Alliance Trust Savings ups Sipp and investment account fees

From February, the Dundee-based platform will increase its “inclusive” account charges for the first time since 2014 when ISA and investment dealing account charges will rise to £225 from £150 per year – a 50 per cent increase.

According to reports, Sipp savings account fees will also rise to £350 from £275 per year, and Sipp income account charges will increase to £440 from £365 per year.

Fees on inclusive accounts will include 35 online trades, as opposed to 37 previously.

Any online trades above the 35 included in the account charge each year will be charged at £6.25 per trade.

An ATS spokeswoman said: “ increasing our inclusive account charges for the first time since early 2014. This is to better reflect the cost to us of providing this service and even at their increased level these charges are still extremely competitive at larger portfolio sizes.”

ATS is also introducing a £700 charge on its inclusive wrap accounts that it says will discount charges for advised clients who access the “full suite” of inclusive accounts and services.

Online charges in the standard charging option will all decrease, with the base price dropping from £12.50 to £9.99.

Account charges in the standard charging option – including for Sipps and Isas – are to increase but will include four online trades a year.

For both the standard and inclusive options, ATS will increase telephone and postal trading charges where trades could be done online. However, it will also introduce a loyalty discount for telephone trading.

It is also increasing charges for paper customer communications.

The ATS spokeswoman said: “Our prices remain very competitive, particularly at larger account sizes and a sizeable portion of our clients will see no material impact on the value of their investment portfolios or be better off as a result of these changes.

“As a flat fee provider our prices do change from time to time, but they are transparent and fair and our customers can be certain what they will pay. A percentage fee provider is effectively changing their cash price to the customer all the time – every time a customer adds money to their account and as markets go up and down.

“We are confident in the products and services we provide and in the longer-term benefits to customers of our fair, flat fee approach, but for any customers who want to leave as a result of the changes, we are waiving our exit charges until 27 January 2017.”