Hi all, wanted to post on here as couldn’t find a direct answer on freetrade’s FAQ’s/help.
I’m considering transferring my S+S ISA to freetrade as they’re offering a better deal than my current provider. I would transfer it as stocks + cash and wouldn’t want to sell anything. However, I already own a couple of stocks that are only available to freetrade plus members. I’m looking just to pay for a standard freetrade ISA and not a plus account, and was wondering if I would have to sell these lines of stock to be eligible for an ISA transfer, as this would likely deter me from transferring.
If you request an in-specie transfer your current provider will send your holdings to FT. Just make sure you sell anything that FT don’t support.
If you own a Plus share you can sell but not buy. Sometime this is because a listing changes (drops from the FT350) or you were a previous Plus subscriber.
I am interested in transferring my Stocks and Shares ISA from IG.com to Freetrade and I would appreciate if someone can answer couple of questions:-
I invested more than £10k in the recent crowdfund. One of the perks (if I understand correctly) was free ISA account for life. I want to know If there would be any currency conversion charges?
I have already used by £20k allowance for this year. Can I still transfer this year or do I need to wait for next year?
What is the process of transferring the Stocks and Shares ISA?
How much time does it take for transfer to complete?
I invested more than £10k in the recent crowdfund. One of the perks (if I understand correctly) was free ISA account for life. I want to know If there would be any currency conversion charges?
Yes your tax wrapped accounts will be free for ever.
Not entirely sure what you mean by currency conversion charges? Do you mean FX charges for buying US/EU shares? If so then yes and it is 0.45% whereas IG is 0.5%
I have already used by £20k allowance for this year. Can I still transfer this year or do I need to wait for next year?
Current year ISA subscription can be transferred in full.
What is the process of transferring the Stocks and Shares ISA?
Hello,
I have a Stocks and Shares ISA managed by Quilter/Old Mutual that was setup by my IFA, it has quite a lot in it after maxing out my allowance for the past decade.
Last April I decided to stop paying into it and open a FT ISA instead.
I now wish to transfer some of my frozen Quilter ISA across to FT as the (platform+advisor) fees are killing any growth I had been getting in the old ISA compared to the growth I have seen in my FT ISA over the past year.
I decided on a partial transfer as I am concerned about putting all my eggs into one basket.
However I have just found out that Quilter do not allow partial transfers out, so I now have to consider whether to do a full transfer or leave it as it is.
Has anyone else done this kind of thing?
(I am sure some of you must have…)
I transferred my SIPP to Freetrade from Vanguard. Mainly because I wanted better controls over my investments as the fees with vanguard aren’t a problem.
Be prepared for it to take ages, mine for 10 weeks as Vanguard kept messing it up. FreeTrade we’re great with their communication though.
Thanks Neil, I also did a SIPP transfer last year but it was only about £20k so not a major problem and I transferred in as cash which was a lot simpler than trying to transfer a big ISA with lots of different stocks.
I think I am going to do it but wanted to get a thumbs up from the community.
If there is no value in the fees you pay don’t hang around.
Are you comfortable making your own decisions with that sum of money?
Yes? Move to a no frills DIY provider. Make sure that provider provides you with the breadth you are looking for. There is no point in a provider providing you with loads of things that you don’t care about.
No? Move to a cheaper place that does the investment for you.
As you have already identified, moving all your things to a single provider has an element of risk. Be happy with taking that risk. Or work out a route to moving from Q to A and from A to B and C.
Thank you for the response.
At the time I opened the account, using an IFA made sense as I wasn’t confident choosing my own funds, and they made some good choices which led to decent growth.
But I realised, after I had stopped paying into the account, that the fees were a lot higher than I thought.
And just over 2 years ago I decided to take control of my investments and started reading Monevator and other blogs to learn more about where and how to invest. And then I learnt about FT !
So, yes I do now feel able to make the right decisions about my money.
I could just move it all into a Vanguard Life fund but I like the control and immediate feedback you get from FT, even if that means I need to be careful with my actions.
There is a great thread if you’re planning to buying out a diverse portfolio it’s worth a read, I was helped massively by some seriously knowledgeable members - obviously nothing constitutes advice but I found it invaluable
