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Annual account charges

The HL SIPP is free to set up and low-cost to run. Our yearly charge for holding investments is never more than 0.45%. There’s no charge for inactivity or for holding cash.


Value of funds Charge
On the first £250,000 0.45%
On the value between £250,000 -£1m 0.25%
On the value between £1m - £2m 0.1%
On the value over £2m No charge


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

capped at £200 per year

Important note about charges

The investments you choose may have their own charges, such as charges from a fund manager. These are in addition to our account charges. You can find these in each investment’s key investor information. A bid/offer spread may also apply - see our Guide to Fund Prices for details.

Example of HL account charges

If you invest £15,000 in funds and £5,000 in shares, your account charge would be £7.50 per month*.

£15,000 in funds

Annual charge (0.45%)

£5,000 in shares

Annual charge (0.45%)

Total charge

(£7.50 per month)

*The monthly charge will depend on the exact value of your account each month. To keep things simple here, we didn't include any investment growth.

Dealing charges

Fund dealing

Includes unit trusts and open-ended investment companies (OEICs). There’s no dealing charge for buying or selling funds.

Share dealing – online and mobile app

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

Number of deals in previous month Charge per deal
0 - 9 £11.95
10 - 19 £8.95
20+ £5.95

*There’s an added foreign exchange charge for overseas share deals, depending on deal size. See our overseas share dealing page for details.

Automatic reinvestment

If you’d like any share income automatically reinvested, we charge 1% of the trade value (minimum £1, maximum of £10). There is no charge to reinvest fund income. We’ll reinvest your income once it reaches £10 per holding, or the amount you choose.

Other charges

  • Government tax and levies (per deal)
    UK Stamp Duty 0.5% on purchases of UK shares (round up to the nearest £5 for residual shares)
    PTM (Panel on Takeover and Mergers) £1 on UK share deals over £10,000
    Irish Stamp Duty 1% on purchases of Irish shares
    French Financial Transactions Tax 0.3% on purchases of certain French shares
    Italian Financial Transactions Tax 0.1% on purchases of certain Italian shares
    Spanish Financial Transactions Tax 0.2% on purchases of certain Spanish shares
  • Telephone share dealing
    1% of the trade value, minimum charge £20, maximum £50.
  • Direct Debit into investments
    You can set up a Direct Debit from £25 per month. There's no charge for a Direct Debit into funds. For FTSE 350 shares and selected investment trusts and exchange-traded funds (ETFs) there's a charge of £1.50 per stock per month.
  • Account administration

    Made in addition to the charges above, where applicable.

    Account closure fee

    No charge

    Early account closure fee
    (applies when your SIPP that has been open for less than 12 months and you close it by taking all the money as income)

    No charge

    Automated sales to cover charges
    (selling fund units or shares to cover fees)

    £1.50 per deal for shares. No charge for funds.

    Quarterly statement and valuation (paperless)

    No charge

    Quarterly statement and valuation (paper)

    £20 + VAT per year

  • Transfers

    Transfer out (as cash)

    No charge

    Transfer out (as stock)

    No charge

Other charges may apply in specific circumstances - see the terms and conditions for details.

Charges FAQs

How are charges paid?

There’s no need to remember to make any payments – we’ll automatically take our charges each month. You’ll need to keep cash in your account to pay any charges – there is a suggested minimum cash balance based on the size of your SIPP, but you can hold as much cash as you like.

What happens if there’s not enough cash to pay charges?

If you don’t have enough cash in your account to cover charges, we’ll first try to collect charges using any loyalty bonuses you received on investments you bought before 1 April 2014.

After that, we’d take charges using any cash in your Fund & Share account, if you have one. As a final resort, we’d sell holdings in your SIPP to cover any charges and restore the suggested minimum cash balance. To sell shares, we'll charge £1.50 per deal. There is no charge to sell funds. We will normally sell units of your largest fund holding first.

How much interest does the cash in my SIPP earn?

It’s important to keep some cash available in your SIPP for paying charges and you can also hold cash while you decide where to invest. Currently, you will earn tax-free interest at our variable rate.

See our cash interest rates page for details.

Where can I see your retirement charges?

See our list of charges for taking an income from your SIPP at retirement.

Important information

The charges above don’t include the cost of any advice you might need. If you need financial advice, our adviser would agree this cost with you separately.

If you have more than one account, for example a SIPP account and a SIPP drawdown account, any charges on those accounts will be treated separately.