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  • FIRST POST
    copper.cow
    iWeb Self Select ISA - Reviews and Experience
    • #1
    • 19th Nov 12, 11:25 PM
    iWeb Self Select ISA - Reviews and Experience 19th Nov 12 at 11:25 PM
    i am doing some research as to which self select ISA to open for
    - an irregular trader;
    - low (or better, NIL) admin fees/charges;
    - no inactivity charge;
    - no requirement for regular investment;
    - 10 less commission per trade;
    - dividend reinvestment;
    - reasonable transfer out charge;
    - inclusive research facility - this is a bonus ;
    - and maybe more...

    i am in the process of checking out Sippdeal, Selftrade, TD Direct, SVS, Saga, etc. iWeb has come up top of the list at the moment.

    however, i am unable to get up-to-date reviews or user experience with iweb on the internet . this means i have googled this. and i have searched and read every post that mentioned 'iweb [share dealing]' between 2010 and today on this website.

    could you share your experience with iweb if you have had dealings with them, please?

    thanks.
Page 2
    • draper29
    • By draper29 23rd Jan 15, 11:23 AM
    • 34 Posts
    • 100 Thanks
    draper29
    I have been using iweb for a couple of years now and have only one complaint. It only allows you to keep a page open for 10 minutes before having to log in again. I find this annoying as I like to keep the page open in the background as I do research. When doing any trade (charge 5) it quotes the best price and gives you 15seconds to either confirm or cancel. Otherwise it gives you the mid-price delayed 15 mins. In an ISA you can set up or cancel a trade plan without any extra charge. In a normal account it costs 2 which is deducted from the trade fee if it triggers. All the research pages are from Halifax.
    Originally posted by AHulme
    very Glad you continued with this unclosed thread as it's renewed my search for better fund platforms again,,,,well done
    • hennerz
    • By hennerz 6th Apr 15, 11:53 PM
    • 172 Posts
    • 32 Thanks
    hennerz
    Another happy iWeb user here.

    I trade only a few times a year, so it makes sense. The platform is a little dated but it gets the job done.
    • draper29
    • By draper29 6th Aug 15, 10:05 AM
    • 34 Posts
    • 100 Thanks
    draper29
    Be aware that IWEB does not allow you to add the dealing charge of 5 to the amount you invest in a stocks and shares ISA.

    From IWEB customer support "The charges on ISA transactions come from within the annual ISA allowance"
  • Onedrew
    I find iWeb a very good value site for trading, with no platform fee. I have had no issues with price-limit trades or range trading, although there is a 2 set-up fee for these if placed outside an ISA. The 2 is refunded on execution, but not if you change your mind.
    Last edited by Onedrew; 07-09-2015 at 12:06 AM.
    • hennerz
    • By hennerz 9th Sep 15, 2:49 PM
    • 172 Posts
    • 32 Thanks
    hennerz
    It ended up taking me 2 weeks to sell a Vanguard fund and get the money in my bank from iWeb, part of this was bad timing, part of it was Vanguards rules, but a big part was iWeb being very slow and unclear.

    I would like to switch to SelfTrade now, but the iWeb exit fees make it too expensive to do so.
    • colsten
    • By colsten 9th Sep 15, 3:06 PM
    • 9,009 Posts
    • 7,755 Thanks
    colsten
    Have you tried asking Selftrade whether they'd give you a joining bonus? Worst case they will say no, but they might be keen to have you as a customer ad pay at least some of the charges.
    • stone circle
    • By stone circle 15th Sep 15, 1:44 PM
    • 16 Posts
    • 1 Thanks
    stone circle
    iWeb hide true costs
    Although the headline charges look cheap at iWeb, in reality they aren't. iWeb don't offer many "accumulation" investment funds for trading. The reason (they say) is that they follow UCITS regulatory guidelines. The reality is these funds are available to trade at most, if not all other brokers.

    "Accumulation" funds are usually preferable because the proceeds of dividends are reinvested free of charge. The "income" funds that iWeb forces you to trade, instead pay dividends in the form of cash to your account where it either sits idly until you notice (iWeb don't notify you), earning interest for them (not for you), or you can pay iWeb a 2% commission to reinvest manually or automatically. With a typical portfolio of say five funds, each paying a quarterly dividend of 200, that's an extra 80 you are paying iWeb per year that you wouldn't have to pay at other brokers, plus the interest you've lost from having idle money.

    At least other brokers are up-front with their costs. Neither comparison sites nor iWeb's T&C's will tell you that many "accumulation" funds that you want to trade are unavailable at iWeb.
    Last edited by stone circle; 15-09-2015 at 1:47 PM.
    • JohnRo
    • By JohnRo 15th Sep 15, 1:48 PM
    • 2,608 Posts
    • 2,421 Thanks
    JohnRo
    where it either sits idly until you notice (iWeb don't notify you)
    I'm not aware of any broker who notifies account holders about dividend payments. These are execution only brokers, it's your job to do the research and manage the account.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • george4064
    • By george4064 15th Sep 15, 2:02 PM
    • 936 Posts
    • 1,017 Thanks
    george4064
    I was considering making the switch to iWeb from HL, but decided against it. I was always a bit suspicious that they were so cheap.


    I guess the saying 'You get what you pay for' holds true with most platform providers.


    If I were to change provider, I would move to Halifax Self-Select ISA account.
    • Chickereeeee
    • By Chickereeeee 28th Oct 15, 9:46 AM
    • 442 Posts
    • 267 Thanks
    Chickereeeee
    iWeb don't offer many "accumulation" investment funds for trading
    Originally posted by stone circle
    There are about 80 'Acc' funds starting with the letter 'A' alone, so this is not true. What funds were you looking for?

    I have always found I could find the fund I wanted (with the exception of Lindsell Train funds, for some reason)

    C
    Last edited by Chickereeeee; 28-10-2015 at 9:50 AM.
    • Eco Miser
    • By Eco Miser 29th Oct 15, 12:33 AM
    • 3,444 Posts
    • 3,234 Thanks
    Eco Miser
    I was considering making the switch to iWeb from HL, but decided against it. I was always a bit suspicious that they were so cheap.


    I guess the saying 'You get what you pay for' holds true with most platform providers.


    If I were to change provider, I would move to Halifax Self-Select ISA account.
    Originally posted by george4064
    You may get what you pay for, but are you paying for more than you need?
    I find the IWeb service satisfactory for my needs, and ridiculously cheap, and get the same back-end as Halifax Sharedealing.
    Eco Miser
    Saving money for well over half a century
    • mikeyacht
    • By mikeyacht 4th Nov 16, 12:27 PM
    • 1 Posts
    • 1 Thanks
    mikeyacht
    IWEb
    I used IWeb for 2 years but decided to switch to another broker as the choice of investments were too limiting. Several times I tried to buy stocks only to find out they were not available. So I switched to Interactive Investor. All the stocks were sold but the cheque was only sent to Interactive Investor 11 days after the settlement date. Not good enough.
    • ffacoffipawb
    • By ffacoffipawb 12th Nov 16, 11:44 PM
    • 2,466 Posts
    • 1,620 Thanks
    ffacoffipawb
    I'm not aware of any broker who notifies account holders about dividend payments. These are execution only brokers, it's your job to do the research and manage the account.
    Originally posted by JohnRo
    Youinvest sends emails when dividends are received. Just a generic E-mail thus:-

    We have recently sent you a new secure message. You can view your secure messages by logging into your account and selecting "Secure messages".

    Please do not respond to this email. If you have any questions please contact our dealing services team by sending a secure message from your account.


    The email header contains the word DIVIDEND though !!!128516;
    • huudi
    • By huudi 5th Mar 18, 9:13 PM
    • 12 Posts
    • 1 Thanks
    huudi
    Selftrade have always(annoyingly) sent e-mail notification of dividend receipts.
    I am glad this thread is still open as this is an ongoing subject especially as many brokers websites have been 'upgraded'? to our detriment.
    Can anybody give a comparison between x-o and I-web?
    • jimjames
    • By jimjames 5th Mar 18, 9:59 PM
    • 12,584 Posts
    • 11,230 Thanks
    jimjames
    iWeb send notification of reinvestment, I've not needed to get notified of dividends being received.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • cxs1
    • By cxs1 13th Mar 18, 11:35 AM
    • 1 Posts
    • 0 Thanks
    cxs1
    Execution not guaranteed!
    Yesterday I was unable to deal via the iWeb website for most of the day. I could get a price for a trade, but when I attempted to get a confirmed offer the site redirected me to their "Negotiated Order" page. That page talks about market volatility etc as a reason for being unable to trade and would simply send the order onto a manual queue for future execution. As I was actually unable to buy or sell any stock yesterday, I called support and it turned out they were having serious IT issues with trades not being routed to market makers. An execution service that could not execute and peculiarly without any "current status" page to advise customers of their system issues.

    Their fall back was to say I could place a manual trading desk order, but of course there were massive delays for this service as their brokers worked through the queues, so no indication of the price that you would transact at for a market order. Totally pointless for people who need to day trade or swing trade, and generally just to move quickly when opportunities present.

    Yesterday was the second time in 10 months that trading has been substatially blocked for me, due to their technical issues. Support simply told me that execution is not guaranteed, and my complaint would not be upheld! I'd hoped they might offer a free trade or such simply for the total inconvenience and my missed trade.

    So my ISA will be moved to new platform from April. Obviously, I'm no Neil Woodford, just a regular trader with an ISA, but still this cheap service has been unreliable and unsatisfactory for me over a relatively short period, and now I've found their attitude to logged issues to be essentially dismissive, unfortunately.
    • Vortigern
    • By Vortigern 13th Mar 18, 4:48 PM
    • 2,430 Posts
    • 1,634 Thanks
    Vortigern
    Selftrade have always(annoyingly) sent e-mail notification of dividend receipts.
    I am glad this thread is still open as this is an ongoing subject especially as many brokers websites have been 'upgraded'? to our detriment.
    Can anybody give a comparison between x-o and I-web?
    Originally posted by huudi
    I'd welcome email notification of dividends but x-o don't send them.

    Both x-o and iWeb are fairly basic, but they're cheap. I'm not a frequent trader, but I hold ETFs and shares unwrapped in x-o, and funds in an iWeb ISA.
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