Coolly Comparing Investment Platform charges - SnowMan's spreadsheet

Mutton_Geoff

Selftrade haven't changed the LTA to £1m on their information pages.

darkidoe

Any reason why IG is not part of the list for comparision??

MonroeM

darkidoe wrote: »

Any reason why IG is not part of the list for comparison??

I'm currently on the Fidelity platform and considering changing for various reasons and IG are one of the platforms I am looking at alongside Halifax and iWeb.

SnowMan

I've uploaded a new version of the platform comparison spreadsheet (version 31) into the first post of this thread. The main changes are:

a) I've added in Selftrade into the comparison table
b) I've updated the Interactive Investor charges to allow for their new charging structure that came in at the end of 2017.
c) I've removed TD Direct as they now come under the Interactive Investor structure.

SnowMan

Some earlier posts asked me to include IG in the spreadsheet.

With the introduction of their £24 per quarter custody fee in the Spring, I've held off adding them at the moment.

https://forums.moneysavingexpert.com/discussion/5758879

riwalker

HI, Looking to transfer my UK SIPP
I self manage, hence don't want an annual % type
I was attacted to Fidelity and Charles Stanley, but they seem now to charge 0.2% or 0.25% annual fee ?
I have ~500K to invest, mainly in equities / ETF
your spreadsheet shows a smaller fee than Interactive investor, but I think 2018 has changed this sheet ?

macgyver

riwalker wrote: »

HI, Looking to transfer my UK SIPP
I self manage, hence don't want an annual % type
I was attacted to Fidelity and Charles Stanley, but they seem now to charge 0.2% or 0.25% annual fee ?
I have ~500K to invest, mainly in equities / ETF
your spreadsheet shows a smaller fee than Interactive investor, but I think 2018 has changed this sheet ?

For that amount II or I web could be the cheapest. A percentage based fee might be too much.
HTH

SnowMan

riwalker wrote: »

HI, Looking to transfer my UK SIPP
I self manage, hence don't want an annual % type
I was attacted to Fidelity and Charles Stanley, but they seem now to charge 0.2% or 0.25% annual fee ?
I have ~500K to invest, mainly in equities / ETF
your spreadsheet shows a smaller fee than Interactive investor, but I think 2018 has changed this sheet ?

The headline percentage charges you quote relate to typically holding funds within a SIPP.

FIDELITY

Holding just ETFs in a SIPP with Fidelity means their £45pa cap applies. There is also a 0.1% sale/purchase charge for each ETF purchase sale/purchase within the SIPP as well.

If you don't do much buying/selling and hold just ETFs in your SIPP then this is why the overall charge comes out lower than 0.2%.

As per the note to the right of the figures in the spreadsheet only a limited range of ETFs/investment trusts are available in the Fidelity SIPP.


CHARLES STANLEY

Charles Stanley have a £120pa SIPP custody charge which is waived if over 30K of investments are held.

There is a 0.25%pa additional custody charge for SIPPs but this is subject to a minimum and maximum of £24pa and £240pa for ETF/share holdings. And the monthly charge (of between £2pm and £20pm) is waived for any month where there is a trade.

As a result someone just holding say 500K solely in ETFs in their SIPP may pay much less than the headline 0.2%/0.25%pa charge.

The spreadsheet allows for these features.



On a side note I think that Fidelity have changed their buy/sell charge for buying ETFs/shares in an ISA/dealing account to a fixed £10 per trade (previously 0.1% of purchase/sale amount) but the 0.1% still applies for buying/selling ETFs in a SIPP. This change needs incorporating in the spreadsheet although the default used is a £10,000 sale/purchase amount so the figures just happen to be correct as 0.1% of £10,000 is £10.

clivep

Updates/corrections...

re-register away charges:
X-O Jarvis SIPP... £60 + £18 per investment.
IWeb... £90 + £25 per investment (max £215).

SnowMan

clivep wrote: »

Updates/corrections...

re-register away charges:
X-O Jarvis SIPP... £60 + £18 per investment.
IWeb... £90 + £25 per investment (max £215).

Thanks.

It looks like both providers have clarified their re-registration charges to be higher than they had previously seemed to document, that is the per investment re-registration charge for SIPPs is on top of the flat account transfer/closure charges, and not included within them as it previously seemed to read.

It does make sense that the iweb registration charge is the same as for Halifax sharedealing (but that's not what it used to say).

I've updated the spreadsheet for these changes to re-registration charges.

I've also updated the Cavendish and Fidelity entries to use a sale/purchase cost for ETFs/investment Trusts (ITs) to be £10 (the spreadsheet was already using these figures because it was assuming the average buy/sell amount was 10K, but there was an option to override that which has been removed)

Note until all Cavendish customers are migrated over onto the new Fidelity Fundsnetwork platform, there will be some existing customers who are still paying a buy/sell cost for ETFs/ITs of 0.1% of the sale/purchase amount. See this page for more details.

https://www.cavendishonline.co.uk/investments/other-products/investment-trust-or-exchange-traded-product/