Friday, 12 June 2015

New ISA Funds Transfer (Update)

Towards the end of last month I decided to look around for a cheaper platform for my funds as there was an additional 0.20% platform fee for holding these with my current ISA broker AJ Bell Youinvest

In recent weeks I had been giving a little thought to the cost of my revised strategy of holding some of my portfolio in funds as opposed to shares or investment trusts which I will leave with Youinvest.

In the end, I selected Halifax Share Dealing as they offered a flat annual platform charge of just £12.50 which worked out significantly cheaper than the 0.20% fees I would pay with AJ Bell.

On 28th May I placed an order for the sale of my Vanguard LS funds with Youinvest and a few days later the cleared proceeds arrived in my account. It then took a further week for the funds to be transferred to my bank.

In the meantime, the online application for my new ISA with the Halifax was very straight forward and it was up and running in a little over 48 hrs.

The sale proceeds were finally received earlier this week and I was then able to transfer this to the Halifax which was instant and I placed an order for the new purchase.

Today I have received my contract note from Halifax confirming the repurchase of Vanguard LS60 in my new account. Fortunately the markets have retreated a little over the past 10 days so I ended up purchasing the fund for around 3% less than I sold with AJ Bell which gets me off to a good start.

So far, so good. I may have a look at transferring over my Vanguard UK Equity Income fund at a later date - I was not quite sure when the xd date was so have left this with AJ Bell for the time being.

Enjoy the sunny weather while it lasts!

2 comments:

  1. I use Halifax for my stocks and shares ISA and I am pleased with it although I need to pay for each individual trade and it works out expensive.

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    1. Laura, good to hear you are pleased with the Halifax. I know the dealing fee is a little more expensive - £12.50 compared to the £4.95 at AJ Bell however I really do not intend to trade very often with my funds ISA and it should work out less expensive overall taking into account the savings on the platform charges.

      I understand they have regular lower cost dealing days for shares - not sure whether funds would qualify, possibly not.

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