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Reply to: Multiple SIPPs
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Previously on "Multiple SIPPs"
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As Fred Bloggs has stated, Hargreaves Lansdown are the most expensive in the industry for retail investors like us. Simply don't use them.
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Originally posted by Lance View Post
HL is very well priced if you have a small pot.
Once £25k is exceeded there are cheaper options.
Many on here recommend Interactive Investor. I use them now.
Certainly, II trade fee is almost half of HL's since it was reduced to £5.99.
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Originally posted by gisp View PostHi all,
Fast forward and I started using my HL to buy shares. All good so far. It has £11 purchase/sell fee for shares in £.
However it has very steep fee for any other currency something like £60-70 purchase/sell fee.
Can you recommend any SIPP provider with better fees non UK(£) shares?
If you want to open an account with II, ask for a referral here. Myself or another CUKer of your choice can refer you and you get 1 year with no platform fees. The referrer also benefits too but not with free fees.
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Originally posted by gisp View PostHi all,
Fast forward and I started using my HL to buy shares. All good so far. It has £11 purchase/sell fee for shares in £.
However it has very steep fee for any other currency something like £60-70 purchase/sell fee.
Can you recommend any SIPP provider with better fees non UK(£) shares?
Once £25k is exceeded there are cheaper options.
Many on here recommend Interactive Investor. I use them now.
Leave a comment:
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Hi all,
Fast forward and I started using my HL to buy shares. All good so far. It has £11 purchase/sell fee for shares in £.
However it has very steep fee for any other currency something like £60-70 purchase/sell fee.
Can you recommend any SIPP provider with better fees non UK(£) shares?
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Compensation in this area is complex. The domicile of the underlying holdings is key. Many funds/ETFs are domicile in Ireland where there is a less generous scheme in place than those domicile in the UK.
https://monevator.com/investor-compensation-scheme/
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Originally posted by Smartie View Post3. If you are very risk averse then splitting your money across SIPPs may be a good idea once you have >£85k in one since that's the limit for compensation if there's a problem.
It's way more complex for a SIPP. The SIPP itself is not protected.
If you think about what a SIPP is, just for a second, it cannot be protected like a savings account.
If you can prove mis-selling then maybe you can get some compensation, but in general a SIPP is what it says on the tin. The funds within the SIPP may be protected, but check each fund separately.
Claims regarding IFAs and SIPP operators | FSCS
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1. Yes you can have multiple SIPPs.
2. The £40k limit doesn't have to be split between them, but it's the maximum in a year across all SIPPs unless you can carry back unused contributions from previous years.
3. If you are very risk averse then splitting your money across SIPPs may be a good idea once you have >£85k in one since that's the limit for compensation if there's a problem. Your costs will be higher however.
4. Vanguard is pretty good if you only want Vanguard products.
5. HL has great customer service generally and has a cap on maximum fees if you're investing in ETFs for instance (rather than funds).
6. Interactive Investor is probably the cheapest SIPP option, particularly when you have a lot invested.
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Just open a Vanguard SIPP as well and start contributions. If you don't plan on using the HL SIPP and the balance is zero, you can probably close it pretty easily. HL are a perfectly reasonable and broadly competitive option for certain investors although if you are just starting out, that won't be you.
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Multiple SIPPs
Hi all,
if this has been answered please merge.
Can I have multiple SIPP accounts. Of course the £40k limit is shared between them.
Reason for asking is I have HL SIPP which has been empty until now. HL are expensive, so maybe vanguard is a better value for money.
Do I move HL SIPP to VG or open VG and just start putting money in VG?
I know HL exit process can be PITA.Tags: None
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