SIPP - No fees

chrismriley

Hi
I am looking for a SIPP to pay salary sacrifice into, which has no fee for just holding cash with them; I don’t want to invest in stocks

Also it needs to pay good interest

I already know AJ Bell and Hargreaves Lansdown do this, but are there any others please?

thank you for any help

Dazed_and_C0nfused

chrismriley said:

Hi
I am looking for a SIPP to pay salary sacrifice into, which has no fee for just holding cash with them; I don’t want to invest in stocks

Also it needs to pay good interest

I already know AJ Bell and Hargreaves Lansdown do this, but are there any others please?

thank you for any help

Are you asking as an employer?

chrismriley

Dazed_and_C0nfused said:

chrismriley said:

Hi
I am looking for a SIPP to pay salary sacrifice into, which has no fee for just holding cash with them; I don’t want to invest in stocks

Also it needs to pay good interest

I already know AJ Bell and Hargreaves Lansdown do this, but are there any others please?

thank you for any help

Are you asking as an employer?

No as an employee on an umbrella 

tasticz

AJ Bell SIPP pay interest when holding cash? How much %? Is it auto or you need to do something? I am starting to do employer contribution to AJ Bell through umbrella also

chrismriley

tasticz said:

AJ Bell SIPP pay interest when holding cash? How much %? Is it auto or you need to do something? I am starting to do employer contribution to AJ Bell through umbrella also

interest is paid auto every 3 months , think it is about 3.5% ish

Linton

You could consider Short Term Money Market funds which are close to cash but offer better interest than cash in mainstream  SIPPs. They will incur charges but these should be more than covered by the higher interest. I believe interest rates of such funds are currently  above 5%  - they should be near the BoE rate.

Albermarle

chrismriley said:

Hi
I am looking for a SIPP to pay salary sacrifice into, which has no fee for just holding cash with them; I don’t want to invest in stocks

Also it needs to pay good interest

I already know AJ Bell and Hargreaves Lansdown do this, but are there any others please?

thank you for any help

The trade off for no platform fees for holding cash, is a poorer interest rate than you get in a normal easy access account. HL, AJ Bell etc pocket the difference.

As @Linton suggests you maybe be better of paying the platform fees and the fund charge for a money market fund. HL = 0.55% ; A J bell = 0.35%

handful

For ino, ii also pay interest on cash on a sliding scale. between £10k and £100k it;s 3.5% and then it goes up to 4%.

xylophone

No as an employee on an umbrella 

Mary Poppins?

cloud_dog

Albermarle said:

chrismriley said:

Hi
I am looking for a SIPP to pay salary sacrifice into, which has no fee for just holding cash with them; I don’t want to invest in stocks

Also it needs to pay good interest

I already know AJ Bell and Hargreaves Lansdown do this, but are there any others please?

thank you for any help

The trade off for no platform fees for holding cash, is a poorer interest rate than you get in a normal easy access account. HL, AJ Bell etc pocket the difference.

As @Linton suggests you maybe be better of paying the platform fees and the fund charge for a money market fund. HL = 0.55% ; A J bell = 0.35%

I'm sure you just made a typo, but AJ Bell charge is 0.25%.

artyboy

If you can get over the psychological aspect that it counts as 'investing' rather than strictly cash 'saving' - a short term sterling money market fund will pay a better rate, with virtually no additional risk, even after taking fees into account.

Mind you, if you are just talking about 3.5% salsac, it might all be a bit academic...