New HL fee structure from 01/03/26

InvesterJones

My gilts transfer also took a week, very impressed. And I can confirm documents are still available at HL under portfolio history, and all contract notes etc. still available in transaction history.

Rollinghome

Anyone know how platform fees are charged on accounts transferred away from HL? Do they charge to the beginning or the end of the month of transfer, or proportionately to the day? And how is the charging point determined, when the transfer is initiated, when completed, or something else? TIA.

InvesterJones

It'll be the equivalent of proportional to the day (e.g. the average amount in the fund over the month). Not quite sure what you mean by charging point - as long as there are funds you'll be charged, so when the funds go to 0 they will no long contribute to charges.

See below for the correct answer!

masonic

https://forums.moneysavingexpert.com/discussion/comment/81893486#Comment_81893486

No that's not correct. Here's what the T&Cs say:

This means that if you had £250k in a S&S ISA that was entirely cash from 1st Feb to 26th Feb and on 27th Feb a deal purchasing £250k was executed, you'd be charged a little over £93 for Feb (debited at the beginning of Mar, under the existing 0.45% fee arrangement). The same as if you'd held the fund for the whole month.

This is why income held in the income account and reinvested part way through the month is problematic, because even though it was held in a non-interest bearing account for part of the month, you'd also be paying a fee on that cash for that same part of the month.

Whereas if you were transferring out, if you held £250k of that same fund between 1st Feb to 26th Feb and it was removed from your account on 27th Feb, you'd not pay any platform fee for Feb.

Effectively this means that investors have until the end of March to get out if they don't want to incur fees at the new rate.

Rollinghome

https://forums.moneysavingexpert.com/discussion/comment/81893524#Comment_81893524

Thanks for that. I thought it might be less problematic to wait until SSON is sorted, hopefully by 27/2. Would be deeply peeved if charged for a full month.

Xenon

https://forums.moneysavingexpert.com/discussion/comment/81881866#Comment_81881866

Actually to quote myself after doing a little more research Interactive Investor will be cheaper for my SIPP.

redux

Apparently HL have contacted selected customers and offered to waive the increase until next year

https://www.investorschronicle.co.uk/content/f59b741e-d45f-44da-ac84-51339209ccc6

[I'm on email list but not an actual subscriber; I don't know if shortened link will be fully readable]

Hargreaves Lansdown has delayed cost increases for a select group of customers until March 2027 after it faced a backlash from high-net-worth and previously loyal users.

The Isa and pension provider had planned to more than triple the annual charge cap for holding shares, investment trusts and ETFs in stocks and shares Isas and general investment accounts (GIAs) on March 1, from £45 to £150.

However, Britain’s largest Isa and pension provider has emailed a small group of its clients offering to postpone the cap increase until the end of February 2027. The company said this was to thank particular clients for their loyalty to the platform.

thingswerentthisbadinmyday

https://forums.moneysavingexpert.com/discussion/comment/81915215#Comment_81915215

So what counts as “Loyalty to the Platform”?

I may not have the largest balances, but I’ve been with them for 12/13 years and have been personally responsible for setting up/transferring accounts for 5 other family members.

And during that time, I’ve had cause (at least in my view) to complain about certain aspects of service (on more than one occasion), but still decided to stay.

Am I not a “Loyal customer” or does the word “Loyalty” necessitate a large £sign???

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/81915215#Comment_81915215

That artillery is not accurate, of course. There was no custody charge for a GIA. Some of us were given the concession right from the start. Others have been added more recently.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/81915243#Comment_81915243

I expect that loyalty counts against you. They will expect that you will stay no matter what.