BestInvest New SIPP Fees

LHW99

For me that rules out CSD. I'm thinking of AJBell, as my SIPP portfolio is all ETFs and investment trusts, so I would be paying a capped fee of £100 pa. And I'd get £1000 cashback. That's more than enough to cover future exit charges if they hike their fees to an extent where I want to leave and they refuse to waive the exit charges.

have you considered X-O in that case?

Sun-Is-Fun

I telephoned bestinvest this morning. They had no problem waving the leaving fees if you wanted to transfer out, but they won't wave the fee if you want to stay with them !

koru

mjfp509 wrote: »

I telephoned bestinvest this morning. They had no problem waving the leaving fees if you wanted to transfer out, but they won't wave the fee if you want to stay with them !

I wonder why they treat me differently? It isn't because they are already earning a lot from me, because I'm already on a special legacy deal so I pay just £100 per year for my SIPP. (It would be much higher if I had funds instead of ETFs and investment trusts.) And I only do a couple of transactions per year, so they don't make a lot from that.

sipp

Thanks for all the tips in this thread. I found out that EBS was bought from CSD but still provides their SIPP offering. Its also interesting to note that CSD also increased their platform fee from 0.25 to 0.35.
embarkgroup co uk /2017/04/11/acquisition-of-ebs-management-plc-ebs-from-charles-stanley-plc

ChopperST

Thanks for this - I have been through my emails and received no notification from them regarding the increase and with a very modest sum in there so far the new fee structure will impact me quite substantially.

Thrugelmir

sipp wrote: »

Thanks for all the tips in this thread. I found out that EBS was bought from CSD but still provides their SIPP offering. Its also interesting to note that CSD also increased their platform fee from 0.25 to 0.35.

Regulatory burdens are increasing the cost to providers. The cost has to be passed on.

ChopperST

Just spoke on live chat. They were really helpful, you just need to speak to them on live chat, pass security and they will add a note on your account you wish to leave and they will waive the fees.

PParka

Hi all,

If you are transferring away from BestInvest due to the new fees, make sure they don't charge you early for the first quarter.
My transfer has just completed, but I noticed they had taken the £25 +VAT off of the cash balance. I thought this was especially cheeky as the new fees do not start until the 25th November :mad:

PParka

ElwoodBlues

Bit of a thread resurrection. I remember getting an email about the new fees a couple of years back. Been really slack and never got around to transferring out, now catching up and want to move asap. Is the only fee involved the 'account closure fee' of £175? Is there a percentage on the value of the SIPP contents too? I can't see anything mentioned in the charges tables.

incus432

Back from the dead again.

They gave me a grandfathering/legacy opt-out so I could stay on the old fee structure if only holding ETFs (so just 50 pa ISA, 100 pa SIPP), so I moved everything to ETFs.  They also tweaked their fees again in 2022 - its now 0.4% on both ISA and SIPP. They have abolished the transfer out fees though and I have decided to move, because of worsening service

Quote from 2023 email

"I can confirm that there are no transfer out fees or charges when transferring a SIPP or ISA to a new provider"