Best Platform for just holding IT's in a SIPP?

MonroeM

I've been looking into the best platform for only holding IT's in a £150K SIPP and currently it seems that Fidelity could be the cheapest as they only charge a maximum of £45 per annum.

Also, there are no other extra charges for switches etc or indeed any drawdown charges. Does anybody else know of a better deal with another platform?

Aegis

X-O has a deal where their SIPP costs nothing and there are no account charges for just holding securities, including investment trusts. Instead you pay a fee of £5.95 per trade. It's the best deal I've been able to find for just buying and holding.

ColdIron

For an IT only portfolio you have plenty of choice and it will probably come down to how much you trade. If you make 12 trades per year Charles Stanley might be worth a look as they waive the custody charges. But for me on a £150K portfolio the differences are small enough to be trivial and I'd look for the platform that best suited my needs rather than use absolute price as the only metric

Download SnowMan's spreadsheet and plug your numbers in for a few what ifs

https://forums.moneysavingexpert.com/discussion/5583030

MonroeM

ColdIron wrote: »

For an IT only portfolio you have plenty of choice and it will probably come down to how much you trade. If you make 12 trades per year Charles Stanley might be worth a look as they waive the custody charges. But for me on a £150K portfolio the differences are small enough to be trivial and I'd look for the platform that best suited my needs rather than use absolute price as the only metric

Download SnowMan's spreadsheet and plug your numbers in for a few what ifs

https://forums.moneysavingexpert.com/discussion/5583030

Yes, I agree with you. The good point I was making about Fidelity is that they don't seem to levy any other charges including setting up your drawdown which is good.

ColdIron

I don't have any experience with their platform but I've always held Fidelity in fairly high regard. The point you raise about drawdown is a good one. Many sites levy additional charges for this, not unreasonably, as they are essentially running a payroll service for you, distributing dividends, handling changes in income instructions, producing P60s etc. These fees don't usually figure in comparison sites but if Fidelity don't charge for them, all the better. I guess an obvious thing to check is that they provide the ITs that you're interested in, no point in compromising your portfolio to save a few quid when its value will vary by multiples of that amount almost daily

MonroeM

ColdIron wrote: »

I don't have any experience with their platform but I've always held Fidelity in fairly high regard. The point you raise about drawdown is a good one. Many sites levy additional charges for this, not unreasonably, as they are essentially running a payroll service for you, distributing dividends, handling changes in income instructions, producing P60s etc. These fees don't usually figure in comparison sites but if Fidelity don't charge for them, all the better. I guess an obvious thing to check is that they provide the ITs that you're interested in, no point in compromising your portfolio to save a few quid when its value will vary by multiples of that amount almost daily

Absolutely agree again and fortunately Fidelity do have all the IT's that interest me so I think all' good.

ArchBair

I think HL charge the same but I think they do have other charges for drawdown etc.

ColdIron

HL charge 0.45% capped at £200 with no other drawdown charges

MonroeM

ColdIron wrote: »

HL charge 0.45% capped at £200 with no other drawdown charges

So it seems the best deal is either HL or Fidelity if you are purely into IT's for your SIPP?

ColdIron

I wouldn't say it was an either/or between HL and Fidelity, there are several players in this field with little between them in charges, your investment choices matter more. I'd focus on the quality of service, flexibility and dependability of the organisation that's providing my retirement income

Perhaps we need a champion for Fidelity by somebody in drawdown with them?

PS HL charge a £354 early account closure fee in the first 12 months if in drawdown so probably best to get it right than wrong early

JohnRo

I've decided on AJB/Youinvest for better or worse, intended as a dividend withholding tax shelter for VNQ and VNQI ETFs.