New HL fee structure from 01/03/26

RL11

https://forums.moneysavingexpert.com/discussion/comment/81884702#Comment_81884702

Is your "What a pain" ironic?

Two mouse clicks, enter amount, one mouse click. What a pain 😂

masonic

https://forums.moneysavingexpert.com/discussion/comment/81884975#Comment_81884975

If other financial institutions inserted such totally unnecessary steps they'd be quite rightly condemned for doing so. It seems like a right pain to me to have to take any manual steps each time you receive income for compounding to commence when others will simply credit the income to an interest bearing account from the outset. HL ought not be using such sneaky tricks to retain interest earned on these cash balances. The FCA has raised concerns about practices like this and have threatened to take action.

Altior

For what it's worth, IE have a great feature (imo) for dealing with new/residual cash/income : AutoInvest

thingswerentthisbadinmyday

https://forums.moneysavingexpert.com/discussion/comment/81885014#Comment_81885014

Can I just check my understanding of what is happening here?

If I receive a dividend on (say) the 14th of the month. Even with standing instructions to re-invest, I know that it will not be re-invested until the 11th or 12th of the following month (Actual example - divi received 14th Jan, reinvested 12th Feb).

I can see that this was initially credited to my Income account and stayed there until re-investment, at which point it was switched to the Capital account and re-invested from there.

And for the duration of the time spent in my ‘Income and Loyalty bonus’ account, it earned no interest? Is this correct?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81885049#Comment_81885049

Yes, that's correct. See earlier post from @phlebas192 :

https://forums.moneysavingexpert.com/discussion/comment/81880787#Comment_81880787

thingswerentthisbadinmyday

https://forums.moneysavingexpert.com/discussion/comment/81885051#Comment_81885051

But if I manually transfer the dividend to Capital, it then earns interest?

What then happens to the standing instruction to re-invest dividends?

Is it still carried out or does the fact that I have moved the dividend out of the Income account (where I imagine the HL system expects to find it), mean that the divi re-investment doesn't take place?

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/81884975#Comment_81884975

It is a long series of instructions for me to carry out every few months (read the script). I need to follow the script. To make matters worse, the box to type in the amount is almost invisible on my Chromebook. Every other broker that I have used (and there have been many) paid my dividends and interest into an account from which I can immediately withdraw it or reinvest it. An email when money arrives would be useful too, but I have the dates in my diary.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81885014#Comment_81885014

And yet Scottish Widows (ex Iweb) can get away with paying no interest at all on uninvested cash.

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/81885145#Comment_81885145

I'm a Scottish Widows customer.

There is no obligation on Scottish Widows to pay interest on uninvested cash, just like there is no obligation on me to leave any uninvested cash in my accounts. So I don't leave any cash there.

I'm quite happy with that situation.

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/81885145#Comment_81885145

And I get away with paying Iweb (SW) no fees (unless I buy or sell), so they can keep the interest on the 2p uninvested cash I have with them. Any dividends are in my bank within 4 working days.