Opening Fidelity SIPP

penwise

I am about to open a SIPP with Fidelity so that I can contribute £2880 this year (2018/2018) and next year and then take the money.

I will keep the money in cash.

So my intended use of the site is going to be minimal.

Does anyone know how much they charge for holding the money in cash?

It looks like they do not charge for transferring out and closures. Is that correct?

Given my intended use Is there anything else I should be aware of before I do this ( e.g. any unforeseen charges or conditions )?

Thanks

Albermarle

Fidelity generally have very few extra/hidden charges .
I think even the usual service fee of 0.35% is not charged for cash.
Of course the interest rate payable on the cash will be minimal/zero.

cloud_dog

They are migrating all their SIPP clients on to a revised charging structure and I assume as a new account you might go straight on to the new charging structure.

Old Structure less than £250k
0.35% on entire account but, they pay interest on a cash balance. Overall slightly negative effect.

New Structure less than £250k
0.35% on investment holding but, no charge or interest on any cash holding.

All the above based on OIEC investments. £250k cut off is from memory.

penwise

Thanks for the help