Keeping fees to a bare minimum

Hi,

After reading the IWeb thread I’m wondering if that platform or any other would be best for me in my circumstances.

I currently have 40k in an S&S isa which I’m not currently adding to.

I have 40k in my SIPP, which I’m adding £1500 gross per month. 

Both with fidelity.

Both are fully invested in the HSBC all world tracker. I’ve recently stopped adding to my S&S isa and diverted the money into higher interest saving accounts, first direct, 6.2 NSI etc. This strategy has seen me reduce my 100% equities portfolio to something more like 75/25.

I may add to my S&S isa once or twice a year so would I be better off transferring it to reduce costs? Also is fidelity still decent value for holding at drip feeding into my SIPP every month?

Ive seen the comparison charts for the many platforms available but I’m struggling to understand it if I’m honest so any feedback would be gratefully received.

Thanks DH

Comments

  • Aminatidi
    Aminatidi Posts: 513
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    Work out your costs with IWeb after paying their SIPP quarterly charge and paying £5 per trade.

    It may not work out much (or any) cheaper until you pass a certain amount.
  • Dh6
    Dh6 Posts: 173
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    That’s what I was thinking re the SIPP but happy to be proved wrong.

    It was more the ISA that I’m not currently contributing to which I thought may be cheaper to hold on another platform. 
  • Aminatidi
    Aminatidi Posts: 513
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    edited 19 October 2023 at 8:49AM
    If it's once or twice a year it will probably be cheaper on IWeb.

    I have an ISA with Vanguard (presume you meant "my" IWeb thread) and it's got around £180K in it so moving it to IWeb is very appealing as even though I'm "only" paying around £300/year in platform fees it would be free to hold on IWeb.

    But the way I built up that £180K was through a lot of buys which if I'd done them via IWeb would probably have cost me more because of transaction fees.

    But those transaction fees are a one off so once bought there's no platform fee.

    So it really does depend and you just need to do the maths for your holding size and rough buying frequency I think.
  • Why not open an iWeb account anyway while it's currently free to do so? Then at a later date, you can decide whether to transfer the S&S ISA (or just the previous years).
  • Beddie
    Beddie Posts: 558
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    I use Lloyds for my S&S ISA - it's basically the same platform as iweb and Halifax share dealing. £40 a year fixed fee and only £1.50 to buy or sell funds. I do tend to transact quite regularly, so overall this works out nicely for me.

    https://www.lloydsbank.com/investing/ways-to-invest/share-dealing-services/share-dealing-isa.html
  • Albermarle
    Albermarle Posts: 21,169
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    Dh6 said:
    That’s what I was thinking re the SIPP but happy to be proved wrong.

    It was more the ISA that I’m not currently contributing to which I thought may be cheaper to hold on another platform. 
    In very general terms, the very low cost platforms like Iweb are cheaper for ISA's but when you add their SIPP fee on it becomes less clear. Also it can depend if you are holding funds or ETF's and how big your pot is.
  • london21
    london21 Posts: 2,089
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    I have funds and moved from HL to Iweb and have not looked back. 
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