# Interactive Investor Ireland absorbed by II UK



## LoveTrees (22 Apr 2020)

Just got their email. Pity that now we all have to pay a monthly fee...


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## Zebedee (22 Apr 2020)

Ditto. Maybe it’s also preparation for brexit (remember that? It’s not gone away you know!).


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## LoveTrees (22 Apr 2020)

Yes. Also pandemics don't help branches at present


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## panindub (22 Apr 2020)

also just got email from them...only giving 1 month notice (a bit short). €10 monthly maintenance fee is a bit much for myself, who buys and holds long term (very little activity).
I also have Degiro account, so could move there...but want to diversify my holdings across brokers.
Do UK brokers always have a monthly fee?

Who would be next cheapest to Degiro?


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## dam099 (22 Apr 2020)

panindub said:


> also just got email from them...only giving 1 month notice (a bit short). €10 monthly maintenance fee is a bit much for myself, who buys and holds long term (very little activity).
> I also have Degiro account, so could move there...but want to diversify my holdings across brokers.
> Do UK brokers always have a monthly fee?
> 
> Who would be next cheapest to Degiro?



It actually seems to be £10 in sterling + £4 non resident charge so nearly €16 a month. Not great if you want to buy and hold allright, will be looking around for other options.


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## mc-BigE (23 Apr 2020)

Got my email yesterday also, I'm in a similar situation, I have about 25k invested With them and 3k cash waiting to invest with them . I'm not a regular investor and the monthly fee is not feasible for me. What are my options? Move to degiro or another?
( I see there is a waiting list to join degiro on another post, is this still the case?)
Should I Go back to share certs? This is a long term investment 10 years plus. 

Thanks


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## LoveTrees (23 Apr 2020)

Ig charges me quite a lot of quarterly fee. Interactive Brokers doesn't seem to charge a fee at least yet but I have quite a bit in stocks there...


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## mc-BigE (24 Apr 2020)

Just registered with Degiro, over 8000 waiting list.


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## panindub (25 Apr 2020)

I'm with Interactive Investor and Degiro, so I ask Degiro about transferring shares over to them...apparently it cost €10 per position...but they are currently not accepting share transfers....due to current high demand. They offerred to put me on notification list of when its available again.


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## RobFer (26 Apr 2020)

Does anyone know if the overseas resident fee is monthly?


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## mc-BigE (26 Apr 2020)

3.99 pounds per month on top of the 9.99 per month.  that about 16 euro per month 192 euro per year just to have an account





__





						Ireland - Your charges - interactive investor
					






					www.ii.co.uk


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## mc-BigE (26 Apr 2020)

panindub said:


> I'm with Interactive Investor and Degiro, so I ask Degiro about transferring shares over to them...apparently it cost €10 per position...but they are currently not accepting share transfers....due to current high demand. They offerred to put me on notification list of when its available again.


what are Degiro's fees like compared to the new UK II fees?


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## panindub (26 Apr 2020)

mc-BigE said:


> what are Degiro's fees like compared to the new UK II fees?


Fees are listed here...I believe they are the cheapest broker around at the moment.





						Compare brokers | Low fees stock trading | Broker DEGIRO
					

Compare brokers here! Compare fees for trading in stocks, options, futures and more. Trade with DEGIRO against low fees. DEGIRO was awarded cheapest broker in several broker comparisons.




					www.degiro.ie
				



Also
€2.50 per exchange traded on (outside of ISE) per calendar year


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## mc-BigE (26 Apr 2020)

thanks for that. well looks like II will loose a lot of Irish investors i think, probably wont be able to transfer before the 22nd of next month, so i will get caught with May/June fees from II until i'm contacted by degiro. 

But i suppose the real question is, will degiro follow suit to II regarding fees?


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## RobFer (26 Apr 2020)

mc-BigE said:


> 3.99 pounds per month on top of the 9.99 per month.  that about 16 euro per month 192 euro per year just to have an account
> 
> 
> 
> ...


That is very mean spirited to Irish customers. They will undoubtedly lose a lot of Irish custom.


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## RobFer (28 Apr 2020)

The Sunday Business Post reported that the charge is expected to affect 2000 customers. Given that TD were perhaps the dominant broker until Degiro came along, it makes you wonder how few buy shares in Ireland.


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## RedOnion (28 Apr 2020)

RobFer said:


> Given that TD were perhaps the dominant broker


Really? Do you have any details on their market share? 
Thet might have been most widely talked about, and cheapest, but that doesn't mean a lot of people used them.
I use an Irish based broker, as do most people I know.


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## EmmDee (28 Apr 2020)

RobFer said:


> That is very mean spirited to Irish customers. They will undoubtedly lose a lot of Irish custom.



Do you think that might be the point?


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## Zebedee (28 Apr 2020)

Red. What broker do you use? I use II at the moment but depending on the way brexit goes I might need a plan b.


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## RedOnion (28 Apr 2020)

Zebedee said:


> Red. What broker do you use?


I use Davy. A bit of inertia as much as anything else - they were who I did my first trade with, but seem to be best I can get locally for my investment pattern.
Outside my pension, most of my share trades are Irish listed. If I was investing in US shares or ETFs I could probably do better fees wise. There's a quarterly account maintenance charge (which is offset against trading fees if you have any). There's a good thread discussing their fee structure somewhere, but I can't find it at the moment.


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## RobFer (28 Apr 2020)

RedOnion said:


> Really? Do you have any details on their market share?
> Thet might have been most widely talked about, and cheapest, but that doesn't mean a lot of people used them.
> I use an Irish based broker, as do most people I know.


I dont. A lot of people use Computershare too so perhaps TD were never that big.


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## Steven Barrett (28 Apr 2020)

RobFer said:


> That is very mean spirited to Irish customers. They will undoubtedly lose a lot of Irish custom.



They are probably making so little/ nothing on each account that they won't care.


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## Zebedee (28 Apr 2020)

RedOnion said:


> I use Davy. A bit of inertia as much as anything else - they were who I did my first trade with, but seem to be best I can get locally for my investment pattern.
> Outside my pension, most of my share trades are Irish listed. If I was investing in US shares or ETFs I could probably do better fees wise. There's a quarterly account maintenance charge (which is offset against trading fees if you have any). There's a good thread discussing their fee structure somewhere, but I can't find it at the moment.



many thanks.


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## rekhib (29 Apr 2020)

Hi all. I'm with II Ireland currently and also received this note about the platform being absorbed into II UK. The monthly charge is certainly a pain because effectively, to date, II Ireland has effectively been free of maintenance fees. There used to be a quarterly fee on TD of 50 EUR per quarter if you had less than 5,000 EUR if I recall and I'm not sure whether II continued with this charge. Does anyone have any thoughts on which platform might have a better offering? 

From my admittedly brief research, it looks like Davy charge 50 EUR / quarter which is slightly higher than II UK plus their trading charges seem high (i.e. it's a % rather than fixed fee subject to a 15 EUR minimum). Degiro, as I understand it, don't offer joint accounts (which may not be a problem for some). If I'm reading the II UK offering correctly, they offer free regular investing (up to 25 securities each month) so rather than making one-off large purchases every month/quarter, they can be broken up into many smaller transactions and the reduced cost of trading should compensate for the new monthly charges?

The only other issue I can see besides cost is Brexit. At the moment, the FSCS covers the account up to £85k or £170k for joint accounts but the requirement to have a deposit guarantee scheme is enshrined in EU law. With Brexit, of course the FSCS will still exist but in theory, it could be shut down on 1st January 2021 with no supranational consequences. This reason perhaps trumps the cost issue for seeking a new platform based in Ireland - or at least the EU so any thoughts would be very welcome on alternative platforms. Many thanks.


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## Silversurfers (29 Apr 2020)

rekhib said:


> The only other issue I can see besides cost is Brexit. At the moment, the FSCS covers the account up to £85k or £170k for joint accounts but the requirement to have a deposit guarantee scheme is enshrined in EU law. With Brexit, of course the FSCS will still exist but in theory, it could be shut down on 1st January 2021 with no supranational consequences.



Trading 212 is a UK online broker with no commission on transactions or monthly fee, might be an option. Highly unlikely that £85,000 guarantee will change post Brexit.


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## rekhib (30 Apr 2020)

Silversurfers said:


> Trading 212 is a UK online broker with no commission on transactions or monthly fee, might be an option. Highly unlikely that £85,000 guarantee will change post Brexit.



Great, thanks a million. Will have a look.


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## RobFer (30 Apr 2020)

SBarrett said:


> They are probably making so little/ nothing on each account that they won't care.


I see. I just assumed that surely that they would want this same customer profile in the UK too. Or maybe they have a different business model entirely, or providing services to Ireland is expensive for them.


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## Live Well (1 May 2020)

I can't seem to figure out how I move my shares out of Interactive Investor...has anyone actually moved positions to Degiro or another platform? Thanks


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## Silversurfers (1 May 2020)

Live Well said:


> I can't seem to figure out how I move my shares out of Interactive Investor...has anyone actually moved positions to Degiro or another platform? Thanks


You give details to your new broker and they process the transfer. Degiro are not accepting transfers at present.


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## RobFer (1 May 2020)

Silversurfers said:


> You give details to your new broker and they process the transfer. Degiro are not accepting transfers at present.


The degiro transfer form that I saw asked for a bank account name and number and sort code which I cant find on my Interactivebroker account. I wonder will Degiro accept transfers before charges are introduced on Interactive broker.


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## Silversurfers (1 May 2020)

RobFer said:


> The degiro transfer form that I saw asked for a bank account name and number and sort code which I cant find on my Interactivebroker account. I wonder will Degiro accept transfers before charges are introduced on Interactive broker.


Judging by the large number of people waiting to have their accounts set up, I guess it's unlikely.


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## mc-BigE (5 May 2020)

Just noticed this "Your account will move on 22 May 2020 unless you tell us you want to close it or transfer your cash and investments elsewhere before *Monday 11 May 2020*" so we have until close of business this coming Friday to instruct ii that I want to transfer my portfolio. Can't transfer to degiro, and not had much success with IG , they are still looking for I'd verification even though I have sent passport Several times now. This is all a bit rushed imo


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## Zebedee (5 May 2020)

I’m going to leave it until things settle down a bit. I can weigh up the extra free versus extra services. A few months of extra fees won’t kill me.


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## LoveTrees (24 May 2020)

I can access my account in II UK but it doesn't recognise Irish Bank Account Details for Direct Debit of the monthly fees (!)


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## mc-BigE (25 May 2020)

i notice my first fee is due on the 10th of June, 16 days after "joining" 

they are hungry for fees already.

i notice i have a "free regular investing" section now under trade , assume these are my "free" trades i can do during the month?
 im reluctant to click on anything at the moment in case i get charged extra, need to read through the small print


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## mc-BigE (26 May 2020)

LoveTrees said:


> I can access my account in II UK but it doesn't recognise Irish Bank Account Details for Direct Debit of the monthly fees (!)


Is it possible to pay with UK bank account setup on my revolut card account? I would have to use the revolut UK address, anyone know the address, and is it possible


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## LoveTrees (26 May 2020)

Hi all, I just called II UK and you cannot set up direct debit unless you have an account in UK. So in my situation because I've some US shares and Eur Shares I converted my dividends in cash so far into GBP and the 10 GBP/month (approx) of fees + whatever else will be taken out from the newly converted amount in GBP. I hope this helps


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## Brendan Burgess (8 Jun 2020)

Is it now very clear that De Giro is a better option than Interactive Investor? 

Is there any advantage of II over De Giro? 

Brendan


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## LoveTrees (11 Jun 2020)

Hi Brendan, I would never put all eggs into one basket. I started in 2013 with II, then opened DG, then IG.com. Now I opened with Interactive Brokers and as soon as I've reached same amount as the other 3 brokers I'll open a 5th account with another broker. I hope this helps...


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## ClubMan (11 Jun 2020)

LoveTrees said:


> Hi Brendan, I would never put all eggs into one basket.


Why not when it's presumably *you* who owns the assets in which you invest?

From previous posts I suspect that Brendan does not want the complication of having to open and manage multiple accounts.


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## LoveTrees (11 Jun 2020)

Because I lived the Lehmann Brothers collapse I just don't like having only 1 broker. I don't care about the problem with managing multiple accounts. I'm a long term investor. I'll cash in in many years from now always aware of the FIFO rule in case I sell the same share of the same company in different times via different brokers. Also if the brokers have issues protection is up to a certain amount for each broker.
PS: I admit it I don't know how to paste quotes anymore


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## ClubMan (11 Jun 2020)

Fair enough, thanks for the feedback @LoveTrees.

Just curious, what direct effect did the Lehman's collapse have on you/your investments? Delay in retrieving them or something else?


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## Silversurfers (11 Jun 2020)

LoveTrees said:


> Also if the brokers have issues protection is up to a certain amount for each broker.
> PS: I admit it I don't know how to paste quotes anymore



As far as I'm aware, the protection only applies to the cash balance in your account, not the value of your investments.


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## LoveTrees (12 Jun 2020)

@ClubMan sorry I didnt invest with LB directly... But I meant that I lived through the effects of it like being among the people queueing outside Northern Rock near Harcourt Street

@Silversurfers thank you. To me that's one more incentive to keep diversifying on brokers. As regards money I don't like excessive loyalty to just one broker...


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## ClubMan (12 Jun 2020)

LoveTrees said:


> @ClubMan sorry I didnt invest with LB directly... But I meant that I lived through the effects of it like being among the people queueing outside Northern Rock near Harcourt Street


I don't really see what that situation has to do with somebody investing in equities or how using different brokers helps?


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## LoveTrees (12 Jun 2020)

@ClubMan I never trust the same person handling all my shares. That's it. Just another point of view


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## EmmDee (12 Jun 2020)

ClubMan said:


> I don't really see what that situation has to do with somebody investing in equities or how using different brokers helps?



Northern Rock happened a year before Lehman's


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## LoveTrees (12 Jun 2020)

@EmmDee yes, so what? It was all interconnected. Subprime collapsed everywhere and LB was just a symbol I wanted to mention. And the biggest lesson I learned is diversify diversify diversify when talking about your hard-earned money...

To all: De gustibus non disputandum est please... I just gave an opinion... And I am honest in saying I was queueing outside NR as well


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## RobFer (16 Jul 2020)

I havent been able to get rid of my portfolio with II, I can see the 10 pound charges but not the 4 pound non-resident charge. Is an yone else in the same boat?


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## Zebedee (17 Jul 2020)

I’m getting the full 14 charge.


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## mc-BigE (17 Jul 2020)

13.98 Sterling DD on my revolt a/c, haven't decided what to do yet with my portfolio, the new format is geared towards monthly investment, instead if long term storage of shares. This is still an issue for me


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## RobFer (18 Jul 2020)

Zebedee said:


> I’m getting the full 14 charge.


Where do you see it displayed? I am probably not looking at the correct part.


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## Zebedee (19 Jul 2020)

On the web version go into “Portfolio” and then “Transactions” and it’s listed in gpb transactions (along with any other transactions you have made).


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## RobFer (19 Jul 2020)

Zebedee said:


> On the web version go into “Portfolio” and then “Transactions” and it’s listed in gpb transactions (along with any other transactions you have made).


I see. Hidden in pound transactions


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## andrewsunbeam (6 Jan 2021)

Hi all, I see this thread has been quiet for a while but here goes. Has anyone examined or know whether there are any issues now post Brexit 
(1) moving your positions from one UK broker like II to another non UK EU broker. 
(2) selling out on all your positions and transferring the cash back to your Irish Back account. 

I am struggling to find any info online . Any help or guidance you can provide would be appreciated


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## jokerini (15 Feb 2021)

I used to have an account with Interactive Investor but decided to leave after they decided to impose a discriminatory £3.99 per month additional charge on non-UK residents. In my opinion, rivals such as Degiro and Interactive Brokers are more suitable for Irish investors.


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## LoveTrees (17 Feb 2021)

andrewsunbeam said:


> Hi all, I see this thread has been quiet for a while but here goes. Has anyone examined or know whether there are any issues now post Brexit
> (1) moving your positions from one UK broker like II to another non UK EU broker.
> (2) selling out on all your positions and transferring the cash back to your Irish Back account.
> 
> I am struggling to find any info online . Any help or guidance you can provide would be appreciated


No clue sorry. They know I reside in Ireland but after movement to ii.co.uk my account is still active and to my view works ok despite monthly inactivity fee...


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## RobFer (28 Jun 2021)

Hi did anyone here stick with Interactive Investor? I have been trying to transfer my stock out but I hit many roadblocks. I like the idea of sticking with them as I have Degiro as well and would love to be spread out. There is no legal way to use a north of Ireland address to avoid fees? With investment trusts disappearing on Degiro I wonder is it worth hanging on it for trusts


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## FintanJ (28 Jun 2021)

RobFer said:


> Hi did anyone here stick with Interactive Investor?


Yes.

haven’t found alternative.

already with degiro, don’t want all eggs in one online broker.

interactive brokers- don’t allow Irish shares.


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## LoveTrees (30 Jun 2021)

FintanJ said:


> interactive brokers- don’t allow Irish shares.


Really? Am wondering since when... Very happy with ib at present as well


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## LoveTrees (30 Jun 2021)

Sorry... Irish shares... I wasnt aware sorry. I am into european and us shares with ib...


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## horusd (30 Jun 2021)

I went thru the palava of opening a DeGiro share account. I still have my II.co.uk account paying the 13.98 STG a month. I probably will transfer to Degiro fully as soon as the Degiro backlog is sorted. I don't want to be caught in transfers, and from what I can tell, it seems very time-consuming.


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## RobFer (6 Jul 2021)

Are the people still with Interactive Investor getting the Trading Credit? I am not but they seem to have not charged me the monthly flat since December. No idea why. I think adding to my portfolio is the only way to justify hanging onto it.


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## joe sod (8 Jul 2021)

@RobFer I was transferred to interactive investor by equiniti, have to say I am disappointed that they are imposing a 3.99£ non resident fee. The problem is that transferring to another broker will cost a lot because they usually charge a transfer fee per stock and I have about 20 now. They must be getting lots of complaints about the non resident fee


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