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A J Bell or Interactive Investor

segovia
Posts: 348 Forumite

I'll need to consolidate my SIPP's next year, I have two at the moment and can't decide if I want to stick with one or the other. I have tried to get an idea of costs from both but the people I am speaking to don't seem to have a clue. A J Bell is capped at £10.00 a month + dealing charges £9.95 I am assuming hat each time I sell an asset I'll pay a dealing charge, there is also a regular income charge of £100.00 - Its looking like £340.00 a year with AJ BELL. Any experiences of both recommendations ?
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I have my SIPP with AJ Bell. I take a monthly income from them and pay the £100 per year for this. I also pay them their Custody fees for holding the Shares or Funds on their platform. My holdings pay dividends and I can live of the dividends alone, so I don't need to pay any dealing charges to provide my income.
If you need to sell assets to provide the cash to withdraw as income, you will pay them their dealing fees which are £9.95 per share and £1.50 per fund. This may mean that it is much better value to hold funds. I hold a couple of funds but most of my investments are shares, either in in an EFT or in an Investment Trust, but as I rarely sell anything, the dealing charges are not that important.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.1 -
segovia said:I'll need to consolidate my SIPP's next year, I have two at the moment and can't decide if I want to stick with one or the other. I have tried to get an idea of costs from both but the people I am speaking to don't seem to have a clue. A J Bell is capped at £10.00 a month + dealing charges £9.95 I am assuming hat each time I sell an asset I'll pay a dealing charge, there is also a regular income charge of £100.00 - Its looking like £340.00 a year with AJ BELL. Any experiences of both recommendations ?
We also hold II and AJB SIPPs. I see from the II SIPP fees page that there is no additional charge for drawdown.
https://www.ii.co.uk/ii-accounts/sipp/sipp-charges
(at the bottom, question: What are the SIPP charges during drawdown? On 1 October 2020 we removed the an additional £10 monthly fee when a SIPP moves into drawdown. There are no additional drawdown charges.)
Would be interested in peoples comments on responsiveness, usability, e.g. II appear to be fully online(???) is this the same with AJB?
(apologies @segovia if I have hijacked your thread).Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
segovia said:I'll need to consolidate my SIPP's next year, I have two at the moment and can't decide if I want to stick with one or the other. I have tried to get an idea of costs from both but the people I am speaking to don't seem to have a clue. A J Bell is capped at £10.00 a month + dealing charges £9.95 I am assuming hat each time I sell an asset I'll pay a dealing charge, there is also a regular income charge of £100.00 - Its looking like £340.00 a year with AJ BELL. Any experiences of both recommendations ?2
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cloud_dog said:segovia said:I'll need to consolidate my SIPP's next year, I have two at the moment and can't decide if I want to stick with one or the other. I have tried to get an idea of costs from both but the people I am speaking to don't seem to have a clue. A J Bell is capped at £10.00 a month + dealing charges £9.95 I am assuming hat each time I sell an asset I'll pay a dealing charge, there is also a regular income charge of £100.00 - Its looking like £340.00 a year with AJ BELL. Any experiences of both recommendations ?
We also hold II and AJB SIPPs. I see from the II SIPP fees page that there is no additional charge for drawdown.
https://www.ii.co.uk/ii-accounts/sipp/sipp-charges
(at the bottom, question: What are the SIPP charges during drawdown? On 1 October 2020 we removed the an additional £10 monthly fee when a SIPP moves into drawdown. There are no additional drawdown charges.)
Would be interested in peoples comments on responsiveness, usability, e.g. II appear to be fully online(???) is this the same with AJB?
(apologies @segovia if I have hijacked your thread).'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.1 -
I had SIPPs with both II and AJ bell. Both were very good, but the ongoing monthly charge with AJ was much higher than that of II. Moving to all ETFs from funds would have reduced costs, but I don't particularly like the platform costs determining my investment choices. Also, maybe a small thing, but AJ take two variable amounts (one for funds, one for shares/ETFs) from your account each month, depending on the value of your holdings, which is a pain to track properly. II take a fixed amount from my bank account each month, which is easy to track with my periodic bank transaction download.
So I consolidated my SIPPs on II platform.3 -
I'm with II, charges as stated by Doctor_Who above. I have found them to be very responsive and although I found their app and website a bit confusing at first and not as clear as HL, I have now got to like both a lot. I don't have experience of AJ Bell so can't make a comparison.
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Interactive Investor. I hold my SIPP with them, and I'm entirely happy with it. It is actually a refugee from an AJ Bell debacle a few years ago (Youinvest and Sippdeal are previous names used by the AJ Bell platform), something they then followed up closely with a second one. My SIPP holds funds, not ETFs.
Over the years this move has saved me thousands of pounds.
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If you don't know it already monevator.com publish really useful articles, one of which is a broker comparison analysis ... https://monevator.com/compare-uk-cheapest-online-brokers/ . I believe they update this every 3 months.
Monevator is a blog and the comments are a goldmine in their own right.0 -
Thanks, I was leaning towards AJ Bell as II made a mistake when I transferred into their SIPP in 2020, it took two years, but I won £15,000.00 compensation through the Ombudsman. Just received an email from II as below, seems a bit too simple, but I'll follow it up.
Thank you for your Secure Message.
There is no charge to doing drawdowns whether it being receiving your tax free lump sum or receiving monthly payments from your SIPP.
If you have any questions, you can continue to write to us by Secure Message. Our response time is usually within a few days, however, in times of high volume, we can take up to 5 days. If your enquiry is more urgent, please call us on 0345 607 6001.
We are open between 7:45am and 5:30pm, Monday to Friday, and 5:30pm to 9pm, Monday to Friday for international trading calls.
Best regards,
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EdSwippet said:Interactive Investor. I hold my SIPP with them, and I'm entirely happy with it. It is actually a refugee from an AJ Bell debacle a few years ago (Youinvest and Sippdeal are previous names used by the AJ Bell platform), something they then followed up closely with a second one. My SIPP holds funds, not ETFs.
Over the years this move has saved me thousands of pounds.
Me too. I did eventually get my transfer out charges refunded after going through the ombudsman.
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