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Interactive Investor trading and settlement
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JayW
Posted: 18 February 2025 08:55:56(UTC)
#1

Joined: 25/08/2019(UTC)
Posts: 358
I find with Interactive Investor when I sell an ETF I am unable to reinvest the proceeds until the settlement date. This is surprising as iWeb, HL etc allow you to reinvest the proceeds of such sales immediately, with the settlement date only affecting cash withdrawals.

Does everyone else find this with II, or have they somehow restricted my account? I find it so annoying I'm minded to switch, only I can't seem to find anywhere that allows my directly held gilts.
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Elspeth Beaton
Posted: 18 February 2025 09:09:10(UTC)
#2

Joined: 11/12/2019(UTC)
Posts: 227

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Was thanked: 904 time(s) in 192 post(s)
I have OEICs with Interactive Investor
Selling takes a week .Reinvesting takes the the same
These cheap platforms are not for trading in real time
That sort of trading requires a more expensive set up -ie a stockbroker with high fees
You pays your money and takes your choice
Personally for most amateur investors is a time lag is probably a good idea as for that category of investor(like me) jumping in and out of the stockmarket is sure recipe for portfolio underperformance
xxd09
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AlanT on 18/02/2025(UTC)
Johan De Silva
Posted: 18 February 2025 09:19:22(UTC)
#3

Joined: 22/07/2019(UTC)
Posts: 4,412
Jumping in and out adds significant value for those experienced enough to avoid getting whipsawed and are able to think ahead using whatever they can. I would drop ii an email to make sure then switch. The higher the fee's the better (if you are able to outperform). Many cheap platforms have hidden costs be it time, spread or FX fees.
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Anthony French
Posted: 18 February 2025 09:35:58(UTC)
#4

Joined: 09/09/2018(UTC)
Posts: 9,124

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Was thanked: 1909 time(s) in 1333 post(s)
JayW;334863 wrote:
I find with Interactive Investor when I sell an ETF I am unable to reinvest the proceeds until the settlement date. This is surprising as iWeb, HL etc allow you to reinvest the proceeds of such sales immediately, with the settlement date only affecting cash withdrawals.

Does everyone else find this with II, or have they somehow restricted my account? I find it so annoying I'm minded to switch, only I can't seem to find anywhere that allows my directly held gilts.


AJ Bell, u can hold gilts and deal ETF proceeds as soon as you have sold.
AJ Bell better for smaller holders (%) where ii only better if you have substantial sums invested. (flat rate)
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JayW on 18/02/2025(UTC)
JayW
Posted: 18 February 2025 09:37:22(UTC)
#8

Joined: 25/08/2019(UTC)
Posts: 358
I don't want real-time trading, just not to be out of the market for a week when rebalancing.

I never have this problem with iWeb, the cheapest platform. When selling shares or ETFs on iWeb the proceeds are always available within seconds to reinvest. I appreciate OEICS take longer, but even then on iWeb you're waiting only one day for the trade to go through before you can reinvest, whereas on II you have to wait for the settlement which may take a week.
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Busy doing nothing
Posted: 18 February 2025 09:53:59(UTC)
#9

Joined: 01/03/2021(UTC)
Posts: 372

Thanks: 1064 times
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My experience is the same, 4/5 days settlement when dealing in OIECS on ii.
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JayW on 18/02/2025(UTC)
Peter61
Posted: 18 February 2025 09:58:20(UTC)
#5

Joined: 22/05/2022(UTC)
Posts: 428
Anthony French;334874 wrote:


AJ Bell, u can hold gilts and deal ETF proceeds as soon as you have sold.
AJ Bell better for smaller holders (%) where ii only better if you have substantial sums invested. (flat rate)


AJ Bell are low cost for holding ITs and ETFs. Their fund charges (0.25%) are cheaper than many competitors, but more than ii, if you have a significant holding. They are open to negotiating limits on fund charges and seem to turn around funds pretty quickly.

Pete
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MarkSp
Posted: 18 February 2025 10:06:07(UTC)
#6

Joined: 02/02/2020(UTC)
Posts: 2,176
Peter61;334882 wrote:
Anthony French;334874 wrote:


AJ Bell, u can hold gilts and deal ETF proceeds as soon as you have sold.
AJ Bell better for smaller holders (%) where ii only better if you have substantial sums invested. (flat rate)


AJ Bell are low cost for holding ITs and ETFs. Their fund charges (0.25%) are cheaper than many competitors, but more than ii, if you have a significant holding. They are open to negotiating limits on fund charges and seem to turn around funds pretty quickly.

Pete


I have 7 figures with them at £10/pcm. Looks like a bargain to me
Funds seem pretty quick.to me except those in Ireland or luxembourg which take an extra day in my experience
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Bob Brook
Posted: 18 February 2025 10:27:09(UTC)
#10

Joined: 12/04/2023(UTC)
Posts: 151
You can hold gilts on Ajbell and iweb, If you hold gilts in a GIA its even free on HL!
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Cm258
Posted: 18 February 2025 13:52:59(UTC)
#11

Joined: 30/07/2022(UTC)
Posts: 458
For exchange traded products, I have experienced:

On HL, being able to buy using the sale proceeds, straightaway
On Fidelity, having to wait for the sale proceeds to settle to then use the proceeds to buy

I guess ii are like Fidelity in this regard. You have the option to change platforms if this is an issue!
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