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  • FIRST POST
    • Economic
    • By Economic 12th Dec 17, 3:52 PM
    • 252Posts
    • 231Thanks
    Economic
    IG Custody Fee
    • #1
    • 12th Dec 17, 3:52 PM
    IG Custody Fee 12th Dec 17 at 3:52 PM
    From Spring 2018, IG are introducing a 24 per quarter custody fee (with an exemption if you trade three or more times during the quarter).
Page 2
    • darkidoe
    • By darkidoe 13th Jan 18, 1:27 AM
    • 929 Posts
    • 1,075 Thanks
    darkidoe
    If I must pay an annual platform fee then back to Halifax looks best for me. When I left it was 0.2% of the ISA value, now it's a more modest 12.50. No contact from IG yet though.
    Originally posted by Nerdlinger
    Same. I am awaiting for them to contact me to..

    Save 12K in 2018 #31 0/15 000
    Save 12K in 2017 # 9 15,848.84/15 000 (105.65%) Achieved!
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    • grey gym sock
    • By grey gym sock 13th Jan 18, 4:33 AM
    • 4,407 Posts
    • 3,958 Thanks
    grey gym sock
    well, i'm glad i didn't get around to moving my interactive investor (formerly tdd) ISA to ig.

    with ig's transfer-in bonus (which also appears to have stopped - i can't see it mentioned on ig's website now), moving to ig and then on again would have more than paid for itself. but i'm not in this for a merry-go-round of switches. it's not worth making my life more complicated.

    i'm pretty sure i'm going to move my ii ISA to iweb instead. the main downside is that there are 1 or 2 investments i might want to hold which aren't available at iweb. but that's really another topic ...
    • ivormonee
    • By ivormonee 13th Jan 18, 10:38 AM
    • 165 Posts
    • 102 Thanks
    ivormonee
    I also found that iWeb didn't hold all of my funds which is why my transfer to them didn't go through. iWeb seems to have a real lack of some funds and when I spoke to them they told me that there are many that they don't have and would not be able to add. I had to start from scratch.

    I don't know what is happening with new charges at IG other than what they told me recently about phasing in for different customers. Only those they have written to will pay the charges; everyone else won't (for now). That's according to their customer services person on the phone.
    • JohnRo
    • By JohnRo 16th Jan 18, 3:56 PM
    • 2,608 Posts
    • 2,421 Thanks
    JohnRo
    The dreaded email landed today, I'll protest in the strongest possible terms and be entirely ignored.

    Their reasons given for the imposition of these fees are laughable, it's a simple bait and switch tactic.

    Scoundrels!
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • ArchBair
    • By ArchBair 16th Jan 18, 4:25 PM
    • 95 Posts
    • 34 Thanks
    ArchBair
    If you only have ETF's or IT's in your SIPP or ISA portfolio's then Fidelity only charge 45 per annum with no transfer out charges. Also, in the case of SIPP's there are also no drawdown charges!
    • capital0ne
    • By capital0ne 16th Jan 18, 6:19 PM
    • 524 Posts
    • 254 Thanks
    capital0ne
    If you only have ETF's or IT's in your SIPP or ISA portfolio's then Fidelity only charge 45 per annum with no transfer out charges. Also, in the case of SIPP's there are also no drawdown charges!
    Originally posted by ArchBair
    What about using iWeb?
    • Sally57
    • By Sally57 16th Jan 18, 7:36 PM
    • 104 Posts
    • 22 Thanks
    Sally57
    What about using iWeb?
    Originally posted by capital0ne
    I think they are more expensive for SIPPS but cheaper for isas
    • PeakOwl
    • By PeakOwl 17th Jan 18, 11:40 AM
    • 57 Posts
    • 13 Thanks
    PeakOwl
    Just a hunch, but I suspect part of IG's motive here could be to cover some of the likely future loss they face in binary trading income:

    https://www.ftadviser.com/regulation/2017/12/18/watchdog-looks-to-ban-sale-of-binary-options/

    For those switching to Iweb, be wary if you hold any US based/earning stocks, as the handling of the US withholding tax for stocks held in an ISA has been less than satisfactory in my experience. To this regard I've heard better things about X-O, and as they have no quarterly/annual fees either, and also have a low dealing charge (5.95) I'm probably going to give them a try.
    Last edited by PeakOwl; 17-01-2018 at 11:43 AM.
    • bowlhead99
    • By bowlhead99 17th Jan 18, 12:31 PM
    • 7,991 Posts
    • 14,536 Thanks
    bowlhead99
    For those switching to Iweb, be wary if you hold any US based/earning stocks, as the handling of the US withholding tax for stocks held in an ISA has been less than satisfactory in my experience. To this regard I've heard better things about X-O, and as they have no quarterly/annual fees either, and also have a low dealing charge (5.95) I'm probably going to give them a try.
    Originally posted by PeakOwl
    How are you going to buy US based stocks at x-o, who only deal in stocks that are listed on the London stock exchange? They are cheap because they are simple.

    Are you getting confused/misled by comments from other people that x-o handle the receipt and conversion to sterling of foreign currency dividends quickly and efficiently? You can get dollar dividends from things listed in London which x-o could acquire or hold for you, but if you are buying a genuine US-based stock (such that you need a US tax withholding form) then it doesn't seem like X-O are the obvious choice, due to not offering many/any ?

    Unless they have changed and expanded their service offering recently.
    • DesG
    • By DesG 18th Jan 18, 9:24 AM
    • 1,250 Posts
    • 447 Thanks
    DesG
    Can anyone confirm if this exemption means you will be exempt from the custody fee if you have over 15K in an ISA with them?

    "2. Hold assets worth 15,000 or more across your IG Smart Portfolio accounts at the end of the quarter"
    • Economic
    • By Economic 18th Jan 18, 9:41 AM
    • 252 Posts
    • 231 Thanks
    Economic
    Can anyone confirm if this exemption means you will be exempt from the custody fee if you have over 15K in an ISA with them?

    "2. Hold assets worth 15,000 or more across your IG Smart Portfolio accounts at the end of the quarter"
    Originally posted by DesG
    If the 15,000 is invested in the IG Smart Portfolio, see: https://www.ig.com/uk/investments/smart-portfolios
    Since the management charge is 0.65%, it would cost you at least 97.50pa to hold 15,000 in the IG Smart Portfolio compared to the custody fee of 96pa.
    • DesG
    • By DesG 19th Jan 18, 11:25 AM
    • 1,250 Posts
    • 447 Thanks
    DesG
    If the 15,000 is invested in the IG Smart Portfolio, see: https://www.ig.com/uk/investments/smart-portfolios
    Since the management charge is 0.65%, it would cost you at least 97.50pa to hold 15,000 in the IG Smart Portfolio compared to the custody fee of 96pa.
    Originally posted by Economic
    Thanks, not familiar with their terminology, I was hoping it was just a catch all name for their investment accounts, and an ISA would be included.

    In that case I don't think I will be moving to them.
    • JohnRo
    • By JohnRo 19th Jan 18, 12:20 PM
    • 2,608 Posts
    • 2,421 Thanks
    JohnRo
    I've been told in a phone call to IG that the lock in period for the incentive bonus is only six months, I was under the impression after reading T&C that it was 10 months. Can anyone confirm this?

    If so I can escape with the bonus and no fees on one of the three accounts I transferred and the other two I will protest but just have to make three trades in April which are required anyway, so it looks like I might just about get away with it.

    No doubt the transfer out to iWeb will be followed by a similar saga knowing my luck..
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • TCA
    • By TCA 19th Jan 18, 12:40 PM
    • 1,355 Posts
    • 802 Thanks
    TCA
    Hi John

    I didn't transfer to IG but I've got a pdf saved of the offer, which says the following and section 5 appears to back up the 6 months theory:

    The following are the terms and conditions of the Reward for transfer (the Offer):

    1. Defined terms in these terms and conditions have the same meaning as in the Share Dealing Customer Agreement.

    2. IG will pay you an amount of money to your Share Dealing Account when you transfer Instruments over the value of 10,000 from another provider to an IG Share Dealing Account, Stocks and Shares ISA or IG SIPP (the Credit). The amount of the Credit is as follows:

    VALUE OF SHARES TRANSFERRED CREDIT AMOUNT
    10,000 - 49,999 75
    50,000 - 99,999 125
    100,000+ 250

    3.The following are excluded from this Offer:
    (a) Cash;
    (b) Transfers that are not performed from broker to broker, including but not limited to transfers of certificated shares;

    4. The Credit will be paid within the following month of when the instruments are transferred to IG and received from the outgoing broker.

    5. IG reserves to withhold or seek repayment of the Credit if you do not hold the Instruments in your IG Share Dealing Account, Stocks and Shares ISA or IG SIPP for a period of at least 6 months of transferring in.

    6. Where the Credit is payable in relation to a transfer into a Stocks and Shares ISA or IG SIPP, the Credit will be paid into your Share Dealing Account.

    7. IG will only pay one Credit per customer.

    8. The Offer applies to any transfers completed after 1 February 2017.

    Let me know if you want me to email it to you.
    • cloud_dog
    • By cloud_dog 19th Jan 18, 12:44 PM
    • 3,726 Posts
    • 2,215 Thanks
    cloud_dog
    No doubt the transfer out to iWeb will be followed by a similar saga knowing my luck..
    Originally posted by JohnRo
    If you could choose a different platform, I would very much appreciate it

    (Also, not X-O or Fidelity)
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • darkidoe
    • By darkidoe 20th Jan 18, 3:19 AM
    • 929 Posts
    • 1,075 Thanks
    darkidoe
    I have received the email as well. I haven't been with them for 6 months yet to secure the bonus fee without risk of them asking for it back. Annoying. Might have to take the risk and switch in June before the payment date.

    I just hope IWeb is as simple to navigate. The benefit I can see from switching brokers is getting used to the switcharoo and getting comfortable navigating different systems which I believe is to continue in the future.

    Save 12K in 2018 #31 0/15 000
    Save 12K in 2017 # 9 15,848.84/15 000 (105.65%) Achieved!
    Save 12K in 2016 # 8 19 721.58/12 000 (164.35%) Achieved!
    • Economic
    • By Economic 20th Jan 18, 9:59 AM
    • 252 Posts
    • 231 Thanks
    Economic
    The first quarter with charges (April/May/June) covers the end of the this tax year and the beginning of the next tax year so with selling shares to use up my CGT allowance and investing in my ISA doing three deals should be no problem.
    • Nerdlinger
    • By Nerdlinger 20th Jan 18, 7:41 PM
    • 18 Posts
    • 8 Thanks
    Nerdlinger
    Got my email on Tuesday. I'm disappointed with IG so I intend to keep my signing on bonus and delay my move to iweb until 6 months are up. Many thanks to posters here for the useful info.
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