Moving portion of HL ISA to Freetrade

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.

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

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

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.

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:

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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!

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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

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

I really want to move to FT from HL as I really love the app and the platform! However, HL has all the US stocks I want to own and FL only have one of them;( waiting patiently here so that one day FL will let me buy the stocks I really want. Until then, I keep paying needless amounts to HL unfortunately :disappointed:

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What stocks are keeping you from transferring?

Hello @szb and thanks for your reply! Here are a few of them;

  • Atomera Incorporated (ATOM)
  • the Rubicon Project, Inc. (MGNI)
  • Airgain, Inc. (AIRG)

Especially, loving the MGNI (formerly RUBI).

Again, if there was a way to keep some of the stocks in HL and move the rest to FL I would not wait a day! Alas, not sure if I can have StocksISAs shared between providers :frowning:

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Hadn’t heard of any of those before ur post. Thank you.

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The ISA rules allow partial transfers from previous years ISA. You should ask the customer support if they can support it.

I submitted the transfer document over a month ago and last week HL have told me they are waiving the fees after recent customer feedback. So looks like they have had a change of heart on this one, they’ve realised customers won’t come back if they stick them with excessive fees on exit…

We continually improve our service year on year based on the feedback we receive from clients. As part of these ongoing improvements I am pleased to announce we are removing the Transfer Out and Account Closure fees. I am therefore pleased to confirm no fee will be levied for this transaction.

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