Banking giant scraps its ‘platform fees’ to help millions of ordinary Brits start investing

BARCLAYS has scrapped its customer fee for holding investments, in a move designed to make investing easier for millions of ordinary Brits. Since May 31, it became completely free to hold investments through Barclays Direct Investing, with the platform, account or custody fee axed entirely. The bank says it wants to remove barriers for people who are new to investing, or put off by confusing charges. Sasha Wiggins, chief executive of Barclays Private Bank and Wealth Management, said: “At Barclays, we are committed to making investing more accessible for everyday investors.” Sign up for the Money newsletter Thank you! She added: “Whether someone is experienced or just getting started, investing should feel relevant and within reach.” “By removing our Direct Investing customer fee, we are helping to make it more straightforward for people to take the next step and invest with confidence,” she said. However, some charges still apply depending on how customers choose to invest. A £6 dealing charge applies each time someone buys or sells shares, ETFs, investment trusts, gilts or bonds online, rising to £25 for telephone trades. Buying and selling funds online remains free of dealing charges, and customers can set up automatic regular investments without paying the £6 fee. Anyone investing in overseas shares may also face foreign exchange charges when converting currency into and out of pounds. Most read in Money Cash held in Direct Investing accounts earns interest, although Barclays keeps a portion of this, in line with common practice across the investment industry. Bosses say the changes are about making investing charges clearer and easier to understand, rather than hiding costs elsewhere. Comment now