Transact cuts lower charging threshold to £120,000

Previously, investment portfolios valued up to £150,000 were charged the higher 0.5% fee on the first £60,000 of their investment and 0.3% on the rest. From the 1st April 2017, the threshold will be cut to £120,000 and the annual commission charge, previously at 0.31%, will be reduced to 0.30%. Clients with investment assets above the revised £120,000 threshold will be charged 0.30% on the first £600,000 of their investment, 0.2% on the next £600,000 and 0.075% on the remainder. The company said the reductions will amount to a 25% saving for a client with a £120,000 portfolio, who ...