Transferring an ISA from HL

brewerdave

Thinking of moving an ISA from HL to Ii where I already have ,what used to be, a single company SHARE ISA. This ISA is now going to cost me £14.99 pm

The HL ISA contains shares and funds ,some of the funds are HL's own.

Am I right in assuming that these will have to be sold and then cash transferred ? If so, I'll have to work out the potential costs to see whether it's worthwhile.

dunstonh

Am I right in assuming that these will have to be sold and then cash transferred ?

only if the receiving platform doesn't offer or accept that holding.

However, why would you move platforms due to a small difference in charges when you hold the HL own-brand funds, which are expensive and you want to keep them?

eskbanker

https://forums.moneysavingexpert.com/discussion/6656522/transferring-an-isa-from-hl

If you have multiple S&S ISAs, containing a mixture of shares and funds, and feel the need to review platforms (which would entail moving away from proprietary HL funds), is it perhaps worth stepping back and revisiting whether these holdings are aligned with your overall strategy, prior to assessing whether any tweaks are needed, and only after that considering where best to hold them?

jimjames

Thinking of moving an ISA from HL to Ii where I already have ,what used to be, a single company SHARE ISA. This ISA is now going to cost me £14.99 pm

The HL ISA contains shares and funds ,some of the funds are HL's own.

You certainly would find it worthwhile reviewing your investments if you're worried about costs. Worrying about the monthly ISA cost when you have expensive HL funds would be like shopping around for the cheapest petrol when you're driving a V12 Aston. The HL funds are very well marketed by them but they aren't good value for money at all and you can get much lower cost ones. So if you are moving platforms then it's worth doing so to change the funds you hold as well as a number of platforms have no annual fees.

Melvinsmum58

@brewerdave

I am in the same position, moved majority of my ISA holdings from HL to II last year, and I am paying a set amount of £14.99/mth, which includes a SIPP too, compared with upward of £130/mth previously with HL for ISA only. A massive saving.

I did transfer a lot of my funds directly to II as funds (“in-specie” transfer), rather than selling them and moving as cash - you need to check the fund name/class and fund number on HL, and see if II support the identical fund. If they do, the transfer is straight forward, initialised from the II side.

I still have a few funds left with HL, mainly ones that are specific to HL only and don’t fully match with II funds eg Blackrock gold and general. The HL fund is class D1, II is D. After a protracted request to II, they seem to be saying that as the D1 fund is specific to HL, it can’t be transferred in-specie, and I have to action the transfer from the HL side, which I think means selling and transferring as cash.

I will look at the cost of selling and transferring these funds as cash, but it may not be cost effective esp as I am now retired and in the “drawdown” phase of ISAs ahead of taking my DB pensions in 2028.

brewerdave

https://forums.moneysavingexpert.com/discussion/comment/81919701#Comment_81919701

I have actually started a transfer of certain funds and shares from HL to iI as I was already paying £14.99 for the shares held in an ISA resulting from various SAYE schemes with my former employers.

However I've already run into problems - including one fund that appears to be offered by both and yet ,when you drill down ,has a different ISIN number ! Just waiting for the next update.

I've still got a SIPP in drawdown with HL, a further untouched SIPP and a number of HL funds in the ISA ,that would have to be sold and transferred as cash., so will probably wait to move the rest out .

Melvinsmum58

Yes I too have a SIPP in drawdown with HL, but have moved some uncrystallised funds to II.

I will probably run the HL SIPP down over next 2 yrs, especially as they were very slow to move from the SIPP into drawdown the last time I requested it.

eskbanker

However I've already run into problems - including one fund that appears to be offered by both and yet ,when you drill down ,has a different ISIN number !

Yes, it's the ISIN number that denotes uniqueness, so it's not uncommon for variants of the same fund to have different ISINs, to cover the different classes for example, so the A variant will differ from the B version. Which ISINs are you referring to?

brewerdave

https://forums.moneysavingexpert.com/discussion/comment/81920034#Comment_81920034

Invesco Global Equity Class Z - Acc appears to be offered by both firms but the ISIN numbers are slightly different - only apparent when I looked at the Key Investor Information Document.on HL site after Ii raised the issue.

brewerdave

https://forums.moneysavingexpert.com/discussion/comment/81921404#Comment_81921404

Further to the above, Interactive Investor have confirmed that the issue arises because they only offer "clean" classes whereas HL receive incentives so Ii don't support the transfer!

Also applies to a Global Equity fund with Lindsell Train. Now have to make a decision on whether to convert and transfer or just abandon.

Who said transferring ISAs was easy !