Fees get mentioned a lot in different places on the forum and a few people try to summarise the potential fees that can be incurred elsewhere. Was browsing the L&G investment guide which has this one pager. Even after all the info I have read on here it surprised me the amount of potential charges that can incur on an investment (I count 8). Is there an infographic or something similar that could be produced by freetrade describing the current vs new charging landscape that you will introducing? I could see it as a real eye opener, as someone new to investing even now after a lot of reading I see free trade as cutting out a couple of charges (not 8) and haven’t really understood just how expensive trading actually is.
Maybe fees are intentionally complicated for straplines, so they can claim ‘from £…’
Feels like less competition these days. I remember companies used to offer free trades or cheaper trades for a month etc.
Fees also keep changing, the worst one is when they introduce or increase account management charges.
What the hell is a custody fee
I was caught off guard! I think they want to make sure I keep ‘trading’.
For now, all I want is to hold what I have, but it looks like I’d have to pay £24/quarter for the privilege.
Thankfully I have the app now. And so should everyone else soon.
For what it’s worth, this reminds me of the various conversations we’ve had in this forum. E.g. if you buy/sell £600,000+ worth of US shares, you get charged only 0.25% over the interbank rate.
I’m not joking, that thread actually happened.
If you meet some criteria, and you get a good deal, more power to you. But it’s important that my account is with a company I trust has my back and doesn’t arbitrarily change their fees, without any discussion whatsoever, to drive some internal KPI.
In the meantime, no response to my tweet.
It’s just a fee you pay to the broker to look after your shares for you, picture it like paying a bank to look after your cash (except brokers can’t do anything with your shares in the way banks can with your deposits).
It seems IG are not a fan of investors, and would rather keep people trading to ensure they are making as much from each customer as possible.