New HL fee structure from 01/03/26

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81862265#Comment_81862265

This is very odd. I looked at the HL charges page for SIPPs and it says in line two that there is no charge for holding cash

SIPP Charges and Interest Rates | View Our SIPP Charges | HL

Maybe you should ask HL what is going on.

ChangingTimes2

Hands up, very novice shareholder here so please accept apologies in advance – just joined forum due to HL fee change after reading the very interesting discussions & obvious extra knowledge.

I have a joint HL fund and share account with my husband to hold US shares for the long term so haven’t traded. They now amount to about £100K and we’ve been thinking of moving them so this change, which HL estimate will cost £13/month extra (guess based on us having not selling any of the shares so higher if we do), has moved it to the top of our list again!

We also take the quarterly dividends rather than reinvesting. Having recently retired we might start selling some of the shares, but that’s still to be decided and obviously CGT then needs consideration. We’ve also been wondering if we should move the shares to more than one company.

Does anyone have any advice for us as to the best place(s) to hold our shares - just not app only please - bearing in mind Fx rates and fees please?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81862004#Comment_81862004

I suspect the new team has realised some of their largest GIA and ISA customers, taking advantage of the caps etc, are not at all profitable, probably the opposite. So they have upped the charges and if some leave then so be it. I used to be involved in marketing and this sort of exercise was a regular item, and known ( painfully) as bottom slicing.

At the same time they have realised that the majority of their customers, paying a nice 0.45%, are very profitable ,but the competitive environment has got fiercer, so they have adjusted it down.

Rollinghome

https://forums.moneysavingexpert.com/discussion/comment/81860930#Comment_81860930

https://forums.moneysavingexpert.com/discussion/comment/81862223#Comment_81862223

Do mean you are paying fees for a GIA/share dealing account holding just cash or just paying fees from that account?

You can elect to have all fees for ISA and SIPP accounts paid from your GIA/share dealing account. The idea being that you don't reduce the value of the tax-free accounts. Could that be what's happening. The option can be selected in your admin section.

thingswerentthisbadinmyday

Spoke to Fidelity today about transferring my HL SIPP and Drawdown accounts.

As I suspected, this can’t be done on-line.

I was informed that i needed to “book” a phone call with their Retirement Team who have a short list of questions to go through.

I believe it’s then a paper application form - to be confirmed.

But I would qualify for the cash transfer incentive.

Decision to be made.

Rollinghome

https://forums.moneysavingexpert.com/discussion/comment/81862349#Comment_81862349

It would seem to be a possible explanation, but I doubt whether the majority of their clients are as canny as some MSE members. I have a mixture of shares, ITs, funds and ETFs, whichever I think best suits my needs. I already pay a max of 0.25%, so buying funds without SDRT, spreads, and any trading fees can often offer a better return, especially if isn't something for the long term. Not so from 1 March.

They certainly don't have much to do for my account. Haven't phoned them more than a handful of times in the 22 years I've been with them. Likely to be true of most long-term clients. I would guess that new clients with small accounts probably need far more staff attention, and might be gone when they get savvy and find they can get cheaper and better elsewhere.

Seems they were keen enough to get my business that they sent me the offer of a large lump of cash to transfer my other accounts to them yesterday. No chance, I'm afraid, mine's off to join my main account at SW.

So another explanation might be they assume anyone who already pays way more than they could elsewhere is good for screwing another few hundred from without missing it. We'll see. They had to row back on platform charges when they announced the new platform charge on IT to stem the rush for the door with special rates for those who asked for them. Might remind a lot of people of how much over the odds they are paying.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81862281#Comment_81862281

thanks, I will ask them as it would appear they are overcharging me! 😡

update - lol, me bad! I had not looked at the dates of the charges and my SIPP charges had stopped in July when it all became cash. so you are right, there is no fee for cash holdings, which may be why HL is telling me to buy stuff so they can start charging me again 🤣

mills112

https://forums.moneysavingexpert.com/discussion/comment/81862403#Comment_81862403

what's GIA stand for? I am paying fees from my share & fund account for my SIPP, which is all cash for the last 6 months! I thought they charge for holding cash in the SIPP. I am also paying the ISA management fees as well but I do have the supermarket REIT in my ISA as well as cash.

AndyTh_2

https://forums.moneysavingexpert.com/discussion/comment/81862403#Comment_81862403

Only reason you would be even thinking to take SIPP fees out of GIA is if you're hitting the annual allowance or earning limit. Putting cash into the SIPP for fees benefits from tax relief first so has greater value for lower cost.

AndyTh_2

https://forums.moneysavingexpert.com/discussion/comment/81862531#Comment_81862531

General Investment Account, HL Fund and Share account is one of those