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

Online dealing commission £12.50 dealing commission per trade
Telephone dealing commission £25 dealing commission per trade
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

Share Dealing Account No opening or annual fee
Stocks and Shares ISA £12.50 per year
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.

View Costs and Charges (PDF)

Compare our accounts


We offer a range of accounts to suit your needs; take a look today and choose your ideal account.

Full account charges

Additional Dealing Charges

 

Charge
Amount
Regular investments £2 dealing commission per trade
Dividend reinvestment 2% of dividend (max £12.50)
Trade Plans

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

Share certificate sales

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

Stamp Duty
(UK stock purchases only)

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

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

Charge
Amount
Typical ongoing charge 0.25% to 1.5% of your investment (exact charges are listed in the fund’s information documents)
Typical transaction costs 0.5% of your investment (where possible, we’ll show you the exact transaction costs for the fund before you invest)
Charges Amount
ISA admin charge £12.50 per year
ISA closure fee No closure charge, however, the current annual administration fee (pro-rated) is payable
Other admin charges
(cash withdrawal by cheque, ad hoc statement/valuation, copy of Annual Consolidated Tax Certificate, voiding of ISA
or repair of ISA).
£12.50 for each service
Withdrawal of stock in certificate form (CREST stocks only) £25 per stock

Transfers

Charge
Amount
Transfer in from another provider We don’t charge to transfer in to our Share Dealing Account, ISA, or ShareBuilder.
Transfer out to another provider £25 per stock (max £125.00)

Bereavement service charges

Charge Amount
Probate valuation No charge
Distribution of assets No charge
Dealing commission (sales only) £12.50 per individual stock
Transfer of stock(s) to another provider £25 per individual stock (max £125)
Withdrawal of stock onto a certificate £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.

Charge Amount
Quarterly SIPP admin charge1 £22.50 (SIPP value of £50,000 or less)
£45 (SIPP value of greater than £50,000)
Transfer in of another registered pension scheme £60 per transferring plan (max £300.00)
Transfer out to another registered pension scheme/annuity purchase £90 + £25 per investment (max £215.00)
Transfer out to a Qualifying Recognised Overseas Pension Scheme (QROPS) £510.00
Ad hoc statement or valuation on request £12.50
Re-investment of dividends 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.

Balance AER Interest Rate (Gross) Interest Rate (Net)
£1 and above 0.50% 0.50% 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.

Charge Amount
Quarterly SIPP admin (See Note 1) £22.50 (SIPP value of £50,000 or less)
£45 (SIPP value of greater than £50,000)
Flexi-access drawdown (See Note 2) £180 per annum
Capped drawdown before age 75 (See Note 2) £180 per annum
Capped drawdown from age 75 onwards (See Note 2) £300 per annum
Designate additional funds to drawdown/review income levels (See Note 3) £90
Convert from capped drawdown to flexi-access drawdown £90
Take a one-off payment Uncrystallised Funds Pension Lump Sum) (UFPLS) £90
SIPP closure charge through drawdown or lump sums (e.g. UFPLS) where the balance is reduced below £1,000 (See Note 4) Within the first 12 months of opening - £300 Where the SIPP account has been opened for 12 months or more - £90
Payment of death benefits 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 be found in the Key Features Document.
2. This will become payable immediately where funds are designated to provide drawdown income, even if you select ‘nil’ income. Payable annually in advance.
3. Payable each time you designate additional funds to drawdown, once your SIPP is in drawdown stage.
4. We will be entitled to close your SIPP and return the remaining funds to you, after deducting our charges.
5. All prices include VAT where applicable.
6. 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.