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New home for my SIPP


lovelyboy

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lovelyboy
Posted (edited)

OK, now that Halifax have told me they don't want my business because I'm a homophobic bigot...

Halifax suffers exodus of customers after staff pronoun policy | Daily Mail Online

It's a bit of a ball-ache but I'm going to have to transfer current account, share dealing account and SIPP.

I've put this post in the 'investing' sub-forum because I'd like to hear posters' recommended SIPP providers rather than focus on the gender politics, which I'm sure is already being discussed on the off-topic forum. 

I'm trying to find a SIPP provider with low charges (obviously) but more importantly one that allows share purchases in small cap stocks, AIM market etc. Any ideas?

Edited by lovelyboy
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Frank Hovis

I'm with Vanguard - very low charges, and those capped, but limited range of investment options.

I was previously with Hargreaves Lansdown who had signficantly higher charges but certainly let you buy AIM stocks as I held one.

I can recommend both.

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Bobthebuilder
43 minutes ago, Frank Hovis said:

I'm with Vanguard - very low charges, and those capped, but limited range of investment options.

I was previously with Hargreaves Lansdown who had signficantly higher charges but certainly let you buy AIM stocks as I held one.

I can recommend both.

Hargreaves Lansdown have a cap on fees at £200 I believe.

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Frank Hovis
23 minutes ago, Bobthebuilder said:

Hargreaves Lansdown have a cap on fees at £200 I believe.

 

That's true if you only invest in:

Shares

Including UK and overseas shares, investment trusts, exchange-traded funds, VCTs, gilts and bonds.

For these:

SIPP - 0.45% capped at £200

ISA - 0.45% capped at £45

However if you invest in funds as I do then the annual charges are, taking half million in each of ISA and SIPP for example, are:

SIPP: £1,750

ISA: £1,750

Combined £3,500 annually.  Free for any over £2m in either so capped at £4m combined.

https://www.hl.co.uk/pensions/sipp/charges-and-interest-rates

https://www.hl.co.uk/investment-services/isa/savings-interest-rates-and-charges

 

For the same half mill in each for Vanguard:

Combined £375 annually.  Caps at £250k combined with fees at 0.15% to that point.

https://www.vanguardinvestor.co.uk/what-we-offer/fees-explained

 

The devil is in the detail - it depends what you invest in; I'm in funds so for me Vanguard is as cheap as chips.  Especially if you have more than £250k.

 

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lovelyboy

Thanks guys. HL looking the most likely. Charges versus Halifax...

Hargreaves: 0.45% capped at £200 per year. Plus £8.95 per deal (if over 10 deals per annum).

Halifax: £45 per quarter i.e. £180 per year. Plus £9.50 per deal.

So not much to choose between the two other than I hope HL take the management of my pension more seriously. I assume they are unlikely to tell me to fuck off if I'm not fully aligned with whatever is their flavour of the month virtue.

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Democorruptcy
Posted (edited)
1 hour ago, lovelyboy said:

Thanks guys. HL looking the most likely. Charges versus Halifax...

Hargreaves: 0.45% capped at £200 per year. Plus £8.95 per deal (if over 10 deals per annum).

Halifax: £45 per quarter i.e. £180 per year. Plus £9.50 per deal.

So not much to choose between the two other than I hope HL take the management of my pension more seriously. I assume they are unlikely to tell me to fuck off if I'm not fully aligned with whatever is their flavour of the month virtue.

I don't think that's per annum, it's 10 deals in the previous month. Have a month with only 9 and then it's back up to £11.95 the next month.

Edit to add... one thing to consider if you might need any credit going forward, is that a long standing bank account is a plus point for that.

Edited by Democorruptcy
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lovelyboy
1 hour ago, Democorruptcy said:

I don't think that's per annum, it's 10 deals in the previous month. Have a month with only 9 and then it's back up to £11.95 the next month.

Edit to add... one thing to consider if you might need any credit going forward, is that a long standing bank account is a plus point for that.

Well spotted @Democorruptcy, HL could work out more expensive as I usually do two to three trades per month. I'll check out the link posted by @reformed nice guy to see if I can find something more suitable.

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I'm with Interactive Investor. £7.99 a trade, with a free trade every month. On the down side the currency conversion charges are a bit of a rip off. However they do let you hold dollars, euros, swiss francs and a few other currencies as cash in the SIPP, so you can limit the amount of times you do the currency conversion. US dividends are paid in full with no witholding tax.

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Democorruptcy
11 hours ago, lovelyboy said:

Well spotted @Democorruptcy, HL could work out more expensive as I usually do two to three trades per month. I'll check out the link posted by @reformed nice guy to see if I can find something more suitable.

I use HL and flip between 8.95 and 11.95

One point to consider is that while lower charges are good, a wider choice of investments might mean you make more than enough to cover slightly higher charges. The most important thing, though I don't know how we could find out in the UK, is whether you are getting offered the best price on a transaction. That's particularly relevant the more money you are playing with.

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I'm with AJ Bell who have a good range of shares etc including AIM.  I'm not sure if their fees are good or bad compared to other companies.  Buying shares is usually £9.95 but can be £4.95 if you do enough trades the previous month.  No issues except their FX charges for foreign listed shares seem on the high side but I haven't compared with others.  Easy to use website.

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