Interactive Investor Ireland absorbed by II UK

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.
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I dont. A lot of people use Computershare too so perhaps TD were never that big.
 
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.
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many thanks.
 
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.
 
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.
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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.
 
SBarrett said:
They are probably making so little/ nothing on each account that they won't care.
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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.
 
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
 
Silversurfers said:
You give details to your new broker and they process the transfer. Degiro are not accepting transfers at present.
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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.
 
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.
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Judging by the large number of people waiting to have their accounts set up, I guess it's unlikely.
 
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
 
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.
 
I can access my account in II UK but it doesn't recognise Irish Bank Account Details for Direct Debit of the monthly fees (!)
 
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
 
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 (!)
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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
 
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
 
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
 
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...
 
LoveTrees said:
Hi Brendan, I would never put all eggs into one basket.
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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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