Interactive Investor (Stocks and Shares ISA/SIPP etc.)

Speedbird676

masonic said:

Speedbird676 said:

masonic said:

Speedbird676 said:

masonic said:

I hold a S&S ISA with ii and that works for me because I use the trading credit for rebalancing, but I wouldn't be even slightly tempted by their SIPP offering.

What's the reason?

The extra £10 per month fee they are introducing mainly. It must be pretty unpopular as they have been kicking the can down the road in bringing it to bear,

Did I miss something? Are you talking about the £10 per month SIPP charge on top of the £9.99 subscription or an additional £10 per month being introduced on top of both of those?

I'm genuinely interested as I already have an ISA and SIPP with ii and when I compared to iWeb the costs were pretty much the same unless my maths are really bad.

The extra £10 for having a SIPP. It was waived until April when first announced, now they are giving people 6 months fee free. ISA+SIPP can work out better than SIPP only, but for iWeb to work out pretty much the same over the long term you'd need to be doing 4 trades a month that could be covered by the regular investing service at ii.

Excluding the £100 sign up fee for iWeb, my comparison looked like this.

Currently I'm paying £19.99 per month for both ii ISA and SIPP. I make 12 fund trades per year into my SIPP which are all included from my trading credit and I make an additional trade into my ISA which costs £7.99. Total for the year is £247.87.

If I moved both to iWeb, I would be paying £45 per quarter (£180 per year) for the SIPP plus £5 per month (£60 per year) for the trades which totals £240. Add on the extra trade for my ISA and the total is £245 for the year.

masonic

Speedbird676 said:

masonic said:

Speedbird676 said:

masonic said:

Speedbird676 said:

masonic said:

I hold a S&S ISA with ii and that works for me because I use the trading credit for rebalancing, but I wouldn't be even slightly tempted by their SIPP offering.

What's the reason?

The extra £10 per month fee they are introducing mainly. It must be pretty unpopular as they have been kicking the can down the road in bringing it to bear,

Did I miss something? Are you talking about the £10 per month SIPP charge on top of the £9.99 subscription or an additional £10 per month being introduced on top of both of those?

I'm genuinely interested as I already have an ISA and SIPP with ii and when I compared to iWeb the costs were pretty much the same unless my maths are really bad.

The extra £10 for having a SIPP. It was waived until April when first announced, now they are giving people 6 months fee free. ISA+SIPP can work out better than SIPP only, but for iWeb to work out pretty much the same over the long term you'd need to be doing 4 trades a month that could be covered by the regular investing service at ii.

Excluding the £100 sign up fee for iWeb, my comparison looked like this.

Currently I'm paying £19.99 per month for both ii ISA and SIPP. I make 12 fund trades per year into my SIPP which are all included from my trading credit and I make an additional trade into my ISA which costs £7.99. Total for the year is £247.87.

If I moved both to iWeb, I would be paying £45 per quarter (£180 per year) for the SIPP plus £5 per month (£60 per year) for the trades which totals £240. Add on the extra trade for my ISA and the total is £245 for the year.

Yes, agree with your figures - I hadn't clocked the higher tier of quarterly charges for a larger balance SIPP at iWeb.

Speedbird676

Phew... I thought I'd missed a trick. I only recently did the comparison just before iWeb increased the signup fee as I was considering switching.

IvanOpinion

Speedbird676 said:

masonic said:

Speedbird676 said:

masonic said:

Speedbird676 said:

masonic said:

I hold a S&S ISA with ii and that works for me because I use the trading credit for rebalancing, but I wouldn't be even slightly tempted by their SIPP offering.

What's the reason?

The extra £10 per month fee they are introducing mainly. It must be pretty unpopular as they have been kicking the can down the road in bringing it to bear,

Did I miss something? Are you talking about the £10 per month SIPP charge on top of the £9.99 subscription or an additional £10 per month being introduced on top of both of those?

I'm genuinely interested as I already have an ISA and SIPP with ii and when I compared to iWeb the costs were pretty much the same unless my maths are really bad.

The extra £10 for having a SIPP. It was waived until April when first announced, now they are giving people 6 months fee free. ISA+SIPP can work out better than SIPP only, but for iWeb to work out pretty much the same over the long term you'd need to be doing 4 trades a month that could be covered by the regular investing service at ii.

Excluding the £100 sign up fee for iWeb, my comparison looked like this.

Currently I'm paying £19.99 per month for both ii ISA and SIPP. I make 12 fund trades per year into my SIPP which are all included from my trading credit and I make an additional trade into my ISA which costs £7.99. Total for the year is £247.87.

If I moved both to iWeb, I would be paying £45 per quarter (£180 per year) for the SIPP plus £5 per month (£60 per year) for the trades which totals £240. Add on the extra trade for my ISA and the total is £245 for the year.

Hi Speedbird, can you not set up a regular payment into your SIPP in which case that doesn't use up your trading credits?

Madeinireland101

Folks,
id like to add to this discussion as I am about to move my SIPP from iweb to ii and also an ISA from Aj Bell youinvest as well.
I will be going into Flexi drawdown shortly after this move. With iWeb I would be facing an additional charge of £180 per year - making total fees £360 per year and with ii there would be no additional charge meaning a £240 charge per year.
So ii wins easily for me 😀😀😀
I will hopefully benefit from the 6 month free period for the SIPP charges but can someone explain the topcashback benefit that I saw mentioned please?
Thanks...

Madeinireland101

Also - after a quick read of the referral link that was posted it seems that both me and the referee could benefit further. Any current ii customers wanna be my friend? 😀😀😀

IvanOpinion

Madeinireland101 said:

Folks,
id like to add to this discussion as I am about to move my SIPP from iweb to ii and also an ISA from Aj Bell youinvest as well.
I will be going into Flexi drawdown shortly after this move. With iWeb I would be facing an additional charge of £180 per year - making total fees £360 per year and with ii there would be no additional charge meaning a £240 charge per year.
So ii wins easily for me 😀😀😀
I will hopefully benefit from the 6 month free period for the SIPP charges but can someone explain the topcashback benefit that I saw mentioned please?
Thanks...

I have a feeling that if you open a SIPP that you will get 6 months free (saves you another £60 in the first year).  Also check out Quidco, they might have cashback (they did when I transferred).  Just be aware that you may not be able to combine offers.

Alexland

Madeinireland101 said:

I am about to move my SIPP from iweb to ii and also an ISA from Aj Bell youinvest as well.
I will be going into Flexi drawdown shortly after this move. With iWeb I would be facing an additional charge of £180 per year - making total fees £360 per year and with ii there would be no additional charge meaning a £240 charge per year.
So ii wins easily for me 😀😀😀

Are you sure you are comfortable holding both your ISA and SIPP on the same platform? Although the assets would hopefully be safe if the company ever got into trouble there may be an extended delay in accessing the money.

Although II's SIPP might be cheaper than an iWeb SIPP in drawdown have you considered Fidelity's SIPP capped at £45 pa (plus £10 for any trades and free drawdown) if you stick to exchange traded investments? We find that a Fidelity capped SIPP and iWeb ISA works out cheaper than II's £240 pa but it depends how frequently you would trade and what type of investments you might hold.

IvanOpinion said:

I have a feeling that if you open a SIPP that you will get 6 months free (saves you another £60 in the first year).  Also check out Quidco, they might have cashback (they did when I transferred).  Just be aware that you may not be able to combine offers.

Quidco's II terms say they will not pay "if you participate in any other offer/ promotion" but TopCashBack is silent on it although it's normally a condition. I have never heard of any provider being happy to pay both signup cashback and a refer a friend incentive so it's probably safest to assume that one of the offers will fail if used together.

However I don't see why you couldn't signup for the ISA account via a cashback site (preferable as you lose the trade credits under the refer a friend offer) and then add a SIPP under the 6 month offer (available to existing customers) as that's a different product so you would only be getting one offer per product.

Voyager2002

Madeinireland101 said:

Also - after a quick read of the referral link that was posted it seems that both me and the referee could benefit further. Any current ii customers wanna be my friend? 😀😀😀

As a current II customer I would love to be your friend, but this discussion should take place on the Referers' board rather than here. And as already mentioned by Alexland, the Fidelity SIPP is likely to have lower charges than II. Personally I have a SIPP with Fidelity and an ISA with II. (In addition I am not terribly happy with II, partly because they do not offer ETFs based outside the UK and I find this unduly limits my choice of investments.)

Madeinireland101

Thanks all - the problem is I want to use Vanguard Lifestrategy funds and I don’t think they are covered by the Fidelity £45 cap but feel free to correct me if I am wrong.