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Transact to roll out lower charges threshold

Ian-Taylor-2012-700x450.jpg

Transact has lowered the threshold at which clients move to a lower pricing tier from £150,000 to £120,000.

The changes will be introduced from 1 April, and was first announced in October.

The platform will also reduce its annual commission charge from 0.31 per cent to 0.3 per cent for portfolios of between £60,000 and £120,000. The charge reduction will also apply to portfolios of between £120,000 and £600,000.

Transact says the changes will benefit more than 95,000 customers. Clients and their immediate family can also apply to link portfolios in create a group accounts which are eligible for lower charges.

Transact managing director Ian Taylor says: “It is part of our process that we call ‘sustainable pricing’, which is effectively sharing part of our profits with our clients which we can afford to do without it harming our ability to deliver the best service we can.”

Taylor says the change will be applied to both existing and new customers.

Transact’s new charges

Single or consolidated Portfolio(s) up to £120k
Investments Cash
£0 – £60,000 0.50% 0.45%
> £60,000 – £120,000 0.30% 0.29%
Single or consolidated Portfolio(s) over £120k
Investments Cash
£0 – £600,000 0.30% 0.29%
> £600,000 – £1,200,000 0.20% 0.18%
On the remainder 0.075% 0.0675%

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. John Blackmore 6th March 2017 at 2:00 pm

    Am I alone or does anyone else think that £1800 pa £600,000 portfolio) for a platform service is still too high?

  2. @ John. Agreed. Look at the Share Centre.
    Anyway I would guess this is just the start. The Aberdeen/Std Life deal will bring costs down and therefore put pressure on the rest.
    (BTW I do hope the merged group find a new name because there is no life in Standard. They ditched their life products ages ago)

    • Harry, that’s a bit like comparing an apple with a prune. One keeps the doctor away and the other can help with some conditions but in the end it will give you the s..ts

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