Hargreaves Lansdown cuts fees on selected ISAs, reports Forbes.
13 March: Competition Sees Charges Removed and Reduced
Hargreaves Lansdown is no longer charging fees to hold investments and trade online in its Junior Stocks & Shares ISA (JISA). It has also reduced its platform fee for Lifetime ISAs (LISAs).
It is the latest provider to trim its fees against a backdrop of fierce competition among investment platforms to attract DIY investors.
Existing and new JISA customers will no longer pay platform fees for investments (previously 0.45% per year, capped at £45 for shares, investment trusts and exchange-traded funds).
There will also be no dealing fee (saving customers £5.95 per trade) and no foreign exchange fees on trades in overseas investments.
The firm has also reduced its annual platform fee on LISAs from 0.45% to 0.25% (up to £1 million, capped at £45 for equities).
The trading fee remains unchanged at between £5.95 to £11.95 (depending on the frequency of trading). LISAs were introduced to help the under 40s to save towards their first home.
Customers will still pay fees charged by the underlying investment provider, for example, annual fees charged by fund managers.
Ruchir Rodrigues at Hargreaves Lansdown, comments: “We believe saving and investing is for the whole family – across multiple generations. We can see parents and grandparents withdrawing cash to support their children and grandchildren during these challenging times.”
“We also recognise the need to encourage younger generations to save and invest to improve their financial resilience. We believe this to be the most important tax year-end not only in a generation, but also for generations. Our changes to our Junior ISA and Lifetime ISAs are the start of creating legacies that will last generations for our children and their children.”
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Source: Forbes
