Fidelity Cashback offer for transfer of ISAs, SIPPs or Investment accounts

incus432

Stargunner said:

Quite a bit of my Sipp with HL is in CSH2 which Fidelity don’t seem to offer, they don't seem to offer any Money Market ETF’s. They only offer funds, which would make them quite expensive to hold, due to the fees.

Good spot. That - and the inability to hold individual gits or bonds - is a serious gap

Alexland

noclaf said:

This is the situation I am in...so can't take advantage of Fidelity's offer. SIPP/ISA/JISA all with Fidelity, just the LISA with AJBELL and work pension in employer scheme.

Yes same except I wouldn't really want my ISAs on Fidelity (or at least not for long, maybe 18 months for the cashback) as that would be too high a proportion in one place even somewhere too big to fail. I try and spread things around a bit incase there is another unexpected lehman brothers scale failure and then it turned out the nominee account was not correctly segregated. The kids have their own protection so that's ok but otherwise I haven't transferred anything into Fidelity since 2019 and just been focusing on building up my workplace pension to match now it is also a similar ultra low cost. The problem is I can't contribute into my workplace pension fast enough to keep up with the growth in Fidelity but a nice deep market crash might help as then I could convert my workplace pension bonds into equities and it would even things up a bit.

I just hope that other major platforms (the 'big' names) don't follow Vanguard in increasing charges.

I hope they follow Fidelity and offer generous cashback.

Albermarle

Stargunner said:

Quite a bit of my Sipp with HL is in CSH2 which Fidelity don’t seem to offer, they don't seem to offer any Money Market ETF’s. They only offer funds, which would make them quite expensive to hold, due to the fees.

My impression with Fidelity ( in the UK anyway) is that they are a bit more conservative in their offering, than say HL or AJ Bell. Maybe it is just part of their corporate culture. I think historically at least their customer base was middle class/Home counties, so that might be a factor as well.

incus432

Albermarle said:

  I think historically at least their customer base was middle class/Home counties, so that might be a factor as well.

I always thought they were the very people who had portfolios of gilts and bonds! Or have I been watching too much Miss Marple?

Alistair31

Stargunner said:

Quite a bit of my Sipp with HL is in CSH2 which Fidelity don’t seem to offer, they don't seem to offer any Money Market ETF’s. They only offer funds, which would make them quite expensive to hold, due to the fees.

Damn. If they offered an ETF MMF I could have taken advantage of the transfer offer to the tune of £1000

incus432

They pay some interest on cash though (3.1% I think) - would that work?

Alexland

Albermarle said:

My impression with Fidelity ( in the UK anyway) is that they are a bit more conservative in their offering, than say HL or AJ Bell.

I'd agree and that's often the way with companies where their HQs are based in other countries. The UK operation is not expected or empowered to do anything dynamic. The exciting risky stuff is tested in the HQ country and the UK role is just to provide that international scale to drive additional margins from well established business strategies.

Alexland

Alistair31 said:

Damn. If they offered an ETF MMF I could have taken advantage of the transfer offer to the tune of £1000

I guess it depends on how much you guys want the purity of a MMF or if you would accept an ultrashort bond fund such as ERNS which is available the Fidelity platform. Higher risk and credit duration but the returns are good and the price is fairly stable.

incus432

Have decided to hold off on initiating a transfer to Fidelity for now, to see if HL repeat their offer of January last year, which was £1500 (compared to Fidelity's 1000) for my pot.   Also they can do gilts and MMFs .

https://www.thisismoney.co.uk/money/diyinvesting/article-12823159/Investors-offered-3-500-Hargreaves-Lansdown-biggest-cashback-offer.html

noclaf

Alexland said:

noclaf said:

This is the situation I am in...so can't take advantage of Fidelity's offer. SIPP/ISA/JISA all with Fidelity, just the LISA with AJBELL and work pension in employer scheme.

Yes same except I wouldn't really want my ISAs on Fidelity (or at least not for long, maybe 18 months for the cashback) as that would be too high a proportion in one place even somewhere too big to fail. I try and spread things around a bit incase there is another unexpected lehman brothers scale failure and then it turned out the nominee account was not correctly segregated. 

Valid point, most of my Pension and all of my ISA (excluding Lisa) is with Fidelity..I will wait till next year, once have added 25-26 allowance to the ISA will consider switching the ISA to another platform to spread the risk though I do prefer to stick with the established names. In some ways this makes sense as for my ISA would prefer to use OEICs as there are more multi asset options and I want to incorporate fixed income ( given where some of these valuations are heading esp US) where as conversely happy to keep SIPP 100% Equities and using ETF's since Fidelity's capped platform fees are favourable.