Charges

18 – 25 Investing

Invest in your future for free with our Invest Wise accounts. Pay no account fees until you’re 26 and benefit from free regular investing.

18 – 25 Investing

What charges would you like to look at?

The admin charges

 

Understanding our account charges

  • No confusing %-based platform fees.
  • You can hold an ISA and a Share Dealing Account, all for a single charge of £36 a year (the same as £3 a month). This fee is waived for 18 – 25 year olds. 
  • SIPPs cost £22.50 per quarter (if the SIPP value is £50,000 or less, or £45 if the value is above £50,000).

 

How much it costs to buy and sell investments

 

Our £9.50 online dealing commission (per trade) and covers:

  • Shares (UK shares)
  • Funds
  • Exchange Traded Funds (ETFs)
  • Investment Trusts
  • Bonds
  • Gilts

Trade regularly with our commission-free scheduled investment service.You can set up a direct debit on your share dealing account and select which investment to buy, when and at what cost or quantity. You can then sit back and leave the rest to us.

Trading international stocks?

We don’t charge you any dealing commission for International trading online, an FX charge of 1.25% still applies. 

 

 

Our Interest Rates

We do not pay you interest on cash balances held within your ISA or Share Dealing Account. 
See our interest rates for our Self-Invested Personal Pension (SIPP).

Cash Balances

Any uninvested cash is held in a cash management account, which is part of your Share Dealing Account, ISA or SIPP – This is not a bank account. We hold this uninvested cash in line with FCA rules, for your protection.

We receive interest payments, which vary, depending on the total balance held and market interest rates. Any interest we retain is to develop our products and services.

Bank of Scotland offer a range of savings accounts that do pay interest on cash balances.

How much cash should I hold?

There is no requirement to hold a minimum balance - You should make sure that there is enough cash held to cover charges, when they are due.

 

Additional charges for all accounts

  • We don’t charge you any dealing commission for International trading online, an FX charge of 1.25% still applies. 

  • Dividend reinvestment purchases are charged at 2% of the dividend value, and capped at a maximum of £9.50 per stock. 

  • Transfer charges for our Share Dealing Account and ISA

    We don’t charge you any transfer fees to join us, or if you decide to leave. However, your current provider may charge you, so please check before you start your transfer.

    Find out how to Transfer

    Transfer charges for our SIPP

    Transferring in another pension costs £60 per transferring plan (max £300).

    Find out how to Transfer

  • You can trade via our telephone service for £25 per trade.

  • Fund managers will charge various fees such as an ongoing charge or transaction fees, and details of these can be found within the Key Investor Information Document for each fund.

    The individual dealing charges are applied as the deal is placed and will be broken down on the transaction screen.

  • We offer a range of TradePlans (including limit orders and stop losses) to help you control the risk involved with stock market investing. TradePlans are available on any CREST eligible UK stock.

    Each TradePlan you set-up costs £2 and if a trade is executed then we’ll reduce the dealing commission on that trade by £2 per trade. A charge of £2 will be made each time you amend the TradePlan. If your TradePlan expires before it has been executed then the £2 charge will not be refunded. You can cancel a TradePlan at any time without an additional charge.

    Charges in a Stocks and Shares ISA or SIPP

    For ISAs and SIPPs there is no charge to set-up a TradePlan. This means our standard commission rate will apply to any trade carried out if a TradePlan triggers.

    TradePlan Options

  • Stamp Duty

    When you buy a UK stock, you’ll pay Stamp Duty to the Government. Stamp duty is 0.5% of the value of the investments you buy (1% on Irish stocks) and you won’t pay any Stamp Duty on AIM stocks or Exchange Traded Funds.

    Spanish Transaction Tax

    Spanish Transaction Tax (0.2%) is an additional tax payment when you buy some Spanish stocks e.g. Banco Santander and International Consolidated Airlines Group.

    PTM Levy

    Any trade over £10,000 will also be liable for a levy of £1 which is paid to the Panel on Takeovers and Mergers (PTM).

  • Admin fee

    Our admin fees are collected

    For our Share Dealing Account and Stocks and Shares ISA:

    • The customer administration fee is due in April and will be collected in full each May.
    • If your account doesn’t have enough cash to cover the fee, we’ll take the remaining amount by Direct Debit or from your Debit Card.
    • If we are unable to take the fee then we may need to sell some of your investments to cover the cost. We’ll always try to contact you before we do this.

    How is the admin fee shown on the statement?

    • The customer admin fee is due in April. The statement will show this as a debit on your account on 8th April.
    • If you had enough cash to cover the £36 fee from your share dealing account you will see this as a debit against your cash balance on your Cash Movements Schedule.
    • You could see two separate debits to cover the total amount if you did not have enough cash in your share dealing account, as the remaining amount will show as being debited from your Stocks and Shares ISA.
    • If your accounts did not have enough cash to cover the fee, the remaining or full amount (as applicable) will be taken from your debit card or by direct debit. Where this has been the case, it will show on your statements initially as a debit on 8th April and as a credit ‘payment received’ on the date the fee was actually collected and paid.

    Why is the admin debit date different to the date it left my account?

    • The customer admin fee is due in April. The statement will show this as a debit on your account on 8th April – this is the fee creation date. If you made payment of the fee by direct debit or a debit card, this will show as credit ‘payment received’ on the date the fee was actually collected and paid - for example this could be later in May.

    For our SIPP:

    • We’ll take payment from cash within your account quarterly at the end of March, June, September and December.
    • If we are unable to take the fee then we may need to sell some of your investments to cover the cost. We’ll always try to contact you before we do this.
       

    Dealing charges

    The individual dealing charges are applied as the deal is placed and will be broken down on the transaction screen.

Additional charges for the SIPP

  • Annuity purchase

    £90

    Ad hoc statement or valuation (on request)

    £12.50

    Transfer in of another registered pension scheme

    £60 per transferring plan (maximum £300)

    Transfer out to another registered pension scheme or a qualifying recognised overseas pension scheme (QROPS)

    Free

  • Flexi-access drawdown1

    £180 per annum

    Capped drawdown1

    Before age 75 - £180 per annum
    Age 75 onwards - £300 per annum

    Designate additional funds to drawdown / review income levels2

    £90

    Convert from capped drawdown to flexi-access drawdown

    £90

    Take an uncrystallised funds pension lump sum (UFLPS) – a one-off payment

    £90

    CHAPS (same day payment)

    £30

    SIPP closure through drawdown or lump sums where the balance is reduced below £1,000

    Free

    Payments on death or if your pension is to be split/shared as part of a divorce

    Free

    1. This will become payable immediately where funds are designated to provide drawdown even if you elect to take "nil" income. Payable annually in advance.

    2. Payable each time you designate additional funds to drawdown, once your SIPP is in drawdown stage.

Charges factsheet

This document includes information on all charges including government levies, stamp duty and foreign currency charges for international dealing.

The value of an investment can fall as well as rise, and you may get back less than you invest. If you are not sure about investing, seek independent advice. Tax treatment depends on personal circumstances and may be subject to change.

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.