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Where Taxpayers and Advisers Meet

High Bank Charges

NonDom41
Posts: 42
Joined: Tue Nov 28, 2017 3:03 pm

High Bank Charges

Postby NonDom41 » Tue Oct 01, 2019 3:16 pm

If you have an investment fund (Pimco, BlackRock, Schroder etc.) at your bank, the bank charges you very high fees just for keeping your fund portfolio with them. These fees are not even tax deductible.

Is it possible to hold your funds directly with the fund company without involving a bank to save on their excessive fees ? Or any other solution ?

AGoodman
Posts: 859
Joined: Fri May 16, 2014 3:47 pm

Re: High Bank Charges

Postby AGoodman » Wed Oct 02, 2019 9:10 am

Sure, some funds such as OIECS and unit trusts will let you buy direct and hold your units personally. It does mean buying/selling can take longer.

The other alternative, for ease, is to use a platform with lower fees. You don't say what you are paying at the moment but there are lots out there.


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