Barclays offers customers new DIY investment service – Telegraph.co.uk


December 2, 2016 Facebook Twitter LinkedIn Google+ Uncategorized


Barclays has launched a new “DIY” investment service for its millions of savings and current account customers.

There is no minimum investment and customers will be able to see their investments through the same online portal as their other Barclays accounts.

There are also plans to roll the service out to non-Barclays customers next year.

Users will pay 0.2pc on money held in funds and 0.1pc on all other investments, with a minimum fee of £4 a month and maximum of £125 per month. 

Fund and other investment trading costs £3 and £6 respectively if completed online (it is £25 over the phone).

As with all fund shops, additional charges will be applied by the investment managers whose funds you select.

Barclays’ existing broker service, called Barclays Stockbrokers, is the third-largest after Hargreaves Lansdown and Interactive Investor (which has recently taken over TD Direct Investing).

Most existing Barclays Stockbrokers customers will see charges fall as the two systems eventually merge.

“It’s an entirely new service and platform,” said Barclays’ Clare Francis, “and initially it’s aimed at making a new range of investments and tools available to our current account banking customers.

“After that we will move our existing Barclays Stockbroker clients over.”

At that point, said Ms Francis, the bank would look to improve its proposition for existing stock broker customers, many of whom are experienced investors.

Barclays Stockbrokers has not modernised its service for years and lags its rivals in many respects.

It does not allow foreign shares to be held within Isa accounts, for example, in contrast to TD Direct Investing, Hargreaves Lansdown and others.

Nor does it have a mobile phone app.

Hargreaves Lansdown, which launched its iPhone app more than three years ago, says that on a busy day as much as 25pc of trades are transacted via smartphone.

Barclays also fails to provide investment trust research on its website, instead treating these popular holdings as if they were any other share.

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