Interactive Investor SIPP Help

Steve_666_

Usage tip, changing a DD value requires a lengthy form, which is odd because you can set them in seconds via the online portal. So what I do is to use the secure mail to request that the existing DD be deleted, its done within a day or two, then you can set the new up without the 6 page form.

dreamypuma

Steve_666_ said:

Usage tip, changing a DD value requires a lengthy form, which is odd because you can set them in seconds via the online portal. So what I do is to use the secure mail to request that the existing DD be deleted, its done within a day or two, then you can set the new up without the 6 page form.

That's pretty shocking in this day and age. So there is no option to make ad-hoc cash payments card or bank transfer to balance out any ups and downs?

MallyGirl

yes you can pay in by card

dreamypuma

MallyGirl said:

yes you can pay in by card

Thanks again. That's good. So I'll set up a baseline payment by Direct Debit, but any variances can be captured by a card payment.

handful

jay_ftw said:

handful said:

The tax relief is paid automatically around the 23rd of the month. 

Troxy said:

I believe ii add tax relief approx 5 to 6 weeks later

Hmmm any help with some accuracy here? Struggling to find info online 

My dates are factual but thinking about it, the relief added is probably from the previous month so 6 weeks is probably right.

Steve_666_

dreamypuma said:

MallyGirl said:

yes you can pay in by card

Thanks again. That's good. So I'll set up a baseline payment by Direct Debit, but any variances can be captured by a card payment.

Yes, that is how I work, as I said, use secure email to cancel an existing DD is simple.

LHW99

II say 6-11 weeks (about halfway down here):

https://www.ii.co.uk/ii-accounts/sipp/faq#relief-contributions

It depends when you make the contribution, in that as well as receiving the relief around the 25th of a month (depending on what date that is) my understanding is that they only make a single application each month.

So if your contribution just misses the application date in a given month, it takes longer.

The last two I made both took 8 weeks, when the contributions were within a few days of the beginning / end of a month.

j_netprofit

Ciprico said:

You're overthinking it.

It is a great feature and one I will miss as I transfer to HL.

You can have multiple free purchases per month
You can add, delete, alter at any time before they've executed
You can add spurious "Extra" one off purchases to mop up any dividends/spare cash 
You can set the regular purchase for just one month - so essentially a free one off purchase,
(but in that case you can't choose the time or set a limit price.)

Dividends arrive as cash in their own time  - you would need to deal with those separately yourself

II publish the free regular trade purchase dates on their website - there are two per month

All this means you never have to pay to purchase - only to sell

You're definitely right re:overthinking it, I guess I was looking for something more efficient/instant but as others have said this really is all about long term investing so it's all relative.

I was also looking for something where I could set up a monthly DD, and forget about it. But with tax relief landing quite sporadic it is going to require me to log in and allocate that money in the 'extra investment this month' section.

I've no basis for comparison with other platforms so don't know how good or bad I have it rather, with ii. Although the Free Regular Investing does seem like you would never require to pay any trade fees at all! Feel like a fool having done a few now, but still very new to all of this so I can forgive myself!

Ciprico

For larger single purchases I tended to set a buy price at maybe .5% below current buy price and wait. This does mean the sale might not happen, but on the plus side...

 the .5% reduction is lot more than transaction cost.

You get a cooling off period where you can cancel. Shouldn't be needed if you've done your homework.

If the market suddenly spikes near to purchase date the sale doesn't take place. Ok this smacks if market timing, but it seems most funds move around all day, why not fix on the lower ebb. In my experience the purchase does normally happen in a day or two. 

Ok, not exactly hands off, but more fun....

j_netprofit

Definitely something I'll into doing once I understand 'the game' a little more, great idea!