We no longer check to see whether Telegraph. To see our content at its best we recommend upgrading if you wish to continue using IE or using another browser such as Firefox, Safari or Google Chrome. We often nag you to watch your investing costs — particularly the amount you pay a broker just to hold your shares. Some readers who hold stocks with their bank will have ignored this advice, knowing there was zero cost.
Once, most banks worked this way — they would charge a relatively high fee to trade but no ongoing cost. The new breed of brokers, instead, apply an annual percentage charge or a fixed quarterly fee. Jeremy Fawcett of Platforum, which analyses the market, has spoken to a number of HSBC customers who are angry enough about the new charge to give up on investing.
For long term investors there are plenty of good value services out there but getting a free ride for holding shares looks like a thing of the past.
Holding shares for investors carries a cost that banks had been happy to pay for knowing that if you were banking and trading with them, and were therefore likely to buy other lucrative products like insurance.
Halifax UK | Share Dealing Charges | Sharedealing
But the banking business model is changing: This isn't all bad news. There's plenty of good value services where you can hold shares, funds and other investments, like retail bonds, in one place. And these services can be low cost, if you select the right one for your circumstances.
Halifax UK | Bank Accounts, Savings, Loans & Mortgages
This table is a good starting point: And if you only want to buy and hold shares, technology advances are driving down costs among "fintech" players. It claims it will make dealing free next year. But the real shame is that a swathe of individuals who had a toehold of ownership of British companies, will most likely just sell up. Howard Marks, an Oxford University graduate turned drug smuggler, made millions.
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Lloyds Bank - Share dealing account explained - Investments
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