Self -Select ISA Admin Charges
Discussion
Evening gents,
Do all self-select stocks and shares ISAs have admin charges? I perhaps naively thought self selecting the shares was doing the admin yourself. I don't like the idea of my money dwindling by 0.5% every year or whatever is charged.
I already have the shares that I want to wrap in an ISA, however the gains aren't big enough for CGT and i've received no dividends yet so I am not sure there's any point in guaranteeing a 0.5% reduction in their value per year at the moment.
Do all self-select stocks and shares ISAs have admin charges? I perhaps naively thought self selecting the shares was doing the admin yourself. I don't like the idea of my money dwindling by 0.5% every year or whatever is charged.
I already have the shares that I want to wrap in an ISA, however the gains aren't big enough for CGT and i've received no dividends yet so I am not sure there's any point in guaranteeing a 0.5% reduction in their value per year at the moment.
As far as I know my ISA sharedealing account with my bank doesn't have any added charges above the dealing charge I pay if I make a trade. The dealing charges are not the lowest (£11 for an internet trade, reducing to £9 if one makes more than a certain number of trades in a defined period) but I usually only trade once a month or so which means I usually pay £11 a trade and pay about £100-132 p.a. I suppose that that means that someone who has a small portfolio and trades frequently would be worse off with my provider than with a fixed 0.5% levy (assuming your provider levies no cost for trading [unlikely!]), but my provider is cheaper if one puts in the max each year and makes few trades each year - in which case the cost as a % of holdings will decrease year on year.
ETA. For certificated shares they do, or recently did not charge to dematerialise them into one's standard trading account - I don't know if that applies to the ISA trading account as well, so if you've got certificated shares you just want to put in an ISA that could be the solution.
ETA. For certificated shares they do, or recently did not charge to dematerialise them into one's standard trading account - I don't know if that applies to the ISA trading account as well, so if you've got certificated shares you just want to put in an ISA that could be the solution.
Edited by Revisitph on Saturday 29th March 21:46
Revisitph said:
As far as I know my ISA sharedealing account with my bank doesn't have any added charges above the dealing charge I pay if I make a trade. The dealing charges are not the lowest (£11 for an internet trade, reducing to £9 if one makes more than a certain number of trades in a defined period) but I usually only trade once a month or so which means I usually pay £11 a trade and pay about £100-132 p.a. I suppose that that means that someone who has a small portfolio and trades frequently would be worse off with my provider than with a fixed 0.5% levy (assuming your provider levies no cost for trading [unlikely!]), but my provider is cheaper if one puts in the max each year and makes few trades each year - in which case the cost as a % of holdings will decrease year on year.
ETA. For certificated shares they do, or recently did not charge to dematerialise them into one's standard trading account - I don't know if that applies to the ISA trading account as well, so if you've got certificated shares you just want to put in an ISA that could be the solution.
What bank are you with? My shares are with Bank of Scotland (Halifax, Lloyds whatever you want to call them) at the moment who seem to want to charge. Hargreaves Lansdown charge 0.45% to a max of £45 http://www.hl.co.uk/investment-services/isa/saving...ETA. For certificated shares they do, or recently did not charge to dematerialise them into one's standard trading account - I don't know if that applies to the ISA trading account as well, so if you've got certificated shares you just want to put in an ISA that could be the solution.
Edited by Revisitph on Saturday 29th March 21:46
Rickeh said:
What bank are you with? My shares are with Bank of Scotland (Halifax, Lloyds whatever you want to call them) at the moment who seem to want to charge. Hargreaves Lansdown charge 0.45% to a max of £45 http://www.hl.co.uk/investment-services/isa/saving...
1st Direct.ETA, from their website:
The first direct Stocks and Shares ISA provides a tax shelter for up to £11,520 of your investments for this Tax Year - without registration fees or annual management charges. And as with everything we do, we've made it as simple as possible to use.
•no registration fee or annual management charge
•self-select the eligible equities you want in you ISA
•Shares listed on the Alternative Investment Market(AIM) are not currently available for trading in our first direct Stocks and Shares ISA
•invest up to £11,520 in a Stocks and Shares ISA this Tax Year (less any amount you save in a cash ISA)
•transfer in your existing cash ISAs and Stocks and Shares ISAs
•please note this can take up to six weeks
•trade online or by telephone
•Your application for a first direct Stocks and Shares ISA only lets you invest in the current tax year so you'll have to complete a new application form for each new Tax Year.
Edited by Revisitph on Sunday 30th March 19:04
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