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as of 26/02/2021 at 2:51 pm
This site is for the confident investor who knows what they are doing, and who is looking for a low-cost, no-frills service. Price is the USP and for any less confident investors there is very little help, content, guidance or substance to offer a more rounded experience. Not an obvious choice for pensions which is really not their heritage. But OK for those who don’t want to do anything fancy and to keep costs rock bottom.
We score each provider on about 20 different criteria including cost, service, website, functionality, customer feedback and our experience of the service. All overseen by our PhD gonk!
Confident Investor
Cheap option, particularly for larger portfolios
Lack of guidance and help
Website is functional but outdated
Don’t want to take our word for it? We ask existing customers and investors to rate their experience with the company – based on value for money, overall service and the website. We need at least 20 customer reviews before we add anyone to our Best Buys list.
Based on 31 reviews
Stocks and Shares ISA
Junior ISA
Investment Account
Pension
Halifax’s SIPP is administered by pensions specialist AJ Bell. There is a quarterly admin fee of £22.50 for SIPPs under £50,000 and £45 for SIPPs over £50,000, which works out at £90 and £180 per year respectively depending on your portfolio size.
The website lacks sophistication and user-friendliness, feeling quite old-school and stuffy, especially when navigating through the logged-in sections and dealing journey. However, it must be noted that recent improvements to the ‘research the market’ section are clear and have made a noticeable difference. It almost feels like a different website.
There is a wealth of investment options, with nearly 3000 funds available alongside UK, US and European equities. The choices can be narrowed, with a shortlist of 96 top-rated funds produced by global research house Morningstar clearly presented.
Trading fees are consistent, regardless of funds or shares, with each trade priced at £12.50, falling to £2 a trade if you set up a regular trading plan.
For investors approaching retirement, there are a number of charges to be aware of, including a £180 annual charge for flexi-access drawdown, a £90 charge for one-off income payments or an annuity purchase and a £90 SIPP closure charge (£300 if closed within 12 months of opening).
For those looking to transfer in their pension, Halifax charges £60 but there are no transfer out fees.
Provider Size: | A sizeable platform, administering roughly £13bn. |
Minimum amounts: | £0 minimum lump sum contribution £20 minimum regular contribution (£5 per stock) |