Are You Happy With Your SIPP Provider?

grey_gym_sock

newlease wrote: »

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

SIPP charges are taken from cash inside the SIPP. at least, i'm not aware of any option to change this. i don't have an ISA with youinvest.

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

it's once a month, on the 10th or so, £1.50 per purchase. no problem with changing your purchase(s) every month, or cancelling them. check the list of what you can buy in regular dealing, but it includes a wide selection of ETFs.

bowlhead99

I'm with Youinvest too and have recommended them to a few over the years since the days they were Sippdeal. Fees work for me, I have a mixture of UK and US shares, investment trusts and some funds.

The regular trading is pretty simple, after setting up which of the qualifying investments you want to spend how much money on, you just wait for that one day a month to come around. If you've funded your account with enough cash by that date, the trades will execute and buy you shares or funds at that day's price for the reduced commission charge per trade. If there isn't enough funds, it will fail for insufficient funds but still sit there as an instruction to try again next month.

So for example if you are averse to fees but you need the discipline of having monthly direct debits, you could set up a regular £600 purchase (whereby the £1.50 fee is just 0.25% of the transaction size) and then pay in your £200pm direct debit, and after doing that 3 times there will be enough to do the trade and then the next month it will fail again because your balance has fallen too low and it won't buy anything else until later in the quarter. The tax relief arriving in your account each month will also help to 'save up' towards your next trade.

You have freedom to change what you buy from month to month, you just have to remember to log in and do it because you can only book the trade for the next 'regular trading' date in front of you.

As GGS says, the charges come from inside the SIPP which is the same way it works with most pension providers. That is the very best way to do it because effectively you are paying for the charge with money you have received tax relief on (e.g. £50 of charges has only cost you £40 that you contributed to the SIPP before they claimed back the tax relief for you or £30 net if you're a higher rate taxpayer and can claim further money back from HMRC direct yourself).

The alternative of having to pay for the service with £50 of your own cold hard cash from your back pocket, for which you'd have to earn £62.50 (or £83.33 if high rate taxpayer) from your employer, would make it much more expensive for you.

I don't have an ISA with them either, I use TD Direct for my self select ISA and most of my unwrapped sharetrading.

smoulder

I too am considering moving my SIPP from HL to Halifax due to cost reasons. I like that Halifax SIPP is run by AJ Bell with whom I have past experience. The regular investment fee of £2 for investing in funds makes monthly contributions affordable.

Does anyone have any experience they can share about the Halifax SIPP web interface, particularly in the areas of setting up monthly contributions and regular investment instructions?

With HL I can do this via the web, but going by the Halifax website it seems they want me to fill out paper forms. When adjusting instructions via the web it's a lot easier to work out when change of instruction will occur, but how long it would take them to process paper instructions is quite uncertain.