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Costs and Charges
We have made our charges simple and competitive, so that you can spend more time on what matters.
Our benefits
- £1.50 per online trade to buy or sell funds.
- Free regular investing with our regular investment service.
- Commission-free international trading, FX charges of 1% still apply.
- Frequent traders (more than 8 in a quarter) reduced commission on UK stocks from £11 to £8 per trade.
Account charges
- £20 account admin charge per 6 months, due in April and October each year (covers ISA and Share Dealing Accounts).
- SIPP annual charge of 0.25% on investment value (capped at £16.50 a month) for SIPP accounts.
- No transfer or drawdown fees.
Our Interest Rates
We do not pay you interest on cash balances held within your ISA or Share Dealing Account.
See our interest rates for our Self-Invested Personal Pension (SIPP).
Cash Balances
Any uninvested cash is held in a cash management account, which is part of your Share Dealing Account, ISA or SIPP – This is not a bank account. We hold this uninvested cash in line with FCA rules, for your protection.
We receive interest payments, which vary, depending on the total balance held and market interest rates.
For SIPP we currently expect to retain between 0.80% to 1.30% over the next 3 months.
Interest retained is used to develop our products and services.
Lloyds offer a range of savings accounts that do pay interest on cash balances.
How much cash should I hold?
There is no requirement to hold a minimum balance - you should make sure that there is enough cash held to cover charges, when they are due.
Understanding our charges
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What are the account admin charges?
We charge £20 (Free for Premier and Private Banking customers) per 6 months (in April and October) to hold an ISA and Share Dealing Account. This is free for 18-25 year olds. Please note, if you open your account between the payment dates the admin charge will be taken from the following payment date.
How we collect the account admin charge
- The charge is due in April and October, and we collect it in full the following month.
- If your Share Dealing Account doesn’t have enough cash to cover the charge, we’ll try to take the remaining amount by Direct Debit or debit card.
- If you don’t have a valid payment method in place, we’ll take this from your Share Dealing ISA.
- If we can’t collect the charge, we may need to sell some of your investments to cover the cost. We’ll always try to contact you before we sell your investments.
How is the admin charge shown on the Statement?
- This will show as a debit in April and October.
- If you had enough cash to cover the charge in your Share Dealing Account, you’ll see this on your Cash Movements Schedule as a debit on your cash balance.
- If your Share Dealing Account didn’t have enough cash to cover the charge, the outstanding amount is taken by Direct Debit or debit card. This will show as a debit when the charge was due and as a credit when the charge was paid.
- You might see two separate debits to cover the total amount. This is where we’ve collected the charge from your Share Dealing Account and ISA. This is because the full amount wasn’t available in your Share Dealing Account, and there was no valid payment method in place.
Why is the admin charge debit date different to the date it left my account?
In April and October, the statement will show a debit on your account – this is the creation date of the charge.
If your charge was taken by Direct Debit or debit card, you’ll also see a credit with the narrative ‘payment received’ - this could be dated the following month.
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For our SIPP there is an annual account admin charge of 0.25% of the value of your investments (charged monthly up to a maximum of £16.50 a month).
The charge will be collected from cash held within your account.
There are no transfers or drawdown fees.
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Online UK trading
We charge £11 per UK trade (reduced to £8 for frequent traders of 8 or more trades per quarter). We charge £10 per UK trade, for Premier and Private Banking customers, this covers:
- Exchange Traded Funds (ETFs)
- Investment Trusts
- Bonds
- Gilts
Online fund trading
We charge £1.50 per trade for buying and selling of funds online.
Online international trading
We don’t charge you any dealing commission for International trading online. An FX charge of 1% still applies.
Telephone trading
You can trade through our telephone service for £35 per trade.
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Government taxes and levies
Stamp Duty
When you buy a UK stock, you’ll pay Stamp Duty to the Government. Stamp duty is 0.5% of the value of the investments you buy (1% on Irish stocks). You don’t pay any Stamp Duty on AIM stocks or Exchange Traded Funds.
PTM Levy
Any trade over £10,000 will also be liable for a levy of £1.50, which is paid to the Panel on Takeovers and Mergers (PTM).
Spanish Transaction Tax
Spanish Transaction Tax (0.2%) is an additional tax payment when you buy some Spanish stocks. Examples of these are Banco Santander and International Consolidated Airlines Group.
Fund manager charges
Fund managers will charge you various fees such as an ongoing charge or transaction fees. They put the details of these in the Key Investor Information Document for each fund.
We apply the individual dealing charges as you place the deals. We break these down on the transaction screen.
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Regular Investments
You can trade regularly with our commission-free scheduled investment service.
Dividends
Dividend reinvestment purchases are charged at 2% of the dividend value and capped at a maximum of £10.00 per stock.
TradePlans
We offer a range of TradePlans (including limit orders and stop losses) to help you control the risk involved with stock market investing. TradePlans are available on any CREST eligible UK stock.
Setting up a TradePlan is free, normal dealing costs will apply upon successful execution of your trade.
Open an account in minutes
Invest with Lloyds Bank and benefit from:
- No percentage portfolio charges
- Simple pricing with no hidden costs
- An easy-to-use online service
Transfer to Lloyds Bank
Transfer your investments to Lloyds Bank and you:
- Could benefit from lower costs
- Will see all your investments under one roof
- Won't be locked in, we don't charge transfer fees - however your current broker may charge you to transfer
Important legal information
The Lloyds Bank Direct Investments Service is operated by Halifax Share Dealing Limited. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Registered in England and Wales no. 3195646. Halifax Share Dealing Limited is authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.