Overview
- Barclays confirmed on Thursday that it has removed the monthly customer fee for Barclays Direct Investing, ending the previous 0.25% charge on balances up to £200,000 and 0.05% above that.
- The bank published example savings showing a £50,000 portfolio would save £125 a year and a customer with £10,000 in shares making six trades would pay £36 under the new pricing versus £61 previously.
- Other costs remain in place: fund manager ongoing charges still apply, there is a £6 fee to buy or sell shares, ETFs, bonds and investment trusts, foreign exchange fees may apply on international trades, and there are no exit fees.
- Barclays framed the move as part of an effort to close the UK's 'investment gap', citing Financial Conduct Authority research that about seven million adults hold more than £10,000 in cash and recent rules from April 6 that allow firms to offer targeted support to savers.
- Industry commentators say the change will increase price pressure across direct-investing platforms and could nudge some cash savers toward investing, though customers should weigh risks and investment time horizons because values can fall as well as rise.