OVER £200,000 - SAVE MORE
If you have more than £200,000 in your account the platform charge has reduced from 0.25% to 0.20% on the entire balance, not just for the amount over £200,000.
This applies to the combined value of your accounts that you hold with us, e.g. if you have £100,000 in your ISA, £70,000 in your sole Investment account (*) and £50,000 in your Pension then the platform charge on all accounts will reduce from 0.25% to 0.20% as in total you would hold more than £200,000 with Cavendish Online.
Please note that Junior ISA and Corporate accounts are not taken into consideration when determining if your ISA, Investment or Pension accounts qualify for the reduced platform charge.
The new terms replace the previous terms with effect from 01/03/2017 and are summarised below. As charges are taken one month in arrears, existing clients will see the reduced charge reflected in the fees that are taken in April 2017. For example, fees taken in April 2017 relate to fees due for March 2017 (new terms) whereas fees taken in March 2017 relate to fees due for February 2017 (previous terms).
|Account type||Account balance||Platform charge|
|ISA/Investment/Pension||<£200k|| 0.25% on the entire account
(with 0.20% to FundsNetwork & 0.05% to Cavendish Online)
|ISA/Investment/Pension||>£200k|| 0.20% on the entire account
(with 0.15% to FundsNetwork & 0.05% to Cavendish Online)
|Account balance||Platform charge|
0.25% on ISA/Investment accounts
0.20% on ISA/Investment accounts
0.30% on Pension account
0.25% on Pension account
The new and previous terms only apply to FundsNetwork accounts (ISA, Junior ISA, Investment & Pension) that are linked to Cavendish Online. They do not apply to the FundsNetwork SIPP that is provided by Standard Life, neither do they apply to any of our legacy clients with Cofunds accounts or to accounts held directly with the fund manager.
* Joint Account Rules [click to expand]
If you have a Joint Investment account the rules are slightly different when determining whether you qualify for the reduced platform charge.
If the Joint Investment account is valued at more than £200,000 then that joint account and any individual accounts held by the joint holders will be moved onto the reduced platform charge.
If the Joint Investment account is valued at less than £200,000 then that account will not qualify for the reduced platform charge. However the value of the Joint Investment account can be added to the value of your individual accounts (i.e. ISA, sole Investment account, Pension) and if the combined value is over £200,000 then your individual accounts will be moved onto the reduced platform charge, but the joint account will remain on the standard charge.
Please don’t hesitate to contact is if you require any clarification of these rules.