SIPP - regular contributions and keeping costs down

BigBlueSky

Albermarle said:

BigBlueSky said:

I was originally with Hargreaves Lansdown but moved away due to their fees and now with Interactive Investor.  They have been great.  Offer everything I need and very low cost too.

If you know anyone who is already with them they can recommend you and you get free account access for 12 months - which makes it the lowest cost one out there!

Fixed fee platforms are fine for larger amounts, but for someone just starting a % fee based platform is cheaper.

I agree, but I was also referring to the fact you can get 12 months with no fee platform with Interactive Investor too, which is a good way to get started.  Obviously the funds themselves will have their own fees, but that is the case whichever platform is used.

FIREmenow

Another plus point for Dodl is that they offer the HSBC FTSE ALL WORLD tracker fund which is a 'best buy' in Monevator and ~0.12% fund fee.

But at £150/mth being added, the minimum £1/mth platform fee will inflate costs for a while.
Edited to add, we are only talking a tenner a year extra!

FIREmenow

BigBlueSky said:

Albermarle said:

BigBlueSky said:

I was originally with Hargreaves Lansdown but moved away due to their fees and now with Interactive Investor.  They have been great.  Offer everything I need and very low cost too.

If you know anyone who is already with them they can recommend you and you get free account access for 12 months - which makes it the lowest cost one out there!

Fixed fee platforms are fine for larger amounts, but for someone just starting a % fee based platform is cheaper.

I agree, but I was also referring to the fact you can get 12 months with no fee platform with Interactive Investor too, which is a good way to get started.  Obviously the funds themselves will have their own fees, but that is the case whichever platform is used.

People who join ii through a friend referral don't get the free monthly trade and need to pay in at least £10k, much higher than the OP was planning to put in.

BigBlueSky

FIREmenow said:

BigBlueSky said:

Albermarle said:

BigBlueSky said:

I was originally with Hargreaves Lansdown but moved away due to their fees and now with Interactive Investor.  They have been great.  Offer everything I need and very low cost too.

If you know anyone who is already with them they can recommend you and you get free account access for 12 months - which makes it the lowest cost one out there!

Fixed fee platforms are fine for larger amounts, but for someone just starting a % fee based platform is cheaper.

I agree, but I was also referring to the fact you can get 12 months with no fee platform with Interactive Investor too, which is a good way to get started.  Obviously the funds themselves will have their own fees, but that is the case whichever platform is used.

People who join ii through a friend referral don't get the free monthly trade and need to pay in at least £10k, much higher than the OP was planning to put in.

Just thought I would mention it anyway.  You can still do the regular monthly trading for free, but that is only once per month on a fixed date, but still OK for some.

Alexland

BigBlueSky said:

I agree, but I was also referring to the fact you can get 12 months with no fee platform with Interactive Investor too, which is a good way to get started.  Obviously the funds themselves will have their own fees, but that is the case whichever platform is used.

II are likely to offer poor value on a small SIPP account after the free year which gives the OP the task of transferring elsewhere. Pension transfers can take ages and they would be paying the II fee while it happens. Better to go with a low cost 0.15% platform such as Vanguard or Dodl from the start as the fees in the first year will be tiny anyway. Then once the account gets big enough they should consider transferring to a (low) capped or fixed fee platform and maybe pickup a transfer cashback incentive at the time. Fixed fee is no place to start.

Eskdale_investor

Thanks for all the advice. Ended up going with Dodl in the end after a bit of further research. Now off to do some more reading before choosing the fund(s)!