Barclays smart investor removed platform charge

GeoffTF

Barclays has abolished its platform fees:

https://www.barclays.co.uk/smart-investor/investments/investment-costs/

Barclays now appears to charge nothing for holding OEICs, and nothing for trading them. Most other platforms charge for one or the other. Barclays was previously unsuitable for large portfolios, because of the huge fees. They now look competitive with other large platforms.

friolento

Somebody beat you to it a few days ago

https://forums.moneysavingexpert.com/discussion/6671084/barclays-smart-investor-removed-platform-charge

GeoffTF

Sorry. I had not noticed.

pafpcg

I've no wish to open a Barclays account but I welcome this development!

My partner & I have substantial S&S ISAs at LBG's ScottishWidows (aka IWeb) which I'm worried might raise platform charges following the rebranding, but with Barclays now offering a charging structure roughly equivalent to that of ScottishWidows currently, it must make LBG much more cautious about any increase in charges.

x44

Left hand not knowing what the right is doing clearly here as Barclays have just sent me an automated text saying

"We'll collect your monthly customer fee to 07/06/2026 of £x on the 26/06/2026 through your usual payment method

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82026235#Comment_82026235

The fee was only dropped from 31/05 so is it collecting the May fee in June?

Section62

https://forums.moneysavingexpert.com/discussion/comment/82026264#Comment_82026264

Yes, Barclays collect (quite generously) in arrears, so the DD payment in June is for the fee period which started in May.

My guess would be that changing the automated email system so it reads "to 30/05/2026" would be more than a trivial task, and only needed on this one occasion. So someone has probably made the business decision to rely on customers working it out/using common sense, rather than expending money on a system modification which could go horribly wrong.

At least Barclays are proactive and email/write to confirm what the fees are and when they will be taken. HSBC tuck that information away in your user profile so you have to a) Remember and b) go looking for it. Even a wrongly-worded email is better than that.

Spaceace

This interesting, and welcome, news.

My wife and I each have a S&S ISA with Barclays and neither of us have received any communication (email or mail) from them regarding any changes to the fees. The last fee related communication was the usual email warning that fees for 16th April to 15th May will be taken on the 8th June.

Hopefully we'll hear something official in the coming weeks but will presumably still have a further charging period for 16th May until the end of the month payable in July.

apf666

just got a bill for fees for period up to 8th june, hopefully the last one

Newbie_John

https://forums.moneysavingexpert.com/discussion/comment/82026422#Comment_82026422

Same here, but got a letter from the today. I've opted out from any letters btw.

Very good move, literally cheapest ISA for OEIC funds.