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  • FIRST POST
    • MonroeM
    • By MonroeM 10th Sep 17, 4:29 PM
    • 111Posts
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    MonroeM
    Best Platform for just holding IT's in a SIPP?
    • #1
    • 10th Sep 17, 4:29 PM
    Best Platform for just holding IT's in a SIPP? 10th Sep 17 at 4:29 PM
    I've been looking into the best platform for only holding IT's in a £150K SIPP and currently it seems that Fidelity could be the cheapest as they only charge a maximum of £45 per annum.

    Also, there are no other extra charges for switches etc or indeed any drawdown charges. Does anybody else know of a better deal with another platform?
Page 1
    • Aegis
    • By Aegis 10th Sep 17, 4:52 PM
    • 4,762 Posts
    • 2,840 Thanks
    Aegis
    • #2
    • 10th Sep 17, 4:52 PM
    • #2
    • 10th Sep 17, 4:52 PM
    X-O has a deal where their SIPP costs nothing and there are no account charges for just holding securities, including investment trusts. Instead you pay a fee of £5.95 per trade. It's the best deal I've been able to find for just buying and holding.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
    • ColdIron
    • By ColdIron 10th Sep 17, 5:10 PM
    • 3,375 Posts
    • 3,949 Thanks
    ColdIron
    • #3
    • 10th Sep 17, 5:10 PM
    • #3
    • 10th Sep 17, 5:10 PM
    For an IT only portfolio you have plenty of choice and it will probably come down to how much you trade. If you make 12 trades per year Charles Stanley might be worth a look as they waive the custody charges. But for me on a £150K portfolio the differences are small enough to be trivial and I'd look for the platform that best suited my needs rather than use absolute price as the only metric

    Download SnowMan's spreadsheet and plug your numbers in for a few what ifs

    http://forums.moneysavingexpert.com/showthread.php?t=5583030
    • MonroeM
    • By MonroeM 10th Sep 17, 6:24 PM
    • 111 Posts
    • 31 Thanks
    MonroeM
    • #4
    • 10th Sep 17, 6:24 PM
    • #4
    • 10th Sep 17, 6:24 PM
    For an IT only portfolio you have plenty of choice and it will probably come down to how much you trade. If you make 12 trades per year Charles Stanley might be worth a look as they waive the custody charges. But for me on a £150K portfolio the differences are small enough to be trivial and I'd look for the platform that best suited my needs rather than use absolute price as the only metric

    Download SnowMan's spreadsheet and plug your numbers in for a few what ifs

    http://forums.moneysavingexpert.com/showthread.php?t=5583030
    Originally posted by ColdIron
    Yes, I agree with you. The good point I was making about Fidelity is that they don't seem to levy any other charges including setting up your drawdown which is good.
    • ColdIron
    • By ColdIron 10th Sep 17, 6:47 PM
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    ColdIron
    • #5
    • 10th Sep 17, 6:47 PM
    • #5
    • 10th Sep 17, 6:47 PM
    I don't have any experience with their platform but I've always held Fidelity in fairly high regard. The point you raise about drawdown is a good one. Many sites levy additional charges for this, not unreasonably, as they are essentially running a payroll service for you, distributing dividends, handling changes in income instructions, producing P60s etc. These fees don't usually figure in comparison sites but if Fidelity don't charge for them, all the better. I guess an obvious thing to check is that they provide the ITs that you're interested in, no point in compromising your portfolio to save a few quid when its value will vary by multiples of that amount almost daily
    • MonroeM
    • By MonroeM 10th Sep 17, 7:43 PM
    • 111 Posts
    • 31 Thanks
    MonroeM
    • #6
    • 10th Sep 17, 7:43 PM
    • #6
    • 10th Sep 17, 7:43 PM
    I don't have any experience with their platform but I've always held Fidelity in fairly high regard. The point you raise about drawdown is a good one. Many sites levy additional charges for this, not unreasonably, as they are essentially running a payroll service for you, distributing dividends, handling changes in income instructions, producing P60s etc. These fees don't usually figure in comparison sites but if Fidelity don't charge for them, all the better. I guess an obvious thing to check is that they provide the ITs that you're interested in, no point in compromising your portfolio to save a few quid when its value will vary by multiples of that amount almost daily
    Originally posted by ColdIron
    Absolutely agree again and fortunately Fidelity do have all the IT's that interest me so I think all' good.
    • ArchBair
    • By ArchBair 10th Sep 17, 8:41 PM
    • 27 Posts
    • 1 Thanks
    ArchBair
    • #7
    • 10th Sep 17, 8:41 PM
    • #7
    • 10th Sep 17, 8:41 PM
    I think HL charge the same but I think they do have other charges for drawdown etc.
    • ColdIron
    • By ColdIron 10th Sep 17, 8:54 PM
    • 3,375 Posts
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    ColdIron
    • #8
    • 10th Sep 17, 8:54 PM
    • #8
    • 10th Sep 17, 8:54 PM
    HL charge 0.45% capped at £200 with no other drawdown charges
    • MonroeM
    • By MonroeM 10th Sep 17, 9:16 PM
    • 111 Posts
    • 31 Thanks
    MonroeM
    • #9
    • 10th Sep 17, 9:16 PM
    • #9
    • 10th Sep 17, 9:16 PM
    HL charge 0.45% capped at £200 with no other drawdown charges
    Originally posted by ColdIron
    So it seems the best deal is either HL or Fidelity if you are purely into IT's for your SIPP?
    • ColdIron
    • By ColdIron 10th Sep 17, 10:22 PM
    • 3,375 Posts
    • 3,949 Thanks
    ColdIron
    I wouldn't say it was an either/or between HL and Fidelity, there are several players in this field with little between them in charges, your investment choices matter more. I'd focus on the quality of service, flexibility and dependability of the organisation that's providing my retirement income

    Perhaps we need a champion for Fidelity by somebody in drawdown with them?

    PS HL charge a £354 early account closure fee in the first 12 months if in drawdown so probably best to get it right than wrong early
    • JohnRo
    • By JohnRo 10th Sep 17, 10:38 PM
    • 2,424 Posts
    • 2,178 Thanks
    JohnRo
    I've decided on AJB/Youinvest for better or worse, intended as a dividend withholding tax shelter for VNQ and VNQI ETFs.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • MonroeM
    • By MonroeM 11th Sep 17, 9:40 AM
    • 111 Posts
    • 31 Thanks
    MonroeM
    HL charge 0.45% capped at £200 with no other drawdown charges
    Originally posted by ColdIron
    In that case then Fidelity is the best option for me as their cap is £45 in total. Also, they don't have any early closure penalties for drawdown. So all in all it seems a great deal to me.
    • MPN
    • By MPN 11th Sep 17, 11:55 AM
    • 220 Posts
    • 70 Thanks
    MPN
    In that case then Fidelity is the best option for me as their cap is £45 in total. Also, they don't have any early closure penalties for drawdown. So all in all it seems a great deal to me.
    Originally posted by MonroeM
    I use Fidelity for my IT's and have yet to find a better platform. As you rightly point out that their are no penalties and no charge for switches and a cap of £45 so that's very good in my opinion. It also has all the funds you could possibly need.
    • JohnRo
    • By JohnRo 11th Sep 17, 12:21 PM
    • 2,424 Posts
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    JohnRo
    It also has all the funds you could possibly need.
    Originally posted by MPN
    Yes but they (funds) also come with an additional 0.35% annual service charge on top of the £45 annual admin charge.

    In terms of IT and ETF offerings, the availablity list is adequate for many of the popular vehicles but a very long way off what might be called extensive.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • A_T
    • By A_T 11th Sep 17, 1:01 PM
    • 181 Posts
    • 83 Thanks
    A_T
    Fidelity's share dealing fee of 0.10% per deal is pretty good for small investors.
    • MPN
    • By MPN 11th Sep 17, 2:17 PM
    • 220 Posts
    • 70 Thanks
    MPN
    Yes but they (funds) also come with an additional 0.35% annual service charge on top of the £45 annual admin charge.

    In terms of IT and ETF offerings, the availablity list is adequate for many of the popular vehicles but a very long way off what might be called extensive.
    Originally posted by JohnRo
    Sorry, I meant to say IT's (not funds) and, yes, the list of popular IT's is adequate for me.
    • IanSt
    • By IanSt 12th Sep 17, 10:44 AM
    • 44 Posts
    • 16 Thanks
    IanSt
    Fidelity's share dealing fee of 0.10% per deal is pretty good for small investors.
    Originally posted by A_T
    I'm not sure that the 0.1% charge will be remaining for long. The fidelity site is still saying 0.1% but I received a letter from them last month which I seem to remember talking about a change. Unfortunately I didn't keep it as I don't use them for investment trusts.
    • MonroeM
    • By MonroeM 12th Sep 17, 11:18 AM
    • 111 Posts
    • 31 Thanks
    MonroeM
    I'm not sure that the 0.1% charge will be remaining for long. The fidelity site is still saying 0.1% but I received a letter from them last month which I seem to remember talking about a change. Unfortunately I didn't keep it as I don't use them for investment trusts.
    Originally posted by IanSt
    Would you mind me asking which platform you use for IT's, mainly because I can't seem to find a better deal than what is on offer at Fidelity (cap of £45), especially for SIPP's with no penalties or drawdown charges.
    • talexuser
    • By talexuser 12th Sep 17, 11:39 AM
    • 2,251 Posts
    • 1,723 Thanks
    talexuser
    My ISA is with iWeb at zero administration and £5 a trade since I don't swap much around and huge value for large amounts compared to the % platforms. My ITs are outside the ISA, again with zero administration and 2% a divi reinvestment, max £5. The IT selection suits me, website basic but fine (use trustnet and morningstar for detail) and I think the opening charge is now £25. Service has been very good for me, just depends how your totals work out compared to others (SIPP is with Cavendish/Fidelity at 0.25%).
    • A_T
    • By A_T 12th Sep 17, 2:22 PM
    • 181 Posts
    • 83 Thanks
    A_T
    I'm not sure that the 0.1% charge will be remaining for long. The fidelity site is still saying 0.1% but I received a letter from them last month which I seem to remember talking about a change. Unfortunately I didn't keep it as I don't use them for investment trusts.
    Originally posted by IanSt
    I can't find anything about the 0.1% dealing fee changing.
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