With ISA season upon us, it’s time for a quick refresh of the lang cat pricing #heatmaps. There’s been a bit of activity recently in the market, so it’s worth having a very quick Woody’s Roundup of what’s been going on;
- Nutmeg complimented its ISA offering with the launch of a pension. Same charges apply.
- TD Direct made a very welcome move by removing exit fees from its platform. Doesn’t affect our tables but we give them a double fist pump nonetheless
- The hitherto comically cheap proposition from iWeb became less so as it increased its account opening fee from £25 to £200. (That’s 700% for the arithmetic fans) We’d previously ignored this charge in the tables as we focus as a rule on ongoing annual costs. However, a £200 fee is too large to ignore, so we’ve pulled this out in a ‘year 1’ row.
- AXA Self Investor & Close Brothers have special offers running. We show these in the tables as year 1.
- Willis Owen – who we’d lampooned in the past for being awfy expensive – became significantly less so with the launch of a new charging structure. Much, much more in line with the market. We’ll cease and desist from the Different Strokes jokes now and move onto someone else.
The links below take you to 2 files showing the most up to date #heatmaps, one for ISA and one for SIPP. Both show the annual cost of investing, displayed in both percentages and pounds. If you’d like tables that show only %’s or poonds, then please get in touch.
As with any set of data, some house rules apply so it’s well worth having a quick read of the assumptions we make;
- We look at ongoing core platform and wrapper costs. We don’t add in any initial costs. (except iWeb – keep up) These are few and far between and quite frankly are finicky to amortize (posh convert) to an annual, ongoing basis.
- We assume investment in funds. Tables looking at equity investment are available on request.
- We assume the cost of making 5 full switches throughout the year, equating to 5 buy and 5 sell transactions.
If you’re a journalist, and would like to use these tables, then please do get in touch typically via either Mark Locke (07718424711) or Steve Nelson (07429404356) for comment or further content.
