Halifax Share Dealing introducing annual £36 fee

[LeadFarmer]

I need to find another share dealing provider, any suggestions?

I've always used Halifax share dealing service who charge £12 per transaction. But next year they are introducing a £36 annual fee for holding an account with them, and then £9 per transaction.

As I only buy shares occasionally for fun, and in the last 12 months I've perhaps made only four share dealing transactions. I currently only hold shares in one company that amount to approx £200 so it's no longer worth me keeping my Halifax account. If I were not to buy any more shares then the £36 will eat away the small value of shares I hold.

They will let me sell up for a £3.50 fee, or switch to another provider for free, so I'm looking for suggestions please. Ideally somewhere that just charges a transaction fee, without any annual fee.

[Sir Bagalot]

When/how were you notified of this? I've heard nothing

[_Hoppers]

Can you use the Freetrade app?

[nammynake]

Ditto - I received an email yesterday.

[LeadFarmer]

Sir Bagalot said:

When/how were you notified of this? I've heard nothing

By email...

[Mr Pointy]

iWeb charge £5 a trade with a £100 account setup fee:
https://www.iweb-sharedealing.co.uk/charges.html

Hargreaves Lansdown charge £12 a trade but the account is free other than that. For a very low volume it might be worth consdiering.
https://www.hl.co.uk/shares/share-dealing/dealing-...

[Skyedriver]

Hadn't heard this.
I've an old Halifax SD account with about 75p left in it. Haven't used it for a few years. Will close it.

[witteringon]

I'm with iWeb and have been for some time. When I signed up it was free and £5 per trade irrespective of size -that's it, no annual charges, no inactivity fee, nothing. Then it became £25 or £50 to sign up IIRC, and now apparently £100, but still the same deal after that - but I don't know how long that will last though, it is run by Halifax!

[Simpo Two]

Is it worth having £200-worth of shares?

[will_]

I use X-0 - it's not a great interface but there's no account charge and you just pay £6 for trades.

[bad company]

Wow, I use Halifax but haven’t heard anything yet. I have a shares and an ISA portfolio so I’d be paying twice.

Anyone know if they charge for transferring the holdings out?

[mikewilliams79]

Simpo Two said:

Is it worth having £200-worth of shares?

It is if the company’s value increases significantly

[Sir Bagalot]

Received my email this morning. Nice of them to give 14 months notice of the charges.

I did notice that they withdrew their £3.95 trade offer (2 hour window once a month) a while back.

I did have an account with XO years ago so will check their charges out.

bad company said:

Anyone know if they charge for transferring the holdings out?

They can't. As they're introducing a charge they have to give a free option but I will check if that includes cashing them out in cert form.

[bad company]

I have a share account and a separate ISA account so I thought it’d be 2 x £36. Apparently the fee will cover both accounts:-

[LeadFarmer]

Simpo Two said:

Is it worth having £200-worth of shares?

Well considering those shares were once worth about £1k, there's little point me selling them now. Until I sell them, I haven't made a loss

[mikewilliams79]

I need to figure out best way to transfer my shares. Do I do this via the new provider or do I need to call halifax?

TIA

[bad company]

mikewilliams79 said:

I need to figure out best way to transfer my shares. Do I do this via the new provider or do I need to call halifax?

TIA

The new provider will deal with it. I’m just wondering if it’s worth doing it for £36 when I’ll save the £12.50 ISA fee and the dealing charges reduce.

[peter tdci]

bad company said:

The new provider will deal with it. I’m just wondering if it’s worth doing it for £36 when I’ll save the £12.50 ISA fee and the dealing charges reduce.

Thanks for the clarification about whether or not you'd get charged a second lot of £36.

Looks as though if you do 8 trades of more it would work out cheaper.

[Sir Bagalot]

I auto reinvest all divis. They have a 2% charge for this + SD.

Looks like X-O don't offer a reinvestment option, and HL only charge 1% but with a £1 min and min trade £10.

Any others out there?

I moved to Halifax from SelfTrade who also introduced an annual fee. From memory they were forced to allow free issue of share certs to people who wanted them (Many firms offer their own divi reinvestment scheme)

[Kev_Mk3]

I've had no email yet...........