Platforms - stay with HL or switch?

grey_gym_sock

just considering costs for a minute (though they are not everything) ...

supposing you will have £400k, split equally among 2 ISAs and 2 SIPPs (£100k each), and it will all be in funds, not shares ...

HL would charge £1,800 a year (at 0.45% on everything).

youinvest would charge £1,000 a year + a little in dealing fees (at 0.2% on the first £100k in funds in each account - i.e. £200 per account; + £100 per SIPP (for SIPPs worth over £20k) ... however, it would be less if the accounts are unequal in size, since the charge for funds is capped at £200 for accounts over £100k, but less for funds under £100k).

the cheapest option that i can think of would be: £346.60 a year + dealing fees, for 2 ISAs with halifax share dealing (each at a fixed £12.50 per year) + 2 SIPPs with selftrade (each at a fixed £118.80 + up to £42 in inactivity fees).

zagfles

Chickereeeee wrote: »

And sometime they will not. eg me!

I prefer a platform that does not do individual 'deals' anyway.

C

Why did you try to negotiate one with them then

zagfles

grey_gym_sock wrote: »

just considering costs for a minute (though they are not everything) ...

supposing you will have £400k, split equally among 2 ISAs and 2 SIPPs (£100k each), and it will all be in funds, not shares ...

HL would charge £1,800 a year (at 0.45% on everything).

...if you don't bother negotiating! £400k is well in the range where they willing to negotiate on charges. People with just £250k have reported getting 0.25%.

grey_gym_sock

zagfles wrote: »

...if you don't bother negotiating! £400k is well in the range where they willing to negotiate on charges. People with just £250k have reported getting 0.25%.

true ... but you'd probably only get HL down to a similar cost to youinvest, not as low as halifax+selftrade.

actually, on second thoughts, slightly cheaper than the halifax+selftrade combo would be to use selftrade for everything (that cuts out the 2 x £12.50 annual ISA charges, giving a total cost of no more than £321.60 a year + dealing charges).

Chickereeeee

zagfles wrote: »

Why did you try to negotiate one with them then

Because I was there! I would rather not have to move platforms as well.

C

bigadaj

Chickereeeee wrote: »

And sometime they will not. eg me!

I prefer a platform that does not do individual 'deals' anyway.

C

I prefer platforms that do individual deals with me, but not anyone else.

Lois_and_CK

Thanks everyone, much appreciated.

I'll certainly look into self trade and Halifax as well.

Eco_Miser

grey_gym_sock wrote: »

the cheapest option that i can think of would be: £346.60 a year + dealing fees, for 2 ISAs with halifax share dealing (each at a fixed £12.50 per year) + 2 SIPPs with selftrade (each at a fixed £118.80 + up to £42 in inactivity fees).

How about Halifax's alternately charged brand Iweb?
£200 opening fee per person, thereafter only £5 per transaction for ISA and unwrapped, £90 pa administration fee for SIPP.
So £580 in first year, and £180 in subsequent years, plus dealing fees at £5 a time.

grey_gym_sock

Eco_Miser wrote: »

How about Halifax's alternately charged brand Iweb?
£200 opening fee per person, thereafter only £5 per transaction for ISA and unwrapped, £90 pa administration fee for SIPP.
So £580 in first year, and £180 in subsequent years, plus dealing fees at £5 a time.

well, iweb's SIPP charges £90 per year on a SIPP worth under £50k, but £180 on larger SIPPs. so it's a bit more if/when your SIPPs grow to over £50k.

i don't see a lot of point in paying £200 to start using iweb, when you could pay nothing to start using halifax share dealing. (i use iweb myself, but there was no opening fee when i started.)

halifax's SIPP annual charges are the same as iweb's.

you avoid the halifax's £12.50 annual ISA charge by using iweb. but i wouldn't pay 16X the annual charge (i.e. £200) to get out of that annual charge.

dealing fees are £5 for everything with iweb; with halifax, the standard fee is £12.50, but any purchases that you make with their "regular investments" facility only cost £2. so that's swings & roundabouts (or depends on how you use them).

Eco_Miser

I missed the larger fee on larger SIPPs, and I suppose needing to stay for 16 years to break even is of dubious value.
I only paid £25 myself.