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Reviews for Bestinvest
Average User Review Ratings for All products
Service: Pension (SIPP)
Product: Select SIPP
Review by smudger
submitted on 27 February 2015
Likes: None really
Dislikes: Exit charges on Low cost SIPP seem well hidden and very high. Customer service not impressive
I took out a 'Low cost' SIPP with BestInvest in 2014, and had a fund of just under £10000 invested in cash .
When I came to sell the fund the landed me with £400 in charges, that seemed mostly 'hidden' in the T&C's. e.g Calculation of income benefits £100), Annual charge for income payments £100), ad hoc income payments (£25), account closure payment (£125). Their wording of charges seems very well hidden and designed to confuse.
In addition they paid out about 25% of my amount in just over a week, but they told me I would have to wait for 7 weeks for the balance because I had missed a 'cut off' date that they don't seem to mention in their sales literature.
In summary 1) I don't tghink they are really low cost 2) it can take ages to get your money out of the SIPP 3) I think their sales literature seems misleading on charges
Service: Discount Broker
Review by longtimeinvestor
submitted on 23 January 2015
Likes: Good website and helpful information
Dislikes: Expensive for other than small portfolios
Offer useful views on funds and managers and produce a lot of information. Suggested portfolios for a variety of 'risk', and tools to measure the allocation of portfolio to asset classes; regions; and company size. So you do get something for the charges which at 0.4% overall is a little on the high side; it is less for their SIPP.
Tools will scan your portfolio and suggest how "in balance" it is aginst one of their standard models; you cannot select which that model is, rather it is selected for you. No help to suggest where the imbalance lies and what may be done to remedy.
Good for trading small amounts of unit trusts as the percent fee is on the overall portfolio and changes are no charge.
Helpful if a little brisk on the phone. Can get dividends paid to bank for free but have to manually enter the transfer on their website.
Have used for twenty years, originally just as a discount broker.