as of 09/03/2021 at 11:12 am
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Barclays Smart Investor is the investment service from the high street bank. There are loads of investment options, including funds from Barclays and other groups, and you can buy and sell company shares. It offers a good blend of research, which is equally strong across both funds and shares/listed securities.
For novice investors, the ‘Barclays Ready-made Investments’ give you an all-in-one portfolio, spreading your money around many different investments in one go.
There’s a slightly complex set of charges. A £4 minimum monthly account fee means there are cheaper options available for those with very small portfolios. There is also a £3 fund dealing charge, so it can be an expensive option for those that regularly invest small amounts into multiple funds.
Barclays outsources its SIPP administration to AJ Bell, who charge a £150 annual admin fee. Additional charges for those approaching retirement include a £120 p.a. flexi-access drawdown administration fee, a £90 fee for setting up either UFPLS or flexi-access drawdown and paying any lump sum benefits, and a £30 fee for a one-off income payment.
It is also worth noting that there is a £90 charge for both transferring in and transferring out a pension to/from Barclays and a £90 SIPP closure charge (rising to £300 if the account has been open for less than a year).
Large banking and investment firm / huge global brand
|Minimum amounts:||£1000 minimum lump sum payment
"I am a beginner investor and would like to invest in a "socially responsible" Stocks & Shares ISA. I have looked into the Nutmeg and Wealthify funds, having found out about them through the Money Saving Expert website. Is there information about any other such providers on your website? And do you have any advice about how to compare the "socially responsible" criteria on the different funds?"
16/04/2019Read our reply