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Custody fee on ISA accounts

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Posted (edited)

Hi, I'm new to the community so sorry if i'm missing something obvious here.

Is the custody fee still charged if I make trades only on my stocks and shares ISA? I currently hold a share dealing account, with no cash or open positions, and a stocks and shares ISA, with 4 trades this month.

So, will I be charged the £24 quarterly custody fee in this circumstance? And also, will the commission rates be lower next month, as I have made the required 3+ trades this month?

Thanks in advance.

Edited by geop5

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I found the custody fees confusing too! Does the custody fee apply to both the share dealing and ISA account separately (e.g. if I didn't trade in either, would I end up paying £48)?

I don't think you'll get charged on your share dealing account as you have no open positions - but I am new to this too.

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It says in their fees section.

Deal three or more times on your share dealing account during the quarter

No mention of ISA in above criteria, It looks a custody fee is chargeable then. 

Don't know for sure, I also am looking to get the exact answer. 

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I queried this via IG support chat before opening my ISA. I was advised the custody fee would only be applied once for both Share Dealing and ISA and only then if a minimum of 3 trades were not made in the previous quarter (in either account or in a combination of the two). A dealing account with zero holdings would not incur a custody charge anyway, as it's a fee for holding custody of shares, rather than an account management or inactivity fee.

In a similar way, 3 trades made in my dealing account in March entitled me to the £3 UK commission rate and free US dealing in my ISA account from the moment I opened it on 6 April.

Hope that helps.

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