New HL fee structure from 01/03/26

masonic

"HL don't charge for holding cash."

Are you saying that they pro-rata their monthly fee to account for the gap between cash being held in the investor's account and invested later in the same month? Because my understanding is that if an investor is holding a cash balance in the income account on 1st Feb, and that money is reinvested in a fund on 16th Feb, at the end of the month they'll be charged a platform fee on that sum for the full month, including the part of the month it was in cash (so as well as earning zero interest for the first 15 days, the platform fee would be charged for the same period because it had been reinvested before month end).

phlebas192

https://forums.moneysavingexpert.com/discussion/comment/81885459#Comment_81885459

Ah, I see what you are getting at. I don't know how the timing works out with when reinvestments take place and the cut-off for fees. Not something I have any experience of. But if there wasn't any reinvestment then the cash in the income account would not impact the amount of fees charged.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81885242#Comment_81885242

Thank you for that. It had seemed odd to me that an outfit which did pay interest on (some) cash was getting hauled over the coals while an outfit that didn't was flavour of the month. I now understand.

My GIA will probably be making its way from HL to SWSD but I'll wait a bit to see what actually changes in March/April. And maybe by then the flow of other defectors will have slowed down a bit.

redux

I haven't decided yet, as my HL account is now much smaller than a few years back, so not much impact

For those who have switched away, do you still have account access even though empty, and can thus see history?

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/81886754#Comment_81886754

I transferred my Sipp from HL to ii. The Sipp account and all history has disappeared ( from my view) the moment the transfer completed.

DavidT67

@poseidon1 Yes, if you request a FULL transfer than your account is closed and you'll lose any transaction history you didn't previously download.

You can and should download the quarterly investment reports which cover all your HL accounts.

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/81886834#Comment_81886834

Interesting. It's not even in the 'portfolio history' tab?

goodValue

I have never been interested in investing, but about 15 years ago I got a SIPP with HL because it was free money (government tax addition).
Apart from initially buying one fund, I've not done any other purchases.
I just intended to let the fund grow until I would have need of the money.
For my needs, the HL website looks horrendously difficult to navigate.
I've not seen any other websites, so have nothing to compare it with.
So I was interested to read that we are in an "era of free and low cost platforms".
Are there free or low cost platform that have a much simpler website than HL
and would be beneficial to transfer to?
I have about 10k in the SIPP.

trevjl

Interesting, as their website and app is the one thing making me hesitate to move away !!!

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81887023#Comment_81887023

Agree, the website is not user friendly at all, however the app is extremely straightforward and easy to use.