Fidelity SIPP fees?

Asghar

For anyone who has a Fidelity SIPP, can you please tell me where the fees are taken from?

I know they have a cash account, but is that inside the SIPP? Can you deposit cash that gets uplifted with the tax relief to pay for the fees, like you can with HL?

What's the minimum deposit, can you pay in £20 to pay the fees to start with? I think their lump sump minimum deposit is £800 net but that must be when making an investment or top up.

cloud_dog

Asghar said:

For anyone who has a Fidelity SIPP, can you please tell me where the fees are taken from?

I know they have a cash account, but is that inside the SIPP? Can you deposit cash that gets uplifted with the tax relief to pay for the fees, like you can with HL?

What's the minimum deposit, can you pay in £20 to pay the fees to start with? I think their lump sump minimum deposit is £800 net but that must be when making an investment or top up.

The Cash Account is new for us but I believe if you have one with sufficient cash that will be the primary account to debit.  Failing that your SIPP.

Can you deposit cash in to the SIPP and gain TR, yes.  you can deposit it either in to the cash accunt and move it (where you need to.  Possibly useful for people with multiple accounts with Fidelity) or you can deposit it straight in to the SIPP.

Minimum monthly contribution is £50pm.  In order to pay the fees, yes you would need to have available cash in one of  the accounts, either that or they will sell an investment to pay the fee. 

sparky0138

Asghar said:

What's the minimum deposit, can you pay in £20 to pay the fees to start with? I think their lump sump minimum deposit is £800 net but that must be when making an investment or top up.

As cloud_dog said, the minimum contribution is £50 but you can change the frequency to monthly, quarterly, bi-annually or annually. However, you can pay whatever you like whenever you like into the Cash Management Account for fees if you pay by debit card.

Albermarle

To be clear there are now two cash accounts .
Within the SIPP you can hold cash and until recently that is where the fees would be taken from . If no cash available then they would sell a small part of one of your investments .
Now there is a 'cash management account' that is outside the SIPP ( or ISA) and you can pay into this separately ( no tax relief ) and the fees will be taken from there . If there is no cash in it then they will look in the cash account in the SIPP as above.
I think this only becomes active in September ?

garmeg

Albermarle said:

To be clear there are now two cash accounts .
Within the SIPP you can hold cash and until recently that is where the fees would be taken from . If no cash available then they would sell a small part of one of your investments .
Now there is a 'cash management account' that is outside the SIPP ( or ISA) and you can pay into this separately ( no tax relief ) and the fees will be taken from there . If there is no cash in it then they will look in the cash account in the SIPP as above.
I think this only becomes active in September ?

Seems to be a stupid idea to open a cash account outside the SIPP if that is their first place to take fees from as you lose out by not getting tax relief on the chargesl

Albermarle

garmeg said:

Albermarle said:

To be clear there are now two cash accounts .
Within the SIPP you can hold cash and until recently that is where the fees would be taken from . If no cash available then they would sell a small part of one of your investments .
Now there is a 'cash management account' that is outside the SIPP ( or ISA) and you can pay into this separately ( no tax relief ) and the fees will be taken from there . If there is no cash in it then they will look in the cash account in the SIPP as above.
I think this only becomes active in September ?

Seems to be a stupid idea to open a cash account outside the SIPP if that is their first place to take fees from as you lose out by not getting tax relief on the chargesl

I think they are following the lead of other platforms , where this facility seems to be liked by some investors. I think it is maybe more useful for  ISA's than SiPPs though.  Also apart from the fees you can use the account to more easily move cash around the platform. So you could take tax free cash from the SIPP and transfer it to a ISA, without it having to go via your bank account.
At the end of the day you do not have to use it for the fees if you do not want to anyway . 

cloud_dog

I suppose it allows those people who maximise their ISA or SIPP contributions to add 'more' money to cover the charges rather than it be deducted from their full contribution.

garmeg

Albermarle said:

garmeg said:

Albermarle said:

To be clear there are now two cash accounts .
Within the SIPP you can hold cash and until recently that is where the fees would be taken from . If no cash available then they would sell a small part of one of your investments .
Now there is a 'cash management account' that is outside the SIPP ( or ISA) and you can pay into this separately ( no tax relief ) and the fees will be taken from there . If there is no cash in it then they will look in the cash account in the SIPP as above.
I think this only becomes active in September ?

Seems to be a stupid idea to open a cash account outside the SIPP if that is their first place to take fees from as you lose out by not getting tax relief on the chargesl

I think they are following the lead of other platforms , where this facility seems to be liked by some investors. I think it is maybe more useful for  ISA's than SiPPs though.  Also apart from the fees you can use the account to more easily move cash around the platform. So you could take tax free cash from the SIPP and transfer it to a ISA, without it having to go via your bank account.
At the end of the day you do not have to use it for the fees if you do not want to anyway . 

No objections if they give you a choice. Hargreaves Lansdown take the ISA fees from my fund and share account (good) and the SIPP fees from the SIPP (also good).

A J Bell Youinvest take ISA fees from the ISA (not good).

LHW99

garmeg said:

Albermarle said:

garmeg said:

Albermarle said:

To be clear there are now two cash accounts .
Within the SIPP you can hold cash and until recently that is where the fees would be taken from . If no cash available then they would sell a small part of one of your investments .
Now there is a 'cash management account' that is outside the SIPP ( or ISA) and you can pay into this separately ( no tax relief ) and the fees will be taken from there . If there is no cash in it then they will look in the cash account in the SIPP as above.
I think this only becomes active in September ?

Seems to be a stupid idea to open a cash account outside the SIPP if that is their first place to take fees from as you lose out by not getting tax relief on the chargesl

I think they are following the lead of other platforms , where this facility seems to be liked by some investors. I think it is maybe more useful for  ISA's than SiPPs though.  Also apart from the fees you can use the account to more easily move cash around the platform. So you could take tax free cash from the SIPP and transfer it to a ISA, without it having to go via your bank account.
At the end of the day you do not have to use it for the fees if you do not want to anyway . 

No objections if they give you a choice. Hargreaves Lansdown take the ISA fees from my fund and share account (good) and the SIPP fees from the SIPP (also good).

A J Bell Youinvest take ISA fees from the ISA (not good).

II take them from outside the SIPP / ISA (not so good, but only one lot of fees for both)

Notepad_Phil

LHW99 said:

garmeg said:

Albermarle said:

garmeg said:

Albermarle said:

To be clear there are now two cash accounts .
Within the SIPP you can hold cash and until recently that is where the fees would be taken from . If no cash available then they would sell a small part of one of your investments .
Now there is a 'cash management account' that is outside the SIPP ( or ISA) and you can pay into this separately ( no tax relief ) and the fees will be taken from there . If there is no cash in it then they will look in the cash account in the SIPP as above.
I think this only becomes active in September ?

Seems to be a stupid idea to open a cash account outside the SIPP if that is their first place to take fees from as you lose out by not getting tax relief on the chargesl

I think they are following the lead of other platforms , where this facility seems to be liked by some investors. I think it is maybe more useful for  ISA's than SiPPs though.  Also apart from the fees you can use the account to more easily move cash around the platform. So you could take tax free cash from the SIPP and transfer it to a ISA, without it having to go via your bank account.
At the end of the day you do not have to use it for the fees if you do not want to anyway . 

No objections if they give you a choice. Hargreaves Lansdown take the ISA fees from my fund and share account (good) and the SIPP fees from the SIPP (also good).

A J Bell Youinvest take ISA fees from the ISA (not good).

II take them from outside the SIPP / ISA (not so good, but only one lot of fees for both)

I only have the ii SIPP so for me they take the cash from within it. I never really understood why ii had different ways of taking the fees depending on what combination of accounts you had, but was glad that my ISA was held on iweb so didn't have any monthly account fees there at all.

smokey01

garmeg said

A J Bell Youinvest take ISA fees from the ISA (not good).

They now will take the fees for an ISA from the dealing account which is what I do. I can’t remember but I probably had to ask for this to happen. I think it was something they introduced last year.