Remove ads

Introducing the LemonFools Personal Finance Calculators

SVS or Selftrade

Discuss Brokers, trading, fees, experiences
smokey01
Posts: 16
Joined: November 6th, 2016, 8:42 am
Has thanked: 1 time
Been thanked: 2 times

SVS or Selftrade

#130976

Postby smokey01 » April 9th, 2018, 7:06 pm

Hi,

I'm looking for a broker to transfer my IG Group ISA to due to the introduction of inactivity fees.

I currently have ISA accounts with IWEB, YouInvest and XO and I'm happy with all of them but I am over the FSCS protection limit by quite a bit in each one. I don't trade often and I don't need anything fancy and have narrowed down my research to :-

Selftrade £11.75 a trade but also a regular investment rate of £1.50. There are inactivity fees of £40 + VAT a year but if I have read right this isn't charged if a regular investment has been made. So I could presumably not pay it if I set up a regular investment. I have not found out the details of the regular investments but I presume it is once a month?

SVS XO - £7.95 a trade. The only thing that puts me off these guys is a £10 corporate action charge, but in a previous post sometime ago someone who used this broker said they had never been charged it. I will chat them tomorrow to see if they can give me any more indication of when this charge might apply, but I'm not holding my breath that i'll get an answer.

So anyone any thoughts on the 2 of these (or other low cost, no inactivity fee brokers) ?

BobbyD
Lemon Quarter
Posts: 2429
Joined: January 22nd, 2017, 2:29 pm
Has thanked: 50 times
Been thanked: 109 times

Re: SVS or Selftrade

#131018

Postby BobbyD » April 9th, 2018, 10:44 pm

The thing which put me off SVS while I had other options to explore was that fraudsters have operated a clone of SVS in the past... No reflection on SVS, but not being a company I'm overly familiar with I played safer rather than sorrier.

https://www.fca.org.uk/news/warnings/sv ... ties-clone

tieresias
Lemon Pip
Posts: 80
Joined: November 4th, 2016, 8:25 pm
Has thanked: 37 times
Been thanked: 27 times

Re: SVS or Selftrade

#131294

Postby tieresias » April 10th, 2018, 9:08 pm

smokey01 wrote:So anyone any thoughts on the 2 of these (or other low cost, no inactivity fee brokers) ?


I've been with SVS XO for about 3 years when they were one of very few brokers to let me open an account while I was ex-pat. I'm very happy with them and, since I got back, I've opened an ISA with them too. I had an account with iWeb already, which I still have and it is my favourite, and SVS XO is the closest other broker in terms of clear and simple dealing and dividend reporting. I've not had a corporate action since I've been with them (I only use the accounts for investment trusts and ETFs).

No experience with SelfTrade, but if you search around this board, I think there was a big issue with them a few years ago on which they eventually relented but lost a lot of customer goodwill.

GeoffF100
Lemon Quarter
Posts: 1081
Joined: November 14th, 2016, 7:33 pm
Has thanked: 30 times
Been thanked: 141 times

Re: SVS or Selftrade

#131335

Postby GeoffF100 » April 11th, 2018, 7:40 am

BobbyD wrote:The thing which put me off SVS while I had other options to explore was that fraudsters have operated a clone of SVS in the past... No reflection on SVS, but not being a company I'm overly familiar with I played safer rather than sorrier.

https://www.fca.org.uk/news/warnings/sv ... ties-clone

Vanguard has been targeted in the same way:

https://www.fca.org.uk/news/warnings/va ... rised-firm

Here is the genuine FCA register entry:

https://register.fca.org.uk/ShPo_FirmDe ... 00NMI0mAAH

There is no reason to avoid Vanguard or SVS, but it is always important to be vigilant. Always double check.

I have not had any significant problems with a Youinvest SIPP.

smokey01
Posts: 16
Joined: November 6th, 2016, 8:42 am
Has thanked: 1 time
Been thanked: 2 times

Re: SVS or Selftrade

#131774

Postby smokey01 » April 12th, 2018, 8:45 pm

I read the thread on Selftrade and that does not seem promising.

I'll have a think about SVS XO - I still don't like the corporate action charge of £10 as I am not in control of when that would kick in i.e. I can choose to trade but if one of my share's does a rights issue etc I am forced to pay the charge for something I didn't instigate. That said the dealing fee is lower than most brokers (not that I will deal often) and also as there is no custody/inactivity fee then really it isn't a big deal.

But I also want to explore HSBC Invest Direct as I could then get a Premier account which would give me certain benefits including worldwide travel insurance, which would make the quarterly charge worthwhile.

Thanks everyone for their input.

77ss
Lemon Slice
Posts: 651
Joined: November 4th, 2016, 10:42 am
Has thanked: 42 times
Been thanked: 84 times

Re: SVS or Selftrade

#132275

Postby 77ss » April 15th, 2018, 4:50 am

smokey01 wrote:.....
Selftrade £11.75 a trade but also a regular investment rate of £1.50. There are inactivity fees of £40 + VAT a year but if I have read right this isn't charged if a regular investment has been made. So I could presumably not pay it if I set up a regular investment. I have not found out the details of the regular investments but I presume it is once a month?

SVS XO - £7.95 a trade. The only thing that puts me off these guys is a £10 corporate action charge, but in a previous post sometime ago someone who used this broker said they had never been charged it. I will chat them tomorrow to see if they can give me any more indication of when this charge might apply, but I'm not holding my breath that i'll get an answer.

So anyone any thoughts on the 2 of these (or other low cost, no inactivity fee brokers) ?


The Selftrade inactivity fees can be avoided by dealing once a quarter.

Personally, I find their new website abominable and their help desk uneducated. All my ISA funds will now be directed to iWeb.


Return to “Brokers and Share Dealing”

Who is online

Users browsing this forum: No registered users and 1 guest