Fidelity FundsNetwork, can pay £45 to eliminate 0.25% switching fee

jamesd

Fidelity FundsNetwork is introducing the option to pay a £45 a year annual fee instead of paying them 0.25% on switches and a possible initial charge of 0.5 to 2.5%. The option was previously only available to those with more than £50,000 there. The new one is open to anyone who buys via an IFA. To be ahead by paying the fee takes switching more than £18,000 a year, something that's really easy to do.

This undercuts the £68 platform charge made by Skandia, which Skandia says won't increase until at least June 2013.

talexuser

Thanks for the info, the 45 is apparently plus vat which makes it £54 in all.

I can find no info on initial charge, does this mean the intial charge discount is not the same for the 2 options of flat fee switching or 0.25% switching?

jamesd

I think that deal is with no initial charge. You should really confirm with Fidelity, though.

Initial and switching charges probably varied depending on the IFA's charges.

jem16

Be aware that Bed&ISA is not part of the free switch deal. Apparently the no initial charge and no switch deal is for online transactions - as Bed&ISA is a paper based switch, the 0.25% does apply.