Will move from HL

diveleader

Morning all
Me and my wife both hold accounts with HL

We each have

SIPP 160K / 160k value
Vanguard LS 80/20
ISA 40k / 40k value

some shares
Blackrock global prop secs tracker

Unwrapped 50k / 150k value
Vanguard global small cap index
Vanguard LS 80/20

The new HL charges result in a large increase in annual costs for us.

I am thinking of
iii
Vanguard direct

I will do more research tomorrow, but any pointers to a online service that can offer me significant saving over HL?

Thanks

traineepensioner

"The new HL charges result in a large increase in annual costs for us."

Hi Diveleader, Welcome to the club!

I've just moved from HL to Interactive investor, so far so good
flat fee £80 per annum with 2 free trades per quarter.... If you link your accounts your wife doesn't pay any charges.

Might work for you? :cool:

diveleader

Interactive investor looks promising -thanks for that

cloud_dog

traineepensioner wrote: »

....flat fee £80 per annum with 2 free trades per quarter.... If you link your accounts your wife doesn't pay any charges.

Their SIPP account charges £120 + VAT without any free trades I believe.... Can anyone with them confirm?

I assume you cannot link SIPP account(s) with ISA / Trading accounts?

kidmugsy

cloud_dog wrote: »

Their SIPP account charges £120 + VAT without any free trades I believe.... Can anyone with them confirm?

I assume you cannot link SIPP account(s) with ISA / Trading accounts?

If so, then I'd be tempted in the OP's shoes to move my ISAs to iii, and my SIPP to someone else. Perhaps ATS?

cloud_dog

I am still interested in confirmation from anyone who may hold SIPP / ISA (or Trading) accts with II.

kidmugsy wrote: »

Perhaps ATS?

Not sure I would suggest ATS (unless I'm missing something) they charge £155+VAT PA. II only (sic) charge £120+VAT and X-O SIPP Charge £95+VAT. Iknow I am being fairly simplistic as I am only looking at the platform charge.

SnowMan

cloud_dog wrote: »

Their SIPP account charges £120 + VAT without any free trades I believe.... Can anyone with them confirm?

Yes the SIPP account charge is £144 without any free trades for SIPP only customers.

I assume you cannot link SIPP account(s) with ISA / Trading accounts?

That is difficult to answer

http://www.iii.co.uk/shares/charges

where it says

Please note: All SIPP Account holders will be exempt from paying our Quarterly Fee

Your question has been asked before but nobody is completely sure whether that that is referring to SIPP only customers, or SIPP + dealing + ISA customers.

So it needs someone to check it out with interactive Investor or with both dealing/ISA accounts and SIPP accounts to confirm what happens in practice.

If the £80 is not waived if you have a SIPP account as well as a dealing/ISA account (one interpretation) then next question is do the 2 free trades cover both SIPP and ISA/dealing accounts e.g. if you make exactly 2 trades in a SIPP account each quarter and no trades at all in your dealing or ISA account each quarter, do you pay an annual charge of £144 + £80 or £144 + £80 + £80.

cloud_dog

It really depends on the definition of 'Account holders'.

Assuming you hold SIPP / ISA / Trading accounts, it could be that....

'Account holder' treated as a single entity which would imply that you pay the £120+VAT for all accounts with II but, you will not receive the free trades (quid pro quo from the quarterly charge).

(I am dubious of this)

'Account Holder' treated as a separate entity for SIPP which would imply that they pay the £120+VAT annual charge and not the quarterly charge.

(which I think is the case).

I'll e-mail II with this scenario and see what I get back.

cloud_dog

Hi

II have replied to my (above) query and have confirmed (in not so many words) that a SIPP account charge is separate to the trading (dealing/ISA) platform charge. Which is as expected TBH.

SnowMan

cloud_dog wrote: »

Hi

II have replied to my (above) query and have confirmed (in not so many words) that a SIPP account charge is separate to the trading (dealing/ISA) platform charge. Which is as expected TBH.

Sorry I'm a bit confused now. Does that mean if you have say a SIPP account and an ISA account that you pay £144 + £80 = £224pa as a custody charge (as opposed to just £144pa)?

cloud_dog

SnowMan wrote: »

Sorry I'm a bit confused now. Does that mean if you have say a SIPP account and an ISA account that you pay £144 + £80 = £224pa as a custody charge (as opposed to just £144pa)?

Ooops.... I miss-read it..... school boy error.... am walking to the Head Master's office now

Very nice replay from II below:

II wrote:

Thank you for your e-mail.

I am sorry for the delay in replying. Unfortunately, we are experiencing an increased volume of messages and this has had an impact on our response times.

I can confirm that we charge a £20 quarterly fee to have a Trading and ISA Account and the £20.00 is given back to you towards commission charges on trades placed in the account. If you have a SIPP account, you only pay the annual administration for the SIPP, £120 + VAT. You are exempt from paying our quarterly fee and would not receive the £20 commission credit.

If you have a SIPP account you cannot Family Link to a family member with a SIPP account to exempt them from the annual SIPP fees. However, you can Family Link your account to a family member who has a Trading (and ISA) account. In this case, they will be exempt from paying our quarterly fee and will not receive commission credit.

If you do not already have a trading account with Interactive Investor, you can open one by completing the application form available from the following link:

http://www.iii.co.uk/shares/open-account

To open a SIPP you are required to open a Trading Account first. Once you have opened your Trading Account, please log on to the online trading platform and navigate to the 'Account Admin' tab, located towards the right of the screen. From there, click 'Add Account' and select 'SIPP' from the list of available options. You will then be able to complete a short form, following which an application will be issued to our Pension Administrators for processing.

Within 2-3 working days you will then receive a welcome pack in the post confirming the details for your SIPP and a transfer form for moving any existing schemes across to us.

If you need any further information please reply to this message and I'll be happy to answer any queries that you may have. Alternatively, please contact us on the number listed below. We are open from 08:00 to 21:00 Monday to Friday.

Warm Regards,