ISA Transfer to IG and Custody Fees

[sus123]

Hi there!

I'm currently waiting to transfer my stock&shares ISA to IG. 

Transfer

Do I have to wait for it to complete to invest here? I opened other ISA in June 2020. Haven't fully used the £20,000 limit. So can I invest the remainder while I wait or do I have to wait for transfer to complete? As maybe it'll count as opening two ISAs in a tax year??

IG Fees

When do they start? Currently have 0 balance and waiting for transfer. Would I be charged?

When does each quarter start? is it Jan-Marc, Apr-June, etc? or varies depending on when i start/transfer complete.

I understand that if I do 3 trades per quarter there is no custody fee. Is there a minimum value to these trades to meet this?

Also noticed I have a share dealing and an isa account on my dashboard. is that normal? Only want the share isa. I won't be paying two custody fees right?

 

Thank you for the help!

[CharlotteIG]

On 06/03/2021 at 08:18, sus123 said:

Hi there!

I'm currently waiting to transfer my stock&shares ISA to IG. 

Transfer

Do I have to wait for it to complete to invest here? I opened other ISA in June 2020. Haven't fully used the £20,000 limit. So can I invest the remainder while I wait or do I have to wait for transfer to complete? As maybe it'll count as opening two ISAs in a tax year??

IG Fees

When do they start? Currently have 0 balance and waiting for transfer. Would I be charged?

When does each quarter start? is it Jan-Marc, Apr-June, etc? or varies depending on when i start/transfer complete.

I understand that if I do 3 trades per quarter there is no custody fee. Is there a minimum value to these trades to meet this?

Also noticed I have a share dealing and an isa account on my dashboard. is that normal? Only want the share isa. I won't be paying two custody fees right?

 

Thank you for the help!

Hey @sus123,

Transfer:

General rule is, no splitting current isa allowance between 2 brokers of same isa type unless transfer is in flight.

If you wants to split inflight, it is your duty to ensure you don't over subscribe. 

IG Fees: 

We don't charge for transfers but you should check your currently provider incase they have an exit fee. 

Quarters are: Jan-Mar, Apr-Jun ... 

There's no minimum value of commission for the quarterly fee. Three trades = no custody fee. Say you make 2 trades though and the commission totals to £20, you will only be charged (£24- £20) = £4

Your accounts collate meaning if you have a share dealing and ISA account you will only be charged £24 custody fee for the two. You can trade on either account to count towards the custody fee. 

All the best 

[sus123]

5 hours ago, CharlotteIG said:

Hey @sus123,

Transfer:

General rule is, no splitting current isa allowance between 2 brokers of same isa type unless transfer is in flight.

If you wants to split inflight, it is your duty to ensure you don't over subscribe. 

IG Fees: 

We don't charge for transfers but you should check your currently provider incase they have an exit fee. 

Quarters are: Jan-Mar, Apr-Jun ... 

There's no minimum value of commission for the quarterly fee. Three trades = no custody fee. Say you make 2 trades though and the commission totals to £20, you will only be charged (£24- £20) = £4

Your accounts collate meaning if you have a share dealing and ISA account you will only be charged £24 custody fee for the two. You can trade on either account to count towards the custody fee. 

All the best 

Hi Charlotte,

Thank you for the help!

By 'in flight' do you mean in process of transfering.

So I have requested to transfer my ISA to ig last week? So I can use the remaining balance now, right?

Thanks!