Remove ads

Introducing the LemonFools Personal Finance Calculators

Nice extra from AJ Bell Youinvest

paulnumbers
2 Lemon pips
Posts: 208
Joined: November 4th, 2016, 2:15 am
Has thanked: 9 times
Been thanked: 30 times

Re: Nice extra from AJ Bell Youinvest

#41666

Postby paulnumbers » March 27th, 2017, 3:02 pm

simoan wrote:
paulnumbers wrote:
I assume you've considered the costs of stamp duty & the spread in doing that?



Absolutely! The thing is once I'm in cash I don't have to buyback the same 12 shares so I can limit the costs to a certain extent, and if I buy AIM shares in the new ISA stamp duty is not a factor. All in all it should cost much less than £300 and the transfer out of cash only should be quick. If I sell some of the shares this week (to reach 10 trades in March between my SIPP and ISA) and sell the rest next week, the April sales will only cost £4.95 each so the total selling cost would be ~£85.

There's no really good way of doing it, because ideally I'd want to transfer the shares to another provider for nothing, so I'm just trying to find the least bad way of leaving AJ Bell!

All the best, Si


It's an interesting problem ;-) So it sounds like you have 5 trades done already this month? Leaving 5 more to do @ £10 on the 31st, then 7 on the 3rd April @ £5 each?

You could then purchase everything in one share for an extra £5. Transfer that to IG index for £25, so total fees to Youinvest £115.

Then IG would reward you one of these...

£10,000 - £49,999 £75
£50,000 - £99,999 £125

So perhaps a small profit excluding the spread.

simoan
Lemon Slice
Posts: 272
Joined: November 5th, 2016, 9:37 am
Has thanked: 22 times
Been thanked: 56 times

Re: Nice extra from AJ Bell Youinvest

#41682

Postby simoan » March 27th, 2017, 4:44 pm

paulnumbers wrote:
simoan wrote:
paulnumbers wrote:
I assume you've considered the costs of stamp duty & the spread in doing that?



Absolutely! The thing is once I'm in cash I don't have to buyback the same 12 shares so I can limit the costs to a certain extent, and if I buy AIM shares in the new ISA stamp duty is not a factor. All in all it should cost much less than £300 and the transfer out of cash only should be quick. If I sell some of the shares this week (to reach 10 trades in March between my SIPP and ISA) and sell the rest next week, the April sales will only cost £4.95 each so the total selling cost would be ~£85.

There's no really good way of doing it, because ideally I'd want to transfer the shares to another provider for nothing, so I'm just trying to find the least bad way of leaving AJ Bell!

All the best, Si


It's an interesting problem ;-) So it sounds like you have 5 trades done already this month? Leaving 5 more to do @ £10 on the 31st, then 7 on the 3rd April @ £5 each?

You could then purchase everything in one share for an extra £5. Transfer that to IG index for £25, so total fees to Youinvest £115.

Then IG would reward you one of these...

£10,000 - £49,999 £75
£50,000 - £99,999 £125

So perhaps a small profit excluding the spread.


Yes, pretty much, except I wasn't intending to transfer any shares out of AJBell, only cash. In my experience this should also make the transfer quicker. I have decided to transfer to IG, but I will need to subscribe funds to the 2017/18 ISA with AJB before transferring to reach the £50k IG limit and get the upgrade to the £125 reward!:)

All the best, Si

paulnumbers
2 Lemon pips
Posts: 208
Joined: November 4th, 2016, 2:15 am
Has thanked: 9 times
Been thanked: 30 times

Re: Nice extra from AJ Bell Youinvest

#41862

Postby paulnumbers » March 28th, 2017, 12:12 pm

simoan wrote:
paulnumbers wrote:
simoan wrote:
Absolutely! The thing is once I'm in cash I don't have to buyback the same 12 shares so I can limit the costs to a certain extent, and if I buy AIM shares in the new ISA stamp duty is not a factor. All in all it should cost much less than £300 and the transfer out of cash only should be quick. If I sell some of the shares this week (to reach 10 trades in March between my SIPP and ISA) and sell the rest next week, the April sales will only cost £4.95 each so the total selling cost would be ~£85.

There's no really good way of doing it, because ideally I'd want to transfer the shares to another provider for nothing, so I'm just trying to find the least bad way of leaving AJ Bell!

All the best, Si


It's an interesting problem ;-) So it sounds like you have 5 trades done already this month? Leaving 5 more to do @ £10 on the 31st, then 7 on the 3rd April @ £5 each?

You could then purchase everything in one share for an extra £5. Transfer that to IG index for £25, so total fees to Youinvest £115.

Then IG would reward you one of these...

£10,000 - £49,999 £75
£50,000 - £99,999 £125

So perhaps a small profit excluding the spread.


Yes, pretty much, except I wasn't intending to transfer any shares out of AJBell, only cash. In my experience this should also make the transfer quicker. I have decided to transfer to IG, but I will need to subscribe funds to the 2017/18 ISA with AJB before transferring to reach the £50k IG limit and get the upgrade to the £125 reward!:)

All the best, Si


There should be a special place set aside in hell for stockbrokers who make us jump through these hoops!

simoan
Lemon Slice
Posts: 272
Joined: November 5th, 2016, 9:37 am
Has thanked: 22 times
Been thanked: 56 times

Re: Nice extra from AJ Bell Youinvest

#50270

Postby simoan » May 1st, 2017, 9:44 am

paulnumbers wrote:
simoan wrote:
paulnumbers wrote:There should be a special place set aside in hell for stockbrokers who make us jump through these hoops!

Hi Paul,

Quick update for the record. My ISA transfer completed last week and I placed my first trade with IG on Friday so was able to make use of their commission free ETF dealing offer :) I only transferred cash and from IG receiving my form to the cash being with them took just two weeks. So well done to AJB on that score, even if they did dock me another £7.50 quarterly ISA account charge on the way out...

BTW No news from the FOS but then my contact has been on holiday the past two weeks.

All the best, Si

paulnumbers
2 Lemon pips
Posts: 208
Joined: November 4th, 2016, 2:15 am
Has thanked: 9 times
Been thanked: 30 times

Re: Nice extra from AJ Bell Youinvest

#50284

Postby paulnumbers » May 1st, 2017, 10:34 am

simoan wrote:
paulnumbers wrote:
simoan wrote:

Hi Paul,

Quick update for the record. My ISA transfer completed last week and I placed my first trade with IG on Friday so was able to make use of their commission free ETF dealing offer :) I only transferred cash and from IG receiving my form to the cash being with them took just two weeks. So well done to AJB on that score, even if they did dock me another £7.50 quarterly ISA account charge on the way out...

BTW No news from the FOS but then my contact has been on holiday the past two weeks.

All the best, Si


Sorry to possibly be the bearer of bad news, but cash transfers are exempt from their reward scheme.

https://a.c-dn.net/c/content/dam/public ... ansfer.pdf

I don't know why my brain didn't pick up on that earlier when you mentioned doing the cash transfer, sorry.

simoan
Lemon Slice
Posts: 272
Joined: November 5th, 2016, 9:37 am
Has thanked: 22 times
Been thanked: 56 times

Re: Nice extra from AJ Bell Youinvest

#50290

Postby simoan » May 1st, 2017, 10:59 am

paulnumbers wrote:
simoan wrote:
paulnumbers wrote:

Hi Paul,

Quick update for the record. My ISA transfer completed last week and I placed my first trade with IG on Friday so was able to make use of their commission free ETF dealing offer :) I only transferred cash and from IG receiving my form to the cash being with them took just two weeks. So well done to AJB on that score, even if they did dock me another £7.50 quarterly ISA account charge on the way out...

BTW No news from the FOS but then my contact has been on holiday the past two weeks.

All the best, Si


Sorry to possibly be the bearer of bad news, but cash transfers are exempt from their reward scheme.

https://a.c-dn.net/c/content/dam/public ... ansfer.pdf

I don't know why my brain didn't pick up on that earlier when you mentioned doing the cash transfer, sorry.

Yep, I'd missed that, so thanks for pointing it out - it will save an embarrassing "where's my reward?" email :). This wasn't clear from the webpage and I didn't read the full terms and conditions in that PDF. Serves me right, but I'm pretty happy being in cash right now, the total cost of selling up was less than £90 and I was out of the market for only two weeks. I will at least get the £90 back if AJB lose the FOS case but won't be holding my breath and of course, I won't be charged £30 a year for the ISA.

All the best, Si

paulnumbers
2 Lemon pips
Posts: 208
Joined: November 4th, 2016, 2:15 am
Has thanked: 9 times
Been thanked: 30 times

Re: Nice extra from AJ Bell Youinvest

#50324

Postby paulnumbers » May 1st, 2017, 12:40 pm

I'm sure you can't be bothered, but you could always transfer it out to TD Investing, buy a tracker, and transfer it back (no exit fee's).

simoan
Lemon Slice
Posts: 272
Joined: November 5th, 2016, 9:37 am
Has thanked: 22 times
Been thanked: 56 times

Re: Nice extra from AJ Bell Youinvest

#50472

Postby simoan » May 1st, 2017, 9:39 pm

paulnumbers wrote:I'm sure you can't be bothered, but you could always transfer it out to TD Investing, buy a tracker, and transfer it back (no exit fee's).

To be honest Paul, it's not a big deal. The reward was just the cherry on the top and would not have changed my mind about switching to IG anyway. There were reasons other than the introduction of ISA and Dealing charges for leaving, and I was looking to sell 4 or 5 of the holdings in the ISA anyway. Most importantly, the combined value of my ISA and SIPP left me with too much concentration of funds with AJB for my liking and I wanted more diversification. I already have money with HL and TDI and so was looking to move the ISA money to a new broker. I may yet move my TDI account to IG as I really like their trading platform and the fact you can deal the US market after hours.

All the best, Si

paulnumbers
2 Lemon pips
Posts: 208
Joined: November 4th, 2016, 2:15 am
Has thanked: 9 times
Been thanked: 30 times

Re: Nice extra from AJ Bell Youinvest

#50497

Postby paulnumbers » May 1st, 2017, 11:46 pm

Ok that's good. Yes, I've been quite happy with their platform too. I particularly appreciate the prompt statement they email after any trades. Kinda crying out for a regular saver option though IMHO. I guess you can never have it all though.

They have fairly good rates for FX charges (0.3%), although I have been using HSBC investdirect for any USA shares I hold, as they charge no FX fee's (although they do charge £42 per year just have the ISA).

vrdiver
Lemon Quarter
Posts: 1242
Joined: November 5th, 2016, 2:22 am
Has thanked: 174 times
Been thanked: 362 times

Re: Nice extra from AJ Bell Youinvest

#124104

Postby vrdiver » March 12th, 2018, 1:33 am

simoan wrote:I await the news of an AJ Bell IPO any day when we can all find out just how profitable they are...

All the best, Si


Wait no longer!
viewtopic.php?f=26&t=10557&p=123937&hilit=AJ+Bell+IPO#p123937

VRD


Return to “Brokers and Share Dealing”

Who is online

Users browsing this forum: No registered users and 1 guest