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Intelligent Finance Mini Cash ISA
by tirial
I took this out back when ISAs were launched, and had one for many years. Sadly, like many customers, I am now looking at moving my account. However this does not mean that the account is bad - in act thee are people I would recommend it to.
The IF mini-cash ISA was upgraded to a more standard cash-only ISA when the ISA rules ... changed. Now, As a cash-only ISA, the IF ISA is effectively a tax-free savings account which can accept a certain amount of new money each year, again making it very simple to use. Interest is added monthly, allowing you to see how much it increases by, so it gives you a real feeling of progress. The limit of what you can invest changes each year, but all the interest is tax-free which makes it a good long-term savings vehicle.
It is managed purely online, as IF has no branches, and it is remarkably simple. The log in is fast and secure, and customers can manage all their accounts, called 'jars', from a single easy-to-use dashboard. It is probably the simplest and easiest of the online savings systems I have seen (particularly after the Halifax's rather awful update, which is odd given the link between the two companies). You can also set up regular transfers from your external current account making it easy to manage.
Adding, moving and withdrawing money to a linked external account is easy. I did have some problems when I tried paying money in directly over the counter without using the interface: the account details caused a problem at the bank. It is an ideal way for anyone to get started with online banking.
Customer service, contactable by phone, are friendly, efficient, and polite. When I had to call them for a repeated problem (caused by a fault at my end) they provided everything I needed to resolve it with no hassle at all. I was extremely impressed.
Why am I leaving? Purely because of the interest rates. When the account launched these were good, but it has now been slashed to the extent that many other ISAs will pay better returns - and shares or investments can far outperform it. Given the discrepenacy is now about 3%, I feel my funds would be better elsewhere.
In summary, this is a good product for an inexperienced investor, someone unfamiliar with online banking, or someone trying to build a nest egg, but it is limited by only accepting cash and offers a comparatively low return compared to other forms of investment. Since you can only invest in one ISA a year, think carefully before you make your choice.
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Barclays Stockbrokers
by snoopjb69
Ladies and Gents, there are hundreds of Stockbrokers out there, and there is absolutely NO justification to use Barclays. You're probably thinking that being a big, 'reliable' brand that your funds will somehow be in safer hands. Simply the opposite is true. All it means is that these guys are experts in ripping you off and fobbing you ... off, transposing all their knowledge from retail banking into stockbroking. I fully support all the other Barclays complaints mentioned in previous reviews but to boot, for me, I have lost about £400 in charges ALONE thanks to their cleverly deceptive layout which misleads you as to what you owe and what you're being charged for. Just stay away from them.
Only once I was stung on more than one occasion did I stop and question: Why did I go with these guys in the first place? Then I realised that it's your natural inclination to trust companies like Barclays because they're a household name. However in this industry that's all the more reason to stay away from them. Parasites.
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halifax.co.uk
by tirial
I originally chose Halifax Sharebuilder because of its low charges - £1.50 per purchase was exceptionally good. The Sharebuilder was easy to use and open, and I transfered shares from an existing account without any issues.
In general the sharebuilder is designed for people looking to build up a portfolio over time but not to ... invest large amounts of money, or trade actively - an approach called Buy and Hold. The low charges and ability to schedule your investments and funding allow users to plan their investments carefully, and then set them up so that each month their account is debited and new shares purchased.
You fund the Sharebuilder account by bank transfer from your linked account, and the funds are held as cash until you choose to invest them. You can choose to invest in three ways: buy instantly, which incurs the larger fee, schedule a one-off purchase using some or all of the money in your holding account, or set up a regular investment at the same time each month and forget about it.
Dividends are paid back into the holding account linked to the Sharebuilder, and you can reinvest them or withdrew them into a bank account.
The Sharebuilder is less suitable for people planning on active dealing as the low cost share purchase price only applies to planned purchases on one of four dates during each the month. Although shares can be bought at other times the charges will be much higher. However, the buying and selling fees are still reasonable, even at the higher level. If you need to sell shares, the rate is fixed - there are no discounted selling prices. This makes it a better account if you plan to hold share long term.
The shares offered focus mainly on the UK and FTSE shares, rather than on the international scene, and I have run into issues when looking to buy bonds. However the sharebuilder does allow fractional shareholdings, so if you buy £20 of an £11 share, you get 1.81 shares. This means that if you reinvest dividends even small holdings can grow.
In general the interface is simple and easy to use. Even unusual things like corporate actions (takeovers etc.) can be handled online through a set of options. Although the online help pages are limited, the livechat help facility works surprisingly well and managed to resolve the majority of my issues without resorting to phone calls. One nice touch is that the Halifax has now grouped all the share account together, so you can also view Share ISAs, Share dealing account etc, through the same interface.
There are a few annoying issues. For some time, the sharebuilder reduced fees were not credited correctly, leaving you to reclaim them and this took several months to correct.
In general I would recommend the Sharebuilder account to anyone looking to build up a small holding in shares without making a large investment each month. It would be ideal for new investors to learn without risking large amounts of money.
(An update on my CIAO review)
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