Transact has further cut its charges and reduced the threshold for the level of assets that incur a 0.5 per cent charge.
By April, the investment platform will lower its charging threshold for clients being charged 0.5 per cent to £120,000 from £150,000. This was already reduced from £180,000 to £150,000 at the end of 2015.
The firm has also decreased its annual charge to 0.30 per cent from 0.31 per cent.
As a result of the move, portfolios valued £120,000 will save over 25 per cent a year, equal to £126, the platform says.
Currently, portfolios valued £150,000 are charged at 0.5 per cent in annual charges on the first £60,000 of investments.
Clients with assets worth more than £120,000 will pay 0.3 per cent on the first £600,000, 0.2 per cent on assets between £600,000 and £1.2m and 0.075 per cent on any remaining assets.
The charge cut is a result of the growth in the platform’s scale, as it now has £24bn in assets, says Transact chief development officer Jonathan Gunby.
He says: “2015/16 was another successful year for Transact and our funds under direction now exceed £24bn. Our strong performance has enabled us to pass on even more savings to clients while still continuing to provide the best service in the industry.”