Transferring Fidelity ISA to IG

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9th Jan '21 by ricardomontalban

13 comments 822 reads

I hold a mixture of UK shares and US funds/ITs in a Fidelity ISA - I'm keen to transfer this to IG as wider range of stock and share markets available but I don't know whether I can hold ITs/Funds within an IG stocks and shares ISA. Will I need to sell my IT/fund holdings and hold them as cash in my Fidelity ISA prior to requesting the ISA transfer to IG?

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Ricardomontalban

Premium Member

13 comments

ratinahat001

10th Jan '21

You should be able to transfer them without selling them. I’ve done this with other brokers in the past. The only problem is that there will be a period in which you can’t sell the holdings if the prices hit notional stop losses you might have.

ratinahat001

10th Jan '21

Sorry, I should have stipulated that this is only the case if IG can actually hold the ITs/Funds in their ISA

Mdjohnson82

11th Jan '21

Make sure you monitor Fidelity like a hawk. I started a transfer from them to Barclays (With fidelity I seemed to have to enter my stop daily whereas with Barclays you can have a stop in place for a month. However Barclays are Uk only so no use in your situation). I applied in April and it completed in.....November due to Fidelity not accepting an electronic transfer request from Barclays and asking for paper forms, both sides not taking responsibility for the transfer, and numerous times of me calling to chase up progress when they’d forgotten to do what they said. Both sides compensated me but I hope you have a less stressful and much quicker transfer!

n-star

16th Jan '21

I've looked into moving to a new provider recently and looked at a wide range of providers, as I haves holdings with Hargreaves Lansdown.

The problem for me IGG would be in order to qualify for lower trade fees, can get confusing. You are also limited if you decide to hold funds. In the end, I decided to go with I-Web which in effect is the Halifax. I paid a one off £100 to sign up, and each trade is £5.

wildshot

18th Jan '21

Hi Ricardo I have accounts with both Fidelity and IGG. I've never seen funds available at IGG so don't think these are transferrable. This is one of the reasons I have accounts with both - Fidelity for funds and IGG for shares and Investment Trusts.

Mike888

18th Jan '21

You can't hold funds in an IG ISA, you would need to sell them and transfer the cash value. I have found IG responsive by email, I suggest you email them with a list of your holdings and ask which of those they support in an ISA.

Mike888

18th Jan '21

Also, I believe Fidelity may be one of those platforms that has "fund of funds" for their own OEIC's, very often when this occurs they are only available on their own platform. As I say, simplest option is to email IG and ask the question, then you know for sure.

ricardomontalban

18th Jan '21

Thanks all for your advice - I have sold the funds and am transferring the cash and shares to an IG ISA. Have been with Fidelity for a long time and really like their funds supermarket but will still have fund exposure via wife's Fidelity ISA (which I suspect will vastly outperform my IG self managed ISA!)

ricardomontalban

25th Jan '21

So this has been a fairly disappointing endeavour so far. Transfer form emailed to IG on 9th January - contacted Fidelity today and they have heard nothing from IG. IG say they have posted documents to Fidelity. IG very difficult to get through to on the phone. Anyone have any recommendations for a more responsive broker for UK and US shares?

Rusty2

25th Jan '21

I was advised to phone IG in the mornings as very busy when the US markets open.

But it could be Fidelity that is the problem? Some platforms take ages to transfer your portfolio.

Yes communication could be much better at IG, I'm trying to get a form to transfer some cash from my share ISA to them.

HL are much better but more expensive.

Rusty2

1st Feb '21

Jus an update on £IG. I have been using it for about 2 weeks now with an ISA account, at first it was fine but last week lots of problems trading when the US markets open at 2.30 GMT for about 1 hour, this happened for the last 3 days.

Re transaction fees, I noticed today, as I had done more than 3 trades in January, that my fees on UK shares are £3 and my US fees were nil, even though I had only done 1 US trade last month.

Some EFTs are not available to buy in an ISA, on IG, but are on HL such as L&G CLEAN ENERGY ETF (LON:RENG).

ricardomontalban

2nd Feb '21

Thanks, I see now that their CEO has sent out a message that they aren't opening new accounts due to high levels of activity.

Rusty2

2nd Feb '21

Yes I saw that also. I think it will only be for a short time. Yesterday the platform worked all the time, I was expecting there to be problems around 2.30 but there was none, so the action they have taken seems to have worked.

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Transferring Fidelity ISA to IG

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Ricardomontalban

13 comments

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