New HL fee structure from 01/03/26

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/81856079#Comment_81856079

Indeed - they were making precisely £0 from me in fees since the gilts were purchased under a 100% fee cashback offer and I held to maturity. So now I'll transfer them some place else (who won't make any fees on them either).

jimjames

https://forums.moneysavingexpert.com/discussion/comment/81855465#Comment_81855465

Exactly. I was already looking at my father's portfolio at the weekend to review charges and although this change will save him money it's still £1500 a year that you don't need to pay. Switching will be a direct amount that remains in your pocket if you go to another platform not charging custody fees. Inertia and familiarity will only go so far when that sort of saving is possible without even looking at switching bonuses.

RL11

I've just done a full analysis of my SIPP versus other platform options. My biggest saving comes from switching to Interactive Investor - approx £250 per year lower fees after HL bring in their new fees. I also notice that II and HL have different ongoing charges for the funds I have. Three are lower with HL and three are lower with II. Net result is (currently) another £17 saving.

I'm not sure if an "in specie" transfer can be carried out from one class to a different class - even though the same fund. I'm going to contact II to see what they say. If I have to sell and buy again, I might need to sell on HL first as it's currently still free but, of course, I will then need to buy on II after cash transfers and incur a cost. Plus I'll be out of the market for a few weeks for those funds I sell.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/81856765#Comment_81856765

"Say you own a fund on your existing platform, but your new platform only supports that fund in a different share class – perhaps one with discounted fees.

In this case, the holding will need to be converted as part of the transfer process.

The good news is that platforms are obliged to handle this for you so you can still transfer in-specie. It just might take a bit longer."

https://monevator.com/the-anatomy-of-a-platform-transfer/

jmat123

30 years of employee Share plans mean I hold £50,000 of shares both in and outside of an ISA and I rarely trade these shares. HL will now be charging me £25 per month, up from £3.75 per month - more than 500% increase.

HL clearly want customers with £50,000 of shares in investment and ISA accounts to transfer them elsewhere. They cannot possibly want to retain my business with fees 6 times higher than they are now. I’ll be moving to AJ Bell or Interactive Investor for sure.

There is a small saving on the funds ISA I hold with HL but even then the overall fees will increase by about £200 a year. I see that II will be offering a flat fee from February that includes funds and shares, so I may well transfer everything from HL to II.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81856846#Comment_81856846

Also have a look at Fidelity.

Fees for holding shares in an ISA ( or SIPP) , capped at £90

Fees for holding shares in an Investment account - zero .

RL11

Fidelity is 0.35% if you have >£25k

masonic

https://forums.moneysavingexpert.com/discussion/comment/81857152#Comment_81857152

and "capped at £7.50 per month" (£90 pa) in relation to "any exchange-traded investments, including shares, in an ISA or SIPP"

RL11

Oh, I see - just Shares & ETF's = £90 cap

Trading 212 is free for those.

I've been looking for a home for SIPP funds all day. Interactive Investor seems cheapest.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81857216#Comment_81857216

If you can manage with the slightly limited choice of ETFs, then InvestEngine will be cheaper. I was considering moving there, but got distracted by a Fidelity transfer incentive! They opened up transfers from HL quite recently (only accepting them from Vanguard prior to that).