Hargreaves Lansdown has taken the axe to some of the fees it charges users of its platform.
Shares, investment trusts and ETFs can now be bought free of charge via a regular savings direct debit, in the same way as open-ended funds. Until yesterday, a £1.50 charge applied to all transactions.
Reinvesting dividend income has also been made free, having formerly incurred a charge of 1% of the value, up to a maximum of £10.
This follows on from other recent changes. Lifetime ISA charges were cut to 0.25% with a £45 a year cap, and Junior ISA charges have been fully axed.
The investment platform and retail stockbroking market is becoming increasingly competitive with Hargreaves coming under pressure from a combination of long-standing rivals like AJ Bell and Interactive Investor, and the many new entrants in the fintech space.
Chief client and commercial officer Ruchir Rodrigues, said: “Cutting the cost of regular saving is a further commitment to support those at the start of their investing journey and pass our success on to loyal clients through improved products, better services and greater value.”