OEICs from the likes of HSBC or Vanguard so daily price sensitivity isn't a huge concern, but it's good to know. 

masonic

tigerspill said:

miller said:

Same thing happened to me as well at Halifax (to a defunct email address from around 1998 - so they got bounced), though I'm not sure it's this change that's responsible (iWeb to Scottish Widows). I suspect an old Lloyds' account I had (I'm not currently a Lloyds Bank customer, but was in 1998) got merged as part of LBG tidying up (customers can now see all LBG accounts in their apps as a result). Either way, I was miffed when I worked out what they'd done and they had the cheek to rebuke me via text.

Not sure what happened as all my email addresses were definitely correct for all accounts with these brands.  I have recent emails from all of these to the correct email addresses.  I have no idea where they would have got the 15 year old email from.  Surely this would have been deleted many years ago that they knew it was invalid (as I would have either changed it or it was not the email used when opening the account).
Something badly wrong here.  They have a obligation to keep correct and up to date information on us customers.

You absolutely have the legal right to have this data updated. Is there any indication you cannot update it?

They probably have a legitimate interest to keep a record of any previous contact details they've relied on to serve you regulatory notices about your accounts in the past.

In my case, I've definitely used a different email address with some of these brands in the past, but it has not been resurrected during the profile merges or SW migration. Perhaps some folk had old profiles that were abandoned and not associated with them until the merger.

tigerspill

masonic said:

tigerspill said:

miller said:

Same thing happened to me as well at Halifax (to a defunct email address from around 1998 - so they got bounced), though I'm not sure it's this change that's responsible (iWeb to Scottish Widows). I suspect an old Lloyds' account I had (I'm not currently a Lloyds Bank customer, but was in 1998) got merged as part of LBG tidying up (customers can now see all LBG accounts in their apps as a result). Either way, I was miffed when I worked out what they'd done and they had the cheek to rebuke me via text.

Not sure what happened as all my email addresses were definitely correct for all accounts with these brands.  I have recent emails from all of these to the correct email addresses.  I have no idea where they would have got the 15 year old email from.  Surely this would have been deleted many years ago that they knew it was invalid (as I would have either changed it or it was not the email used when opening the account).
Something badly wrong here.  They have a obligation to keep correct and up to date information on us customers.

You absolutely have the legal right to have this data updated. Is there any indication you cannot update it?

They probably have a legitimate interest to keep a record of any previous contact details they've relied on to serve you regulatory notices about your accounts in the past.

In my case, I've definitely used a different email address with some of these brands in the past, but it has not been resurrected during the profile merges or SW migration. Perhaps some folk had old profiles that were abandoned and not associated with them until the merger.

Thankfully, the updates I have made seem to have stuck so far.  I will check again in the morning to check there isn't some overnight batch data cleanse process that runs.
I will be keeping a bit of a check on this for a while as these things knock confidence.

QrizB

I've got the same problem/feature.

I have credit cards with Lloyds and Halifax, and the latest monthly emails from both have been delivered to my iWeb email address 😡

Eco_Miser

Halifax has been sending emails to the address I gave to Lloyds for a long time, possibly since the Lloyds/HBOS merger. Changing it back changed both , so I gave up trying to have individual addresses for those banks.

So far, (19 December) SW are using  the different address I gave iWeb. 

tigerspill

Eco_Miser said:

Halifax has been sending emails to the address I gave to Lloyds for a long time, possibly since the Lloyds/HBOS merger. Changing it back changed both , so I gave up trying to have individual addresses for those banks.

So far, (19 December) SW are using  the different address I gave iWeb. 

Yes, it looks like you can have only one email address covering all brands.  Not great.  At least the change I made yesterday to fix the incorrect email has been retained today so hopefully that problem is now sorted from my perspective.  Shocking that they just started sending emails to incorrect accounts without warning.

Sea_Shell

Thanks for the heads up on this issue.

I've checked mine and all appears to be OK.    I've had the same 'official' email for many many years, so I was pretty sure I'd used the same one across all brands.

Best to check though.

kermchem

My version of the LBG changing e-mail addresses. I have been a Lloyds customer since I got my A-level results and opened a student account many years ago. In the intervening decades I have completed two degrees (so professionally, but not to my bank, I have the title Dr) and worked for an organisation which was a pioneer in using e-mail. I recently opened my first Halifax account, using a different e-mail address and title from what Lloyds did have recorded. Lloyds have matched my Lloyds and Halifax identities and assumed my e-mail address has changed - no checks just send correspondence to different address, and sent me a new credit card (but not debit card) in my "new" title.

Alexland

I have my own domain name and give a different email address to each company to enable auto email sorting and server blocking of spam when sites inevitably get hacked. It sometimes confuses customer services people to see their company name at the start of the email address they have for me on file.

I noticed a few years ago Lloyds bank switched from using the lloyds@mydomain to the halifax@mydomain address without telling me but I just logged in and can see SW are still using the iweb@mydomain address.