Interactive Investor Platform Help (SIPP)

dreamypuma

Hi

I’m hoping for some help from those more familiar with the platform, as I’m finding the platform quite convoluted and not quite as intuitive as Vanguard or HL.

Firstly, I made contribution by debit card to my new SIPP account today. Where on the platform would I find a record of the tax relief due on contributions? On Vanguard I’m used to seeing a list of all due tax relief so its simple to keep a track of.

Secondly, Having made the above deposit by card, I notice that my regular investment will be executed on 6th March.

My regular contribution (via direct debit) is scheduled for 12th of each month, starting March. Does this indicate that the regular direct debit funds will be sat on the platform each month till 6th of the following month for execution in the next round of free regular investment?

If so is there any way to make this more efficient without incurring trading fees?

super_reds

dreamypuma said:

Hi

I’m hoping for some help from those more familiar with the platform, as I’m finding the platform quite convoluted and not quite as intuitive as Vanguard or HL.

Firstly, I made contribution by debit card to my new SIPP account today. Where on the platform would I find a record of the tax relief due on contributions? On Vanguard I’m used to seeing a list of all due tax relief so its simple to keep a track of.

Secondly, Having made the above deposit by card, I notice that my regular investment will be executed on 6th March.

My regular contribution (via direct debit) is scheduled for 12th of each month, starting March. Does this indicate that the regular direct debit funds will be sat on the platform each month till 6th of the following month for execution in the next round of free regular investment?

If so is there any way to make this more efficient without incurring trading fees?

Not sure if there's a way of seeing whether your contributions have received tax relief or not. I always used to keep a spreadsheet and just tick them off when they came through, usually took a month or two and never had a problem.

Regarding the free regular investment that happens IIRC on a day of the week rather than a particular date each month. I think it's something like the third Wednesday but can't be sure on that. You can log in after the last one has gone through and see the date for the next month.

You get a free trade each month under certain plans so that might be an option and SIPP cash balances receive interest (but might be subject to a minimum level).

II used to pretty poor but IME have improved massively over last few years and the charging structure can be very attractive if your portfolio is above a certain level.

dreamypuma

super_reds said:

dreamypuma said:

Hi

I’m hoping for some help from those more familiar with the platform, as I’m finding the platform quite convoluted and not quite as intuitive as Vanguard or HL.

Firstly, I made contribution by debit card to my new SIPP account today. Where on the platform would I find a record of the tax relief due on contributions? On Vanguard I’m used to seeing a list of all due tax relief so its simple to keep a track of.

Secondly, Having made the above deposit by card, I notice that my regular investment will be executed on 6th March.

My regular contribution (via direct debit) is scheduled for 12th of each month, starting March. Does this indicate that the regular direct debit funds will be sat on the platform each month till 6th of the following month for execution in the next round of free regular investment?

If so is there any way to make this more efficient without incurring trading fees?

Not sure if there's a way of seeing whether your contributions have received tax relief or not. I always used to keep a spreadsheet and just tick them off when they came through, usually took a month or two and never had a problem.

Regarding the free regular investment that happens IIRC on a day of the week rather than a particular date each month. I think it's something like the third Wednesday but can't be sure on that. You can log in after the last one has gone through and see the date for the next month.

You get a free trade each month under certain plans so that might be an option and SIPP cash balances receive interest (but might be subject to a minimum level).

II used to pretty poor but IME have improved massively over last few years and the charging structure can be very attractive if your portfolio is above a certain level.

Thanks, I think I'll initially be paying the basic £5.99 whilst I wait on my transfer, then will be forced on to their £12.99 plan due to the pot size. This will still be a saving over Vangard's fees. Combine this with the wider range of funds, and cash back offers it was a no brainer for me. I just wasn't prepared for the convoluted platform structure. I'm sure I'll get used to it over time.

Looks like I'll have to track the tax relief myself for now. I'll have to test the air on the regular investing date with another adhoc contribution. If the contributions attract interest that's a small win.

EthicsGradient

super_reds said:

Regarding the free regular investment that happens IIRC on a day of the week rather than a particular date each month. I think it's something like the third Wednesday but can't be sure on that. You can log in after the last one has gone through and see the date for the next month.

You get a free trade each month under certain plans so that might be an option and SIPP cash balances receive interest (but might be subject to a minimum level).

II used to pretty poor but IME have improved massively over last few years and the charging structure can be very attractive if your portfolio is above a certain level.

The free regular investment happens on a Wednesday; for accounts that were set up some time ago, it's the 3rd Wednesday in the month, for ones set up more recently, the first Wednesday - like the OP. And although I have had a general trading account and ISA with them for some time using the 3rd Wed, when I set up a SIPP with them earlier this month, they said its regular investment date will be the 1st Wed. And it looks like the direct debit for the SIPP will be on the 12th or next business day (same as for the trading.ISA accounts). 

SIPPs get 3% interest, up to £10,000, and more above that: ii Cash interest rates - interactive investor (no minimum level - I can get single figures of pennies of interest each month if I've had hardly any cash in an account).

dreamypuma

EthicsGradient said:

super_reds said:

Regarding the free regular investment that happens IIRC on a day of the week rather than a particular date each month. I think it's something like the third Wednesday but can't be sure on that. You can log in after the last one has gone through and see the date for the next month.

You get a free trade each month under certain plans so that might be an option and SIPP cash balances receive interest (but might be subject to a minimum level).

II used to pretty poor but IME have improved massively over last few years and the charging structure can be very attractive if your portfolio is above a certain level.

The free regular investment happens on a Wednesday; for accounts that were set up some time ago, it's the 3rd Wednesday in the month, for ones set up more recently, the first Wednesday - like the OP. And although I have had a general trading account and ISA with them for some time using the 3rd Wed, when I set up a SIPP with them earlier this month, they said its regular investment date will be the 1st Wed. And it looks like the direct debit for the SIPP will be on the 12th or next business day (same as for the trading.ISA accounts). 

SIPPs get 3% interest, up to £10,000, and more above that: ii Cash interest rates - interactive investor (no minimum level - I can get single figures of pennies of interest each month if I've had hardly any cash in an account).

So account dependant, there's only one free regular trade scheduled per month? I need to condition myself to these timings. I get paid on 27th, so if there was two regular investments (1st and 3rd Wednesday) that would be great. 

I'd just reduce my regular DD contribution, and make larger adhoc payment at the end of the month to catch the first Wednesday.

I'm assuming that as the contributions are to a SIPP, the "phenomenal" 3% interest does not impact your £500 / £1000 PSA?

EthicsGradient

dreamypuma said:

EthicsGradient said:

super_reds said:

Regarding the free regular investment that happens IIRC on a day of the week rather than a particular date each month. I think it's something like the third Wednesday but can't be sure on that. You can log in after the last one has gone through and see the date for the next month.

You get a free trade each month under certain plans so that might be an option and SIPP cash balances receive interest (but might be subject to a minimum level).

II used to pretty poor but IME have improved massively over last few years and the charging structure can be very attractive if your portfolio is above a certain level.

The free regular investment happens on a Wednesday; for accounts that were set up some time ago, it's the 3rd Wednesday in the month, for ones set up more recently, the first Wednesday - like the OP. And although I have had a general trading account and ISA with them for some time using the 3rd Wed, when I set up a SIPP with them earlier this month, they said its regular investment date will be the 1st Wed. And it looks like the direct debit for the SIPP will be on the 12th or next business day (same as for the trading.ISA accounts). 

SIPPs get 3% interest, up to £10,000, and more above that: ii Cash interest rates - interactive investor (no minimum level - I can get single figures of pennies of interest each month if I've had hardly any cash in an account).

So account dependant, there's only one free regular trade scheduled per month? I need to condition myself to these timings. I get paid on 27th, so if there was two regular investments (1st and 3rd Wednesday) that would be great. 

I'd just reduce my regular DD contribution, and make larger adhoc payment at the end of the month to catch the first Wednesday.

I'm assuming that as the contributions are to a SIPP, the "phenomenal" 3% interest does not impact your £500 / £1000 PSA?

Yes, the scheduled free purchase date is just once a month, for each account, but you can buy more than one share/fund on that date. When you move up to the £12.99/month plan with the larger transferred amount, that includes a free trade (buy or sell) each month, at a time of your own choosing.

Your idea of an ad hoc payment is what I typically do with my other accounts - a small regular payment, and then I put in a variable amount as a one off just before the investing Wednesday (there's no compulsion to set up a regular payment in - you can do the purchases from whatever's in the account cash balance. There is some cutoff point for when you have to have said how much and in what the regular investment should go - I think it's the Friday before the Wednesday - that has worked for me, anyway).

Correct, this interest doesn't affect your PSA at all - HMRC doesn't want to know about it at all.

tichtich

I don't think there's any way to see tax relief due but not yet received. Also, as far as I can tell, there's no way to see an itemized list of contributions, except as part of your Transaction History. The tax relief will show up in Transaction History when you receive it. In SIPP Contributions I can see my total contributions for the current tax year, including tax relief, but I don't remember whether the tax relief was included in this total before it was actually received. (Tax relief due from the previous year, but received this year, is not included in this year's total.)

tichtich

EthicsGradient said:

There is some cutoff point for when you have to have said how much and in what the regular investment should go - I think it's the Friday before the Wednesday - that has worked for me, anyway).

FWIW, I have changed my regular investment instructions on the evening before my regular investment day, and it's worked correctly the next morning.