Which Broker for buying and holding some Investment trusts?

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  • pafpcg
    pafpcg Posts: 883 Forumite
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    RomfordNavy wrote: »
    Can holdings be transfered from a non-ISA to an ISA account?
    You can transfer cash from a non-ISA source to an ISA account (up to the £20k limit per individual).
    You can't transfer holdings of shares or funds held in non-ISA accounts to an ISA account. You have to sell the holdings and transfer as cash (up to £20k limit).
    The current cash ISA has a 120-day notice period. If possible it would be good to create a non-ISA account for the moment and then in 120 days time when the ISA is transfered, move the holdings in the non-ISA account to the ISA or is that asking a bit too much?
    Why not just open the new ISA account and submit a transfer request to make the transfer from the old ISA to the new ISA account specifying that the 120-day notice is given?

    What you must NOT do is to transfer any ISA money to an intermediary non-ISA account, otherwise the money automatically loses the right to be regarded as ISA funds.
  • RomfordNavy
    RomfordNavy Posts: 684 Forumite
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    ValiantSon wrote: »
    Why not iWeb?
    Because I wanted to seperate tne non-ISA and ISA accounts so that there are not too many eggs in one basket, if they are with the same broker there is still only one FSCS limit for the both accounts.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
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    RomfordNavy wrote: »
    Because I wanted to seperate tne non-ISA and ISA accounts so that there are not too many eggs in one basket, if they are with the same broker there is still only one FSCS limit for the both accounts.

    We'd already discussed this. I'm not sure why you are answering the question again.

    Feel free to do what you want, but also have a look back at my comments about FSCS protection.
  • RomfordNavy
    RomfordNavy Posts: 684 Forumite
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    ColdIron wrote: »
    There are other costs to consider, principally transaction charges for purchases/sales, stamp duty on purchases, reinvestment charges and exit fees. These are common to most platforms. See the link in my post #5
    Had missed your earlier post, now saved that link and reading it.
  • RomfordNavy
    RomfordNavy Posts: 684 Forumite
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    ValiantSon wrote: »
    We'd already discussed this. I'm not sure why you are answering the question again.

    Feel free to do what you want, but also have a look back at my comments about FSCS protection.
    I was just answering your question about 'why not iWeb' which I thought was a new post. However looking at the order of things perhaps it wasn't so new.
  • talexuser
    talexuser Posts: 3,499 Forumite
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    RomfordNavy wrote: »
    if they are with the same broker there is still only one FSCS limit for the both accounts.

    The broker does not have your money, the fund managers have, so to be safe have no more than 50K with any one fund house. Which platform (broker) you go through is immaterial to a fund house going bust, just go for the cheapest platform with the level of service acceptable. If a platform goes bust your money is still in the protected funds and another platform will just step in to take over the account.
  • RomfordNavy
    RomfordNavy Posts: 684 Forumite
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    Having now setup an iWeb account I have found one spectacular drawback.

    I would like to invest some in Lindsell Train funds, as suggested in a different thread, but it seems this is not possible with iWeb.
  • ColdIron
    ColdIron Posts: 9,054 Forumite
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    This has come up several times in the past
    https://forums.moneysavingexpert.com/showthread.php?t=5864188
  • RomfordNavy
    RomfordNavy Posts: 684 Forumite
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    So if I want to invest in some Lindsell Train funds among others who is the best broker other than iWeb?
  • RomfordNavy
    RomfordNavy Posts: 684 Forumite
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    ColdIron wrote: »
    This has come up several times in the past
    https://forums.moneysavingexpert.com/showthread.php?t=5864188
    Lindsell Train funds still have provision for 'trail commission' which was outlawed in 2012, this classes it as a dirty fund, hence why iWeb don't allow it.
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