Coolly Comparing Investment Platform charges - SnowMan's spreadsheet

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  • Linton
    Linton Posts: 17,173 Forumite
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    Snowman - I tried to send you a PM but your inbox is full:

    Bestinvest's £120 annual drawdown charge only applies to accounts of less than £100K. For larger accounts it's free.
  • SnowMan
    SnowMan Posts: 3,358 Forumite
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    edited 19 May 2017 at 2:08PM
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    Linton wrote: »
    Snowman - I tried to send you a PM but your inbox is full:

    Bestinvest's £120 annual drawdown charge only applies to accounts of less than £100K. For larger accounts it's free.
    Thanks. The 8 year anniversary badge message from MSE Badger may have filled up my inbox :rotfl:

    It does already mention that it's free for accounts over 100K in the cell comments, although you don't see the cell comments unless you download the spreadsheet.

    I presume that it is the current amount left in the drawdown pot that determines whether there is more or less than 100K and so whether there is an annual charge? So as the drawdown pot falls below 100K as money is taken out the annual charge is then triggered again? Although if there is uncrystallised SIPP money also presumably that counts towards the 100K also?

    Speaking more generally there is actually quite a lot of information in the cell comments.

    I might think about changing things to use numbered superscripts to individual entries and list the notes below the table, to make it easier to see the full commented info without needing to download the spreadsheet.

    A lot of the SIPP drawdown charge info is far from clear, for example I gave up trying to work out when the £302 closure charge for Interactive Investor applies.

    So any clarifications anyone can provide to improve the accuracy will be useful.

    Thanks again.
    I came, I saw, I melted
  • digannio
    digannio Posts: 314 Forumite
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    This is a great tool for honing down your choices of platform. But I've not found the path that easy in going along the path of switching. I've got a S and S ISA through Cavendish and the size of it now merits flat fee rather %. However, lots of it is in L&G Multi Index 5 and neither IWeb nor Halifax carry the fund I have. Also Interactive Investor don't offer the particular class of Invesco Perpetual Global Targeted Income that I hold.

    So if I go with II, I'm left with the choice of selling and repurchasing the Invesco fund (which I don't want to do as I can envisage being out of the market for quite a while if the process drags on, as these things can do) or transfering most of my funds to Interactive Investor but leaving the Invesco fund with Cavendish... not ideal.

    Coupled with the fact that I have some reservations about whether the whole thing will be done properly as some of the transfer forms don't seem to cover a situation of leaving some ISA funds where they are while transfering the rest and I'm tempted to just leave things as they are and just pay a bit more.

    Must admit, I thought it would be a lot more straightforward and I would just find a cheaper platform and be able to transfer the lot over but many of the cheapest platforms (like iweb and Halifax) just don't cover popular investments, like L&G Multi Index, while with other platforms you can't find the same class of funds that you hold.

    All very frustrating.
  • Chordeiles
    Chordeiles Posts: 164 Forumite
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    digannio wrote: »
    However, lots of it is in L&G Multi Index 5 and neither IWeb nor Halifax carry the fund I have.
    Alliance Trust Savings offer L&G Multi Index 3 through 7. I'm guessing so do Interactive investor. So there are fixed-fee options apart from the Halifax (which is a sad operation whichever of its 3 different names you choose).
  • eskbanker
    eskbanker Posts: 31,076 Forumite
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    Chordeiles wrote: »
    the Halifax (which is a sad operation whichever of its 3 different names you choose).
    I know it's commonplace to recommend looking at investing dispassionately so am surprised that anyone would consider the emotional state of a platform when choosing! ;)
  • tctjeremy
    tctjeremy Posts: 964 Forumite
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    SnowMan wrote: »


    Does anyone know what the following means in relation to waiving the annual fee?Is having the x-o dealing account part of having the SIPP, or is this a requirement to have a separate dealing account to invest in outside of a SIPP.

    There is also a £60 transfer in charge which gain they say they will waive.

    This all looks very odd (and too good to be true) can anyone say what is going on here?

    This is the reply I got from XO:

    My Qs:
    Could you help with following questions:

    1. Annual fee

    £99 plus vat – Jarvis will refund these fees until such time as the X-O share dealing account linked to your SIPP is closed

    Could you explain when and how to qualify for the refund?

    2.Transfers in

    £50 plus vat per transfer – Jarvis will refund this fee. Please note however that your existing SIPP provider may levy a transfer out charge which will not be refunded

    Again: Could you explain when and how to qualify for the refund?

    3. What are: Existing capped drawdown and Flexi-Access drawdown?

    4. What steps would I need to take to start the transfer to you from Scottish Widows.

    Their answer from 17 July 2017:

    The fees detailed in your questions 1 & 2 will be refunded by Jarvis for the duration you hold your O-X share dealing account within your SIPP. Once your transfer has been accepted into the Jarvis SIPP we will initially deduct the £99+VAT Administration Fee and the £50+VAT Transfer In Fee, However as mentioned above as long you hold you O-X share dealing account Jarvis will make the refund at the end of the month directly into your O-X share dealing account.
  • tctjeremy
    tctjeremy Posts: 964 Forumite
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    I have a pot of £23k with Scottish Widows (various funds) and want to move into a SIPP and intend only to buy and sell shares (ideally including American FTSE ones) - no intention to have funds etc.

    Looking at the spreadsheet, am I right that iWeb would be my cheapest option fee wise?
    I will probably select a 10-15 shares with the £23k.
    I have an Self Selcect ISA with IG currently.

    Many thanks,
    Jeremy
  • Malchester
    Malchester Posts: 877 Forumite
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    Many thanks Snowman for the table of charges. This is so helpful. Thanks for the time you took to compile and keep it updated.
  • cloud_dog
    cloud_dog Posts: 6,044 Forumite
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    Hi Snowman

    Was going to PM you but though I remember reading your inbox may be on/at the limit.

    Was wondering why SVS XO isn't on the list?

    They are another no platform charge for dealing/ISA but charges for buy/sell. No SIPP at the moment but the website indicates it may be coming soon (whatever that means)
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • 3handles
    3handles Posts: 3 Newbie
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    Hi Snowman and friends
    What a brilliant investment tool your spreadsheet is! Many thanks for developing it and putting it up there for us all.

    I'm currently invested through an ISA with Selftrade. It seems to work pretty well and be relatively inexpensive. I'm wondering about whether a SIPP is going to be worthwhile for me tax-wise, and if so which would be the best one to open. I note Selftrade isn't included in your tables so far. Would you consider adding it or is it run by one of those already included? Details of their charges are here... (note I'm a new member so apparently not allowed to post live links to urls)
    selftrade.co.uk/our-services/our-charges
    and here for SIPP:
    selftrade.co.uk/our-services/our-products/self-invested-personal-pension-sipp

    Cheers
    3H
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