Custody charges for additional share trading accounts.

[dieselman]

I understand IG have a custody charge for an individual account of £24 per quarter, but if one adds an additional ISA account is that then subject to an additional custody charge of £24 per quarter and what if then one then sets up an additional account and then links to create a joint account?

Eg:

Two parties have individual accounts (which I understand is required before a a joint account can be established)

A joint account is created.

A joint ISA account is created. (do two separate ISA accounts have to be created first, then linked as joint?)

Given the above would the separate accounts incur separate custody fees and the joint account another one, then each ISA account a further fee?

If all the accounts are subject to custody fees it will be rather expensive, as not all will be trading.

I did perform  search but couldn't find the information.  If I have missed it, or someone can explain in lay terms that would be appreciated.

Regards

[dieselman]

Bump.

Does anyone have any advice on two parties having joint accounts?

I would like to have two joint accounts for two people, one regular trading account and an ISA account.

If I read the setup instructions correctly each party needs to setup a regular account which is then approved.

A joint account can then be created by IG which both parties are linked to.

Each party can setup an ISA account, but again IG setup a joint ISA account.

I believe this means there are a total of six accounts running, only two of which are trading.  Do all six incur charges?

[InvestmentsIG]

Hi Dieselman

The share dealing custody charge is based at the client level, so one client can hold multiple accounts and be charged once.  If you are active on your account - either through having a £15,000 Smart Portfolio linked to your account or through placing 3 trades per quarter there is no custody charge.  

ISAs cannot be opened under a joint name, as the ISA benefit cannot be combined.    

If you are looking for long-term passive investments you can use our Smart Portfolio, there are no additional fees and you can invest from £500

[dieselman]

Thanks for the response and information.