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Interactive Investor Platform Fees
Comments
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That's an interesting comparison. I had really taken T212 that seriously as when I was looking around it didn't offer a SIPP. It does now and so the overall platform fees are quite compelling. I probably won't use some of the features of II that make it it more attractive, so maybe pointless paying the premium for it. Maybe I should move evrything accross?
That said, I don't want to spend all my time thinking about the platform and more in building up a high quality portfolio. The platform that is flavour of the month one year seems to be yesterday's news the next. Fees are always being revised. I do think that when a deal is too good though, there must be a catch and you'll be charged for something else instead, or worse.
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Ownereship doesnt imply liability. II is treated as separate legal entity. Devil is in a detail.
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It depends what the assets are. My monthly charges at Fidelity are £7.50. Scottish Widows ex Iweb 0
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It would be very damaging for Aberdeen's reputation if its II platform left its customers with big losses due to fraud. More so perhaps for Scottish Widows (Lloyds) and Barclays. Société Générale bailed out Selftrade at great cost when it ran into trouble.
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Legal liability isn't the only reason a company might act to stop customers losing money. If Aberdeen stood back and watched ii have some kind of catastrophic event which meant ii customers lost money, do you think Aberdeen customers would sit there and think to themselves "But ii is a different company, my money is safe with Aberdeen"?
(said as a customer of both ii and Aberdeen)
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It does say that Core is "best for" investors with less than £100,000 and Plus for those with over that. So it is logical that there is no limit to the amount you can have in Core. If Plus doesn't work out cheaper for you (*) than Core then stick with Core.
(*) - in my case the monthly 'free' trade and being able to have my wife's account as a 'free' family one makes Plus more cost effective.
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Core: Portfolio limit up to £100,000
Plus: Portfolio limit: No limit
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Having also used T212 for a few years, I haven't had any bad experiences providing you use it responsibly. Yes it is more of a trading than an investing platform, so they do encourage you to speculate / deal more often. General consensus is that their CFD trading and curency conversion fees are subisidising the free trading element (for the time being at least).
• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.1 -
For SIPPS, be aware that a lot of the free providers either offer resticted or no drawdown options and often charge for the service if they do allow it. They are fine in the accumulation stage, but I wouldn't be relying on them once you want access to withdraw.
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It's easy enough to transfer to a provider who offers better drawdown offers, as and when the time comes. You might then even be able to bag a transfer offer, and you are likely to have saved substantial amounts on fees over the years by accumulating with a low fee provider.
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