Are You Happy With Your SIPP Provider?

newlease

dunstonh wrote: »

It has a large menu of charges and trading costs on fund purchases.

It is 12.95 to trade shares or funds. Regular saving option isn't (at least from what I've seen) available for funds so it is 12.95 for each fund purchase. I'm not sure this constitutes "large menu of charges and costs on fund purchases."

dunstonh wrote: »

And every time you invest, you pay charges. That will work out expensive if you intend to pay in monthly.

HL is expensive in percentage terms. However, fund purchases and switches dont cost you.

What assets to you intend to buy and how frequently will you be trading, buying or switching?[/QUOTE]

Yes, every time you invest with Halifax it will cost. However just holding, even if you don't invest new money, will cost with HL. I wouldn't invest monthly, so the HL numbers after a few years become more expensive e.g. above a 30k portfolio.

Unless I've missed one, nobody offers free fund purchase and free custody. It is one or both, so unless there is frequent trading as portfolio grows percentage based like HL aren't economical.

I've played with various comparison tools and HL is never in the top 3 on cost. I know cost isn't everything but your reply seems cost focused. I have played with the very nice file zagfiles posted and it basically seems to come down to this: iweb/Halifax if also buying funds, otherwise AJBell/Youinvest.

I think the best course for me is to decide whether I really need funds. If so, iweb/Halifax seem the right choice. The choice for Halifax over iweb is due to cheaper regular trading option and slightly lower exchange spread of Halifax which would work out cheaper for me (more US shares purchased regularly at 2 a trade with just a few funds at 12.95 rather than 5 for anything)

What rethinking (again), partly with buyer's remorse, has done is question my need for funds. In most cases the ETF equivalent of OEIC will do the same job for main portion of my investment like trackers, there are a few specialty funds I was considering but I should investigate if I can do without and move to AJBell.

newlease

zagfles wrote: »

Snowman's spreadsheet will compare charges taking into account frequency of buying/selling etc.

http://forums.moneysavingexpert.com/showpost.php?p=64540489&postcount=15

Thanks! I was using http://www.comparefundplatforms.com/ but this is much better.

dunstonh

It is 12.95 to trade shares or funds. Regular saving option isn't (at least from what I've seen) available for funds so it is 12.95 for each fund purchase. I'm not sure this constitutes "large menu of charges and costs on fund purchases."

The large menu of charges referred to the list of charges they have for various tasks. Most pensions do not have a list of charges.

However, £12.95 a trade for funds vs no charge for the others. So, you need to be aware of you frequency of trades or you could pay a lot in charges.

Unless I've missed one, nobody offers free fund purchase and free custody.

Most pensions do not charge on fund purchases.

I know cost isn't everything but your reply seems cost focused.

There is an element of cost focus. If it was service related then I certainly wouldnt go with a bank. If it was quality of platform and future resilience then again, I would not go with a bank.

[Deleted User]

MadMat wrote: »

I too am with HL, as I was starting from £0 and drip feeding into funds they worked out by far the cheapest for at least the first few years I'll have this SIPP.

And by the time they are no longer the cheapest the DIY markets may well have changed again anyhow!

I also like the £25 monthly minimum per fund, makes it easier if you want to "dabble" a bit I can split my monthly £100 across 4 funds if I want

Mat

Agree, at our current value HL is neither the cheapest and far from the most expensive so very happy with the platform. As for fees, just had a nice lump sum from Quidco so chucked that in and with the tax relief added...

Retyre

Some useful info in here, thank you to everyone who has contributed.

Blackdog

I have to say HL are excellent, they are more expensive for some people but have a great customer service reputation.

diamondchap

Regarding this comment about Halifax:

newlease wrote: »

It is 12.95 to trade shares or funds. Regular saving option isn't (at least from what I've seen) available for funds so it is 12.95 for each fund purchase. I'm not sure this constitutes "large menu of charges and costs on fund purchases."

I'm in the process of transferring my ISA and SIPP to Halifax. Both are invested in the VLS80 and I intend to pay monthly into each. Halifax have confirmed that monthly investments into this fund through my ISA or SIPP will be charged at £2 per trade.

grey_gym_sock

i am happy with ajbell youinvest. customer service has been efficient so far, though i haven't tested it very much.

i'm only holding ETFs and the odd IT, avoiding the additional holding charges for funds. if you're prepared to do that, they have very reasonable charges for a large SIPP (say, £50,000+).

and not even bad for a small SIPP. though with a small SIPP, you are perhaps better off going for only holding funds, and somebody who only charges a percentage holding charge, nothing for buying/selling funds.

newlease

diamondchap wrote: »

Regarding this comment about Halifax:



I'm in the process of transferring my ISA and SIPP to Halifax. Both are invested in the VLS80 and I intend to pay monthly into each. Halifax have confirmed that monthly investments into this fund through my ISA or SIPP will be charged at £2 per trade.

Is this a special arrangement they have agreed with you? Because that is not covered in Sharebuilder's description or shown as available on individual product pages. In my searches, I've only found Sahrebuilder available on LSE shares and some ETFs, not on OEICs/funds like VLS80. There is no sharebuilder symbol on funds, this is VLS80: https://www.halifaxfundscentre.co.uk/index.php?section=sheet&idShareclass=F00000MLUQ

Depending on share/ETF, sharebuilder symbol is always there it is either included (check) or excluded (x): https://www.halifaxmarketwatch.co.uk/security.cgi?username=&ac=&csi=2701270&record_search=1&search_phrase=vanguard

newlease

grey_gym_sock wrote: »

i am happy with ajbell youinvest. customer service has been efficient so far, though i haven't tested it very much.

i'm only holding ETFs and the odd IT, avoiding the additional holding charges for funds. if you're prepared to do that, they have very reasonable charges for a large SIPP (say, £50,000+).

and not even bad for a small SIPP. though with a small SIPP, you are perhaps better off going for only holding funds, and somebody who only charges a percentage holding charge, nothing for buying/selling funds.

I am seriously considering to move to Youinvest. Not really transfer, I opened an account with Halifax but have not yet purchased anything. As I reflect, I am questioning whether I can get by without funds in which case Youinvest fits the bill.

Can you please tell me:

Are charges handled outside of ISA/SIPP deposits (wrapper) or taken from these deposits?

What are the options on managing the regular trading (1.95 deals) in terms of frequency, dates, canceling?