Choosing a SIPP/S&S ISA platform

Sarahspangles

Has anyone recently done the legwork on which mainstream SIPP provider has the most cost effective fee structure for a small pot c £20k?  I’m currently time poor so this would be a real help.

It’s currently sitting in a workplace pension set up by a former employer and I’m unlikely to add significantly to it in the near future as I contribute to a DB pension.  After transfer I’m likely to sell then buy and hold something rather than trade frequently.  For convenience I would ideally also use the same platform for a S&S ISA with more active trading.

My other half suggested Hargreaves Lansdown, he says the app is user friendly but didn’t shop around on the basis of charges.  I’m not interested in the robo-investing platforms.

dunstonh

Has anyone recently done the legwork on which mainstream SIPP provider has the most cost effective fee structure for a small pot c £20k?

It varies depending on what investment universe you are using.  e.g. UT/OEICs, ITs, ETFs or shares.

 I’m not interested in the robo-investing platforms.

They are not platforms.  So, that bit is easy enough.

My other half suggested Hargreaves Lansdown, he says the app is user friendly but didn’t shop around on the basis of charges. 

HL can swing between cheap and very expensive depending on the investment universe.

 For convenience I would ideally also use the same platform for a S&S ISA with more active trading.

So you are time poor for simple research but not for trading (which is more knowledge-intensive)?

Sarahspangles

dunstonh said:

So you are time poor for simple research but not for trading (which is more knowledge-intensive)?

I’m time poor just now (NHS), OH tells me HL have a short-term transfer offer and I’d like to be set up ready for the new tax year, when I do have a break coming up.  I’m likely to use UTs or OEICSs

dunstonh

 OH tells me HL have a short-term transfer offer and I’d like to be set up ready for the new tax year, when I do have a break coming up.  I’m likely to use UTs or OEICSs

The use of UT/OEICs means you won't be trading.
HL is pretty much the most expensive option for UT/OEICs.    Yes, they have a transfer offer but when you are among the most expensive going, they are just giving you back some of the money you are paying in charges.

HL makes a good newbie option or for direct assets.

Sarahspangles

dunstonh said:

 OH tells me HL have a short-term transfer offer and I’d like to be set up ready for the new tax year, when I do have a break coming up.  I’m likely to use UTs or OEICSs

The use of UT/OEICs means you won't be trading.
HL is pretty much the most expensive option for UT/OEICs.    Yes, they have a transfer offer but when you are among the most expensive going, they are just giving you back some of the money you are paying in charges.

HL makes a good newbie option or for direct assets.

I can see I’m being sloppy with my wording!  Perhaps MSE are too, they refer to robo-investment platforms here?    https://www.moneysavingexpert.com/savings/cheap-sipps/   
 
Thanks for the commentary on HL - I suspected as much re. charges.  I know OS thinks their app is a good one but I’d hope all companies are continuously improving theirs.

Albermarle

For smaller amounts, you are better with a platform that only charges a % of your money, rather than a flat fee platform.
Fidelity is similar to HL but charges 0.35% instead of 0.45%.
A J bell charge 0.25% but even OEIC buys cost £1.50
Vanguard charge 0.15% but only Vanguard funds available.
There are others,

dunstonh

I can see I’m being sloppy with my wording!  Perhaps MSE are too, they refer to robo-investment platforms here?    https://www.moneysavingexpert.com/savings/cheap-sipps/   

Yes.  MSE is being sloppy too.    You will also notice MSE refers to robos as SIPPs which is also wrong.

Plus, at the bottom it says:

For all of the providers we have referenced in this guide, your capital is at risk and SIPP rules apply.

However, there are virtually no SIPP rules that affect consumers.   The rules are not SIPP-specific.

Steve_666_

If you are looking to "fire and forget" the SIPP and active trade stocks, then why use one platform. Vanguard have enough options for the SIPP to fire and forget, lifestyle, retirement and tracker funds with low charges and a cap. For 20K, its 0.15%, £30 per year. Then choose a low cost platform for trading.
If you are looking for a single platform for an ISA, SIPP, and trading then II will charge a flat fee of £20 pcm, with 1 free trade per month, and £5.99 for each subsequent trade.

Sarahspangles

Quick update - I got the message that I needed to do a bit more research!

I have decided AJ Bell currently best meet my needs, and then if there is a point when I want to trade more actively I can consider moving to optimise fees.  A factor I took into consideration is how easily I could find the info I wanted from the various websites.

L&G (who currently hold this small pot) got me moving on this by sending information to an email address I asked them to stop using a couple of years ago,  as it was hacked.  For the second time this month, and no apology for the first time.

aeronickuk

Monevator has produced a table and published it today: 

https://monevator.com/compare-uk-cheapest-online-brokers/