All, hope you can guide me through this confusion.
I want to open SS ISA. I think HL is good for funds but not good for Stocks purchase as they charge 11.95/trade.
Is it possible to have two SS ISA accounts. E.g. HL for funds and iweb for stocks as iweb is cheaper for stocks and no annual charges to hold stocks whereas HL charges .45% annual charge to hold the stock.
And distribute your 20K ISA allowance between two. Or please share if there is abetter platform for both funds and stocks in SS ISA?
Many thanks
HL don't charge for buying / selling funds, but they do charge a very expensive ongoing 0.45% per annum fee for holding funds on your behalf. This fee is not capped until you hit £2 mill !! It does reduce a little at 250k and again 1 Mill, but you will still pay a lot in fees for a reasonable sized pot..
I find Interactive Investors very reasonable, £22.5 per quarter irrespective of size, so at about the £20k mark, II works out cheaper for holding funds than HL. (rough ball-park figures).
So say you have £100k then with HL it would cost you £450 PA, and with II only £90 PA.
II do charge £10 for buying or selling funds but you can use the fees you pay to offset this commission.
You can have multiple S&S ISA's but I think you can only open one per tax year - this is a perfect time of year if you want to open one this week and another next week (after 5th April).
