Charges

What do I have to pay?

When choosing which account is right for you, please consider the fees that we charge for the overall management of the account. We’ve summarised the key charges in the tables below. If you’re looking for more detail read on for full charges or download our handy factsheet.

Dealing charges for all accounts

Dealing charges for all accounts

Dealing charges for all accounts

Dealing charges for all accounts

Online dealing commission

£12.50 dealing commission per trade

Dealing charges for all accounts

Telephone dealing commission

£25 dealing commission per trade

Dealing charges for all accounts

Foreign currency charges*

1.25% per trade (international trades only)

*Foreign currency conversions facilitate the settlement of international transactions. When buying or selling international securities, we adjust the exchange rate by 1.25% and keep the difference as our fee. Indicative exchange rates are provided prior to trading, and the rate applicable to the individual trade is confirmed on the trade confirmation once the deal has been completed.

Account administration charges

account administration charges

Account administration charges

Account administration charges

Share Dealing Account

No opening or annual fee

Account administration charges

Stocks and Shares ISA

£12.50 per year

Account administration charges

Quarterly SIPP admin charge

£22.50 (SIPP value of £50,000 or less)
£45 (SIPP value of greater than £50,000)

Charges Factsheet

Our costs and charges PDF details all charges and includes more examples of what you might pay in certain situations including international investing and investing in funds.

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Full account charges

  • Additional Dealing Charges

    Additional Dealing Charges

    Charge

    Amount

    Charge

    Regular investments

    Amount

    £2 dealing commission per trade

    Charge

    Dividend reinvestment

    Amount

    2% of dividend (max £12.50)

    Charge

    Trade Plans

    Amount

    £2 per TradePlan (taken off your dealing commission when the trade goes through)

    Charge

    Share certificate sales

    Amount

    1.25% of deal value (min £25, max £125)

    Charge

    Stamp Duty
    (UK stock purchases only)

    Amount

    0.5% of deal value
    (1% for Irish stocks)

    Charge

    Panel of Takeovers and Mergers levy
    (trades over £10,000 only)

    Amount

    £1

    Fund Charges

    If you invest in a fund, you will also pay ‘Ongoing Charges’ and ‘Transaction Costs’ to the fund manager each year for looking after the fund and buying and selling the assets it invests in. This is taken from the value of the fund and the exact amount varies.

    fund charges

    Charge

    Amount

    Charge

    Typical ongoing charge

    Amount

    0.25% to 1.5% of your investment (exact charges are listed in the fund’s information documents)

    Charge

    Typical transaction costs

    Amount

    0.5% of your investment (where possible, we’ll show you the exact transaction costs for the fund before you invest)

  • administration charges

    Charges

    Amount

    Charges

    ISA admin charge

    Amount

    £12.50 per year

    Charges

    ISA closure fee

    Amount

    No closure charge, however, the current annual administration fee (pro-rated) is payable

    Charges

    Other admin charges
    (cash withdrawal by cheque, ad hoc statement/valuation, copy of Annual Consolidated Tax Certificate, voiding of ISA
    or repair of ISA).

    Amount

    £12.50 for each service

    Charges

    Withdrawal of stock in certificate form (CREST stocks only)

    Amount

    £25 per stock

    Bereavement service charges

    Bereavement service charges

    Charge

    Amount

    Charge

    Probate valuation

    Amount

    No charge

    Charge

    Distribution of assets

    Amount

    No charge

    Charge

    Dealing commission (sales only)

    Amount

    £12.50 per individual stock

    Charge

    Transfer of stock(s) to another provider

    Amount

    £25 per individual stock (max £125)

    Charge

    Withdrawal of stock onto a certificate

    Amount

    £25 per certificate

    How do we take payment?
    Any charges will be taken from the share dealing account where possible, however where there isn’t an available balance to pay some, or all of the charges, we’ll contact the executor by letter requesting an alternative payment method.

    If you’d like to pay any of the charges by cheque please make this payable to Bank of Scotland Limited and send to the following address:

    Bank of Scotland Share Dealing
    Legal Department
    Lovell Park Road Leeds
    LS1 1NS

  • These are charges you pay for the management of a SIPP account.

    SIPP administration charges

    Charge

    Amount

    Charge

    Quarterly SIPP admin charge1

    Amount

    £22.50 (SIPP value of £50,000 or less)
    £45 (SIPP value of greater than £50,000)

    Charge

    Transfer in of another registered pension scheme

    Amount

    £60 per transferring plan (max £300.00)

    Charge

    Transfer out to another registered pension scheme/annuity purchase

    Amount

    £90

    Charge

    Transfer out to a Qualifying Recognised Overseas Pension Scheme (QROPS)

    Amount

    £510.00

    Charge

    Ad hoc statement or valuation on request

    Amount

    £12.50

    Charge

    Re-investment of dividends

    Amount

    2%, maximum £12.50

    Notes on SIPP Charges
    1. Payable in arrears at the end of March, June, September and December (also applies when your SIPP is in drawdown). Charges are shared between AJ Bell Management Limited and Bank of Scotland Share Dealing. Full details can be found in the Key Features Document.
    2. All prices include VAT where applicable.
    3. All charges will be deducted from your SIPP.

    Interest rates
    The Self-Invested Personal Pension (SIPP) will pay interest as gross.

    Please note that the interest rate payable on our Self-Invested Personal Pension (SIPP) follows the Bank of England Base Rate. We will amend our interest rate as soon as is practically possible following a change in the base rate - the current rates that are applicable are shown below.

    SIPP interest rates

    Balance

    AER

    Interest Rate (Gross)

    Interest Rate (Net)

    Balance

    £1 and above

    AER

    0.75%

    Interest Rate (Gross)

    0.75%

    Interest Rate (Net)

    N/A

    Glossary

    AER

    Annual Equivalent Rate - this illustrates what the interest rate would be if interest was paid and compounded once each year.

    Gross
    Gross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).

  • Additional charges are payable when you start to take income from your SIPP at retirement.

    SIPP income drawdown and benefit charges

    Charge

    Amount

    Charge

    Quarterly SIPP admin (See Note 1)

    Amount

    £22.50 (SIPP value of £50,000 or less)
    £45 (SIPP value of greater than £50,000)

    Charge

    Flexi-access drawdown (See Note 2)

    Amount

    £180 per annum

    Charge

    Capped drawdown before age 75 (See Note 2)

    Amount

    £180 per annum

    Charge

    Capped drawdown from age 75 onwards (See Note 2)

    Amount

    £300 per annum

    Charge

    Designate additional funds to drawdown/review income levels (See Note 3)

    Amount

    £90

    Charge

    Convert from capped drawdown to flexi-access drawdown

    Amount

    £90

    Charge

    Take a one-off payment Uncrystallised Funds Pension Lump Sum) (UFPLS)

    Amount

    £90

    Charge

    SIPP closure charge through drawdown or lump sums (e.g. UFPLS) where the balance is reduced below £1,000 (See Note 4)

    Amount

    Within the first 12 months of opening - £300 Where the SIPP account has been opened for 12 months or more - £90

    Charge

    Payment of death benefits

    Amount

    Time/cost basis (typically £250-£500)

    Notes on SIPP Charges

    1. Payable in arrears at the end of March, June, September and December (also applies when your SIPP is in drawdown). Charges are shared between AJ Bell Management Limited and Bank of Scotland Share Dealing. Full details can
    2. be found in the Key Features Document.
    3. This will become payable immediately where funds are designated to provide drawdown income, even if you select ‘nil’ income. Payable annually in advance.
    4. Payable each time you designate additional funds to drawdown, once your SIPP is in drawdown stage.
    5. We will be entitled to close your SIPP and return the remaining funds to you, after deducting our charges.
    6. All prices include VAT where applicable.
    7. All charges will be deducted from your SIPP.

Customer examples

We’ve put together some examples to help show how much you might pay depending on what account you have, how often you trade and what you do with your account. If you want to know more about our accounts and have decided to start trading you can compare our accounts to see which one could be right for you.

Tam the Trader

Tam has a Stocks and Shares ISA and a Share Dealing Account. He trades regularly, clocking up three share trades a month, apart from at Christmas and when he’s on holiday. This year, Tam will pay:

ISA admin charge - £12.50
Online dealing commission
(33 trades at £12.50 each) - £412.50
Stamp Duty
(0.5% of £74,587.50 – his investments minus dealing commission) - £372.94
Total - £797.94

Tam’s investments total £75,000, which means that his charges are 1.06% of this.

Tessa the Telephone Trader

Tessa uses her ISA to trade shares a few times a year and prefers to use the phone as her internet connection’s a bit patchy. This year, Tessa will pay:

ISA admin charge - £12.50
Telephone dealing commission
(5 trades at £25.00 each) - £125.00
Stamp Duty
(0.5% of £4,875 – Tessa’s investment after dealing commission) - £24.38
Total - £161.88

Tessa has invested a total of £5,000 this year, which means that her charges are 3.24% of this.

Shona the SIPPer

Shona is starting to think about retirement and has recently opened a SIPP. If she carries on at this rate, she’s likely to buy shares three times this year, investing £1,000 in total. She also plans to transfer in an existing pension scheme. This year, Shona will pay:

Quarterly admin charges
(£22.50 for a SIPP of less than £50,000) - £90.00
Transfer in of existing pension - £60.00
On-line Dealing commission
(3 trades at £12.50 each) - £37.50
Stamp Duty (0.5% of £962.50 – the amount she’s invested minus dealing commission) - £4.81
Total - £192.31

Shona currently has £43,000 in her SIPP. This year, her charges are 0.45% of her investment.

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. 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, 12 Endeavour Square, London, E20 1JN under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.