Hargreaves Lansdown cuts online share deal charges
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Hargreaves Lansdown has lowered its charges for online share dealing in a bid to make its pricing more competitive with other players.
The new pricing scale means those who make 20 or more deals in the previous month will pay £5.95 per deal in the following month.
Those making between 10 and 19 deals a month will pay £8.95 the following month and those who make less than 10 will pay £11.95 the next month.
Hargreaves’ lowest tariff was previously set at £9.95 a deal.
The tariff is for internet users only while telephone dealing will remain at 1 per cent commission, with a maximum charge of £50 a deal.
In February, founder and executive director Peter Hargreaves conceded that the firm’s stockbroking charges were not competitive as it announced a stockbroking dealing income of £11.9m in its half-year results.
Investment manager Ben Yearsley says: “We wanted to make sure we offered better value to our users as we look to build market share.”
AJ Bell marketing director Billy Mackay says: “The firm’s headline rate is now probably in line with the rest of the market. I expect there will be more competition in this marketplace as people target the direct to consumer offering.”
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