AJ Bell Youinvest (Sippdeal)


AJ Bell Youinvest (formerly known as Sippdeal) is best known as a pioneer in low-cost, online SIPPs, but the firm also offers regular trading accounts and ISAs. The firm offers an extensive range of funds and bonds in addition to UK and international shares.

The online international dealing service covers foreign stocks that can be held through CREST, the UK’s settlement system and securities depository, which essentially means major North American and European stocks. Some non-CREST markets are also available for telephone dealing, including some of the major Asian markets.

International trades are done through market makers rather than directly on the overseas exchange – the same method used by firms such as Hargreaves Lansdown, Selftrade and (for the most part) iDealing. Trading commissions are relatively low, but there is an additional cost in the form of a 1% FX charge, which increased from up to 0.5% at the beginning of 2014. This remains lower than most peers (at least for smaller trades), but represents a significant and unwelcome increase.

There are no set-up fees or annual fees for ISAs, which is one of the biggest selling points for this provider. The firm introduced an administration fee for SIPPs in 2014 for the first time, but remains one of the least expensive SIPP providers. Overall, Youinvest is one of the better-value UK brokers for international dealing, especially for investing in foreign shares within an ISA or a relatively small SIPP. Feedback on customer service is generally good.

Markets available
Online tradingAustria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Norway, Netherlands, Portugal, Spain, Sweden, Switzerland, UK, USA
Telephone tradingAustralia, Greece, Hong Kong, Japan - Tokyo, Singapore, South Africa
Dealing commissions and charges
Typical online£9.95
Online details0-9 deals in previous month £9.95; 10+ deals in previous month £4.95
Typical telephone£29.95
Telephone details£29.95
Other fees and charges
Account fees and inactivity feesNone
Custody charges for stocksNone
Dividend chargesNone
Corporate action chargesNone
Currency conversion charges1% margin for trades, 0.5% margin when converting foreign currency dividends to GBP
Hold cash in foreign currenciesNo
Currencies allowedGBP
Other details
Tax-advantaged accountsISA (no administration charge), SIPP (administration fee of £5 per quarter for SIPPs under £10,000, £15 per quarter for SIPPs £10,000-20,000, £25 per quarter for SIPPs over £20,000)
Other products and servicesBonds, funds
Minimum account sizeNone
Company locationUK
Further informationVisit the AJ Bell Youinvest (Sippdeal) website

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 Posted by at 12:19 am