Moving portion of HL ISA to Freetrade

(G M) #1

I’ll be moving a portion of my Hargreaves Lansdown ISA over to Freetrade soon.
Is this currently the only option?: sell assets on HL (likely incur additional exit fees), move cash to my personal bank account and then move this to Freetrade?
Even with the ridiculous HL ISA exit fees, it pays itself back after a year so that’s not an issue.

(Dave Smith) #2

You only pay the ridiculous exit fees if you close the HL ISA, not if you leave somethiing in there, so it will just be commission you pay at that end

#3

I’m sure you know that means your funds will lose their existing ‘ISA’ status if you do the above

#4

If you want to keep your assets within the ISA wrapper, it isn’t possible to move them to Freetrade until they implement ISA transfers.

(G M) #5

Yes, I would be moving the cash into the “empty” ISA for up to £20k this year.

E.g At Hargreaves, an overseas fund costs me £90 / year + much higher tiered FX fees when selling + any other costs.
Because my Freetrade Alpha is free as investor I save an annual £90 and lower FX costs and no other costs.
I would take a substantial hit now when selling, but would recover the cost quite quickly. And for me it’s much more than a cost thing :slight_smile:

5 Likes
(G M) #6

Small update on the process of closing my Hargreaves Lansdown account.
I paid £157.5 in fees just to close the account…it also took a really long time to withdraw, even needed a letter sent via post to confirm my bank account.
I will now also be saving +£100 in ISA fees per year, so moving to Freetrade will pay itself back in 1.5 years.
Got quite lucky as well, I had to sell my GOOG shares because of this move (to rebuy later on Freetrade) and sold them before the big drop yesterday so saved more than my fees :stuck_out_tongue:
Also received good customer support and transparency from Freetrade so looking forward to a much better user experience!

10 Likes
(Aris David) #7

Well done moving from from HL to FT.

I’m also doing my ISA with FreeTrade now.

I still got SIPP and Junior ISA (JISA) to transfer both are larger than my ISA actually, so close yet so far on the roadmap. JISA is not on the roadmap cc @adam

(Vladislav Kozub) #8

Freetrade will pay HL’s nuisance in 1.5 years :wink: