Fidelity SIPP cashback transfer offer - ends October 2024

Albermarle

artyboy said:

...and that's pretty poor of Fidelity as well... CSH2 is (I believe) just about the only SONIA tracking option in ETF form - albeit synthetic in nature. I'm holding some of that with HL and Charles Stanley at the moment as an opportunistic hedge against a dip, it's returning more than double CPI so I'm comfortable sitting on it for the moment...

On the other hand the with very low cap on ETF platform fees at Fidelity, perhaps not surprising they are not offering CSH2.

All these capped fees and transfer cashbacks can not be good business for any platform offering them, and I often wonder why they do it.

I transferred an ISA to HL . Received a £1000 cashback and am paying £45 pa to them  and maybe one £12 trade a year. Probably in a year or two I will transfer out again. Where is the business sense in that ?

granta

Albermarle said:

granta said:

New offer just out, though the cashback amounts are not as generous as in previous versions.

https://www.fidelity.co.uk/pension-transfer/#cashback-offer

I can not be sure, but it looks pretty similar to me to previous versions.
Maybe because others have 'upped the ante' it just looks a bit weaker ?

I notice also that there is not an ISA transfer deal at the same time, because in the past I combined a pension and ISA transfer.

One advantage with Fidelity ( and HL) is that the payout is straightforward, compared to some other cashbacks offered.

I have a screenshot of the Fidelity offer from earlier this year and it was offering £1000 for transfers over 100k. It's offering £500 this time. I haven't cross checked all the other bands but usually the £100k transfer has been the sweet spot of cashback gain!

granta

premierfella said:

Freetrade is indeed cashback under the SIPP transfer offer.

Annoyingly the way the terms for both Freetrade and CMC Invest offers (unless I'm misreading them) it's 12 months clawback of the cashback from December 2024, so more like 18 months locked in, effectively a similar period to Fidelity in practice (so 2 years worth of annual fees for Freetrade or 6 months for CMC Invest after the free 12 months).

I would go for CMC if it wasn't for the annoying restriction on use of the cashback, which is a nuisance if you aren't interested in using an ISA with them.

Thanks. I need to check the fine print! I'm not interested in the CMC one given the restriction. Free trade is definitely better than Fidelity in terms of financial gain even with a potential 18 month tie in.

Albermarle

granta said:

Albermarle said:

granta said:

New offer just out, though the cashback amounts are not as generous as in previous versions.

https://www.fidelity.co.uk/pension-transfer/#cashback-offer

I can not be sure, but it looks pretty similar to me to previous versions.
Maybe because others have 'upped the ante' it just looks a bit weaker ?

I notice also that there is not an ISA transfer deal at the same time, because in the past I combined a pension and ISA transfer.

One advantage with Fidelity ( and HL) is that the payout is straightforward, compared to some other cashbacks offered.

I have a screenshot of the Fidelity offer from earlier this year and it was offering £1000 for transfers over 100k. It's offering £500 this time. I haven't cross checked all the other bands but usually the £100k transfer has been the sweet spot of cashback gain!

When I think back further ( 2019) you had to go to £150K ( I remember because I transferred £151K in two tranches) to get £500 ( or could have been a £1000) so they obviously tinker with them each time.

granta

Albermarle said:

granta said:

Albermarle said:

granta said:

New offer just out, though the cashback amounts are not as generous as in previous versions.

https://www.fidelity.co.uk/pension-transfer/#cashback-offer

I can not be sure, but it looks pretty similar to me to previous versions.
Maybe because others have 'upped the ante' it just looks a bit weaker ?

I notice also that there is not an ISA transfer deal at the same time, because in the past I combined a pension and ISA transfer.

One advantage with Fidelity ( and HL) is that the payout is straightforward, compared to some other cashbacks offered.

I have a screenshot of the Fidelity offer from earlier this year and it was offering £1000 for transfers over 100k. It's offering £500 this time. I haven't cross checked all the other bands but usually the £100k transfer has been the sweet spot of cashback gain!

When I think back further ( 2019) you had to go to £150K ( I remember because I transferred £151K in two tranches) to get £500 ( or could have been a £1000) so they obviously tinker with them each time.

Yes agree, they do seem to vary. This most recent just struck me as being out of synch with the one a few months ago. Still, £500 for a transfer I want to do anyway and into a capped fee product is no bad thing!

artyboy

Albermarle said:

artyboy said:

...and that's pretty poor of Fidelity as well... CSH2 is (I believe) just about the only SONIA tracking option in ETF form - albeit synthetic in nature. I'm holding some of that with HL and Charles Stanley at the moment as an opportunistic hedge against a dip, it's returning more than double CPI so I'm comfortable sitting on it for the moment...

On the other hand the with very low cap on ETF platform fees at Fidelity, perhaps not surprising they are not offering CSH2.

All these capped fees and transfer cashbacks can not be good business for any platform offering them, and I often wonder why they do it.

I transferred an ISA to HL . Received a £1000 cashback and am paying £45 pa to them  and maybe one £12 trade a year. Probably in a year or two I will transfer out again. Where is the business sense in that ?

Well yes, but I'm sure by now that you know I've made a packet out of HL on transfers (as has Mrs Arty), plus HL has ETF fee caps, and yet I can still hold CSH2 with them.

I do agree with the point about where they
make money - clearly this is loss leading in the pursuit of market share, and Fidelity is being rather more cautious in that regard.

But then I'm a shameless 'fill yer boots' person with these promotions... get 'em while they last 

fire_in_progress

artyboy said:

Albermarle said:

artyboy said:

...and that's pretty poor of Fidelity as well... CSH2 is (I believe) just about the only SONIA tracking option in ETF form - albeit synthetic in nature. I'm holding some of that with HL and Charles Stanley at the moment as an opportunistic hedge against a dip, it's returning more than double CPI so I'm comfortable sitting on it for the moment...

On the other hand the with very low cap on ETF platform fees at Fidelity, perhaps not surprising they are not offering CSH2.

All these capped fees and transfer cashbacks can not be good business for any platform offering them, and I often wonder why they do it.

I transferred an ISA to HL . Received a £1000 cashback and am paying £45 pa to them  and maybe one £12 trade a year. Probably in a year or two I will transfer out again. Where is the business sense in that ?

Well yes, but I'm sure by now that you know I've made a packet out of HL on transfers (as has Mrs Arty), plus HL has ETF fee caps, and yet I can still hold CSH2 with them.

I do agree with the point about where they
make money - clearly this is loss leading in the pursuit of market share, and Fidelity is being rather more cautious in that regard.

But then I'm a shameless 'fill yer boots' person with these promotions... get 'em while they last 

Same thing with switching bank accounts and getting money to do it. I could not see the business sense of it - and, indeed, I have transferred the same bank account to a bank and then another and then yet another. It was good while it lasted - but I noticed that newer offers are much worse than original ones. Probably the same thing will happen with SIPP and ISA transfers? Fidelity's offer is already worse than the previous game.

Probably just a short-term gimmick to pursuit a bigger market share. 

Albermarle

Probably just a short-term gimmick to pursuit a bigger market share. 

Although my job was not in this area, we often saw companies buying market share ahead of being put up for sale, or where a takeover or merger was on the cards.

 HL significantly bumped up their cashback offer about 18 months ago, and then repeated the generous offer more recently.

From the FT yesterday.

Hargreaves Lansdown has extended the deadline again for private equity firms to make a takeover offer for the UK’s largest retail investment site, which could value it at £5.4bn. . The delay comes a month after the group of private equity firms, which includes Nordic Capital and Platinum Ivy, a wholly owned subsidiary of the Abu Dhabi Investment Authority, made an offer of £11.40 a share. The board of Hargreaves Lansdown said at the time it was willing to “recommend unanimously” the proposal.

Hargreaves Lansdown reported that assets on its site had reached a record £155.3bn following an influx of customers and investments ahead of the tax year-end in April. It attracted 24,000 new customers, marking an increase from 13,000 in the same period a year ago. 

FIREmenow

What's tend to be the minimum transfer value for SIPP cashback offers from the big names? Is it always £25k+? 

I'm keeping an eye out as I want to transfer out a works pension soon but it's less than £15k at the moment.

wmb194

The nice thing about CMC's current offer is that in addition to Sipps it also includes GIAs and ISAs in the calculation of total assets transferred.