How to hold £7,200 in a 'Cash ISA'

ozzage

In theory I agree, but in reality... is it likely to end up as a problem?

Are the 99.9% of S&S ISA holders who don't know about this thread going to be at risk by logging in to their ISA account, finding an ETF marked clearly as being eligible for use in an ISA, and buying shares in it?

e.g. here: http://www.h-l.co.uk/shares/security_details/sedol/B2QSN46

tradetime

ozzage wrote: »

In theory I agree, but in reality... is it likely to end up as a problem?

Are the 99.9% of S&S ISA holders who don't know about this thread going to be at risk by logging in to their ISA account, finding an ETF marked clearly as being eligible for use in an ISA, and buying shares in it?

e.g. here: http://www.h-l.co.uk/shares/security_details/sedol/B2QSN46

LOL dude, as I said in the thread I started about ETF's and ISA's, it's chaos, no fooker knows what's allowed and what's not from one broker to another, only thing I know is when it all goes wrong it's usually Joe Public who gets shafted one way or another.

GTG

tradetime wrote: »

LOL dude, as I said in the thread I started about ETF's and ISA's, it's chaos, no fooker knows what's allowed and what's not from one broker to another, only thing I know is when it all goes wrong it's usually Joe Public who gets shafted one way or another.

I posted the steps one needs to go through to determine the eligibility of a particular investment in post number 31 here http://www.greenenergyinvestors.com/index.php?showtopic=2981&st=20 They are based on HMRCs' regulations so if your investment qualifies using this method and your broker is telling you otherwise challenge him/her with the information. I've found it's normal to be fobbed off or to find the front line staff are not knowledgeable enough (especially at the cheap discount brokers) to comment. If you're having problems insist on speaking to a manager or at least someone who knows their job.

tradetime

GTG wrote: »

I posted the steps one needs to go through to determine the eligibility of a particular investment in post number 31 here http://www.greenenergyinvestors.com/index.php?showtopic=2981&st=20 They are based on HMRCs' regulations so if your investment qualifies using this method and your broker is telling you otherwise challenge him/her with the information. I've found it's normal to be fobbed off or to find the front line staff are not knowledgeable enough (especially at the cheap discount brokers) to comment. If you're having problems insist on speaking to a manager or at least someone who knows their job.

Thanx a lot GTG, I will have a look at that.At TD Waterhouse I went as far as the Customer Resolution Team Leader, (nice label) He informed me.

To clarify, Her Majetsy's Revenue and Customs rules do not permit ISA holders to trade US ETF's within their ISA. I apologise if you have ever been led to believe differently

tradetime

That link appears to be broken

Sorry, the link that brought you to this page seems to be out of date or broken.

GTG

tradetime wrote: »

That link appears to be broken

It works for me but I'm a member, maybe you have to join to access it. It's free and a great place to be IMHO.

To clarify, Her Majetsy's Revenue and Customs rules do not permit ISA holders to trade US ETF's within their ISA. I apologise if you have ever been led to believe differently

That's just the type of reply I'd expect from Wasterhouse, it's of course wrong. I trade US ETFs all the time at Selftrade.

I dumped Wasterhouse ages ago because of a service I could only describe as abysmal at best. It is easy to get lured in with their impressive claims on their website. Have you experienced their 1.5% currency exchange charges per transaction, at that rate it does n't take a large trade before you're paying more than the bespoke brokers charge for dealing.

tradetime

GTG wrote: »

It works for me but I'm a member, maybe you have to join to access it. It's free and a great place to be IMHO.

That's just the type of reply I'd expect from Wasterhouse, it's of course wrong. I trade US ETFs all the time at Selftrade.

I dumped Wasterhouse ages ago because of a service I could only describe as abysmal at best. It is easy to get lured in with their impressive claims on their website. Have you experienced their 1.5% currency exchange charges per transaction, at that rate it does n't take a large trade before you're paying more than the bespoke brokers charge for dealing.

No Iruled out doing foreign trades based on thier exchange rate, this was an arguement that sprang up from the beginning, and I'm just not the sort of person to let something lie if I think I am right. I only bothered with them and their likes in the interests of setting up an ISA, and since they are a subsidiary of a Foreign bank I thought they may have moved beyond the antiquated UK broker system.
For my day to day I use Interactive Brokers, a proper broker, but they don't do ISA's, blows this dross away.

GTG

tradetime wrote: »

No Iruled out doing foreign trades based on thier exchange rate, this was an arguement that sprang up from the beginning, and I'm just not the sort of person to let something lie if I think I am right. I only bothered with them and their likes in the interests of setting up an ISA, and since they are a subsidiary of a Foreign bank I thought they may have moved beyond the antiquated UK broker system.
For my day to day I use Interactive Brokers, a proper broker, but they don't do ISA's, blows this dross away.

Now your talking, the introduction of ISA's as a suggestion for a new service has got 17 votes the last time a heard. Have you voted, the more the merrier?

You can deal foreign equities at Selftrade but not on as many exchanges as "claimed" by Wasterhouse. I've found their spreads over the telephone to be reasonable and they claim to charge spot on currencies. Not being able to see the breakdown of the dealer spread and the currency charge this seems likely. No stop or limit orders are possible on telephone orders and similarly to wasterhouse (but not as bad) their CS leaves a lot to be desired. It would make my day to see IB roll out an ISA account!

jamesd

ozzage wrote: »

Are the 99.9% of S&S ISA holders who don't know about this thread going to be at risk by logging in to their ISA account, finding an ETF marked clearly as being eligible for use in an ISA, and buying shares in it?

e.g. here: http://www.h-l.co.uk/shares/security_details/sedol/B2QSN46

HL have fixed that, it's now SIPP-only on their site.