New HL fee structure from 01/03/26

TSCati

In specie transfer of ISA shares from HL to Fidelity took 4 days - impressive

Fidelity still to answer a query that I sent by Secure Messaging 4 days ago - disappointing.

Platform cost v customer service I suppose.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81871553#Comment_81871553

Not typical of Fidelity in my experience. Normally reply in 24 hours, 36 hours at most.

Ciprico

HL ISA to Freetrade took less than a week.

Aiui having a sipp (in drawdown) on HL containing only etf and Gilts isn't really impacted by the changes, (in fact overall costs are slightly lower)...??

…And I do like the way HL handle drawdown, ie I can just send a simple message with DD request, so wasn't tempted to move that.

RL11

Trading 212 in specie requested for my S&S ISA on 26th Jan and still not done. I decided to just do a partial in order to see how long it takes. It's simply a transfer of all of my AV shares from HL to T212 so I did expect it to be pretty quick.

No updates from Trading 212 other than the initial acknowledgement of my request

HL provided updates on 27th, 30th Jan and 3rd Feb with the last one stating that they typically take 2-4 weeks and sometimes longer!

masonic

https://forums.moneysavingexpert.com/discussion/comment/81871970#Comment_81871970

I'm a few days behind you, but same story so far. I imagine they might be dealing with higher than usual volumes of requests at the moment. Once it is with the fund houses / registrars it should be 1-2 weeks or so but YMMV.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81871824#Comment_81871824

Freetrade do not offer drawdown, or accept crystallised funds transfer.

They only offer UFPLS and I believe there is a hefty fee of £240 for each one.

MarkCarnage

I'm holding fire on any possible transfer until things settle down a bit….HL have offered me a year fee free on my GIA, and as I hold ITs, ETFs and shares in my SIPP and ISA, the platform fees rise from £245 to £300, which will be pretty much offset by reduced dealing costs (albeit only to market rates). I deal infrequently.

Yes, the new II fee structure would appear to be £180 p.a. but I've always had good service from HL, prefer their website and over the next year it's likely that my GIA will be run down a fair bit in size anyway….so I am sitting tight for now to see if it's worth it for me for the amount concerned.

Rollinghome

https://forums.moneysavingexpert.com/discussion/comment/81862972#Comment_81862972

Hi Redux, Sorry I just saw your post.

This is obviously something you’ve thought about a lot. I haven’t, and don’t really want to because, as you point out, the sums are quite small; but instinctively, I’m not sure that it’s as simple as that. And no, I didn’t think anyone was suggesting I take a lot out.

The point I was making was that as always, the outcome will depend on the circumstances. For most people they won’t need to worry about the high earnings limit, but equally, most of us will reach a stage in life when we aren’t earning and so limited to paying in £2880 pa, and, at 75, are no longer allowed any SIPP allowance. That was specifically the position I was referring to, and that’s when it gets more complicated.

So let’s say you have £100,000 in your SIPP. You could take out 25% and receive £25,000. But if you spend £200 p.a. of it on fees, and aren’t allowed to replace it, then you will then have £99,800 and withdrawing 25% of that would be just £24,950. So perhaps not worth that £40 or £80 to a HR taxpayer you suggest.

It becomes more interesting looking forward 10 years. Your £200 fee would amount to £2000 and assuming an investment return of 5% plus a bit of inflation, due to the wonders of compounding, £100k would have doubled or more. But 10 years of fees would be £2000 and the lost tax-free returns if taken from the pot quite substantial.

I haven’t worked it all through, and for the small amount involved I don’t intend to, but you might like to have a go. There are lots of possible scenarios and I might well have missed something. In the meantime, I’m content to leave the maximum in our SIPPs working away untouched, tax-free, and of no interest to the HMRC. Similarly with our ISAs, which I will continue to stuff each year.

ChangingTimes2

https://forums.moneysavingexpert.com/discussion/comment/81868904#Comment_81868904

https://forums.moneysavingexpert.com/discussion/comment/81862690#Comment_81862690

Apologies if my reply pops up twice - kicking myself for not copying previous reply before sending and now I can't see it, so I obviously did something wrong - newbie!! :-/

Thanks to all for the replies - much appreciated.

I called SW but they advised that they don't do joint share accounts - although the info via their website seems to indicate otherwise (so I'm not sure what I'm thinking about SW now!)

Either way considering the 1.5% v 1% FX fee and potential selling of US shares in the future, I was just wondering if anyone knew of any - specifically joint share accounts - that offers free (/cheaper than HL)?

Trading 212 and FreeTrade have advised that I can access their services via a PC rather than relying on a mobile phone - but unfortunately they don't offer joint accounts.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/81876925#Comment_81876925

The Lloyds branded accounts charge 1% FX. Still not cheap, but better than the SW branded accounts. You escape the custody fees (except for the SIPP) if you have a Private Banking account with Lloyds.