You will pay a Service Fee of 0.24% of the value of your investments. The minimum fee will be £2.40 per year, with no maximum limit. The fee will be calculated monthly and paid annually.
There is also an Ongoing Charge of 0.45% per annum, which is automatically deducted from the value of your investment and paid to the fund manager, Scottish Widows.
The table below shows examples of how much you will pay over the course of a year, depending on how much your fund is worth. This table includes both the new Service Fee and the fund manager’s Ongoing Charge for the fund:
|Overall fund value on
the last day of month
||Total cost per month
||Total cost per year
The Ongoing Charge for a fund is paid directly to the fund manager. It covers the costs of maintaining and managing the fund. It Is automatically deducted from the value of your fund.
The Service Fee covers the cost of providing the service. This includes things like the administration of your investment and providing online statements.
We will collect your Service Fee once a year, using the debit card details you provided when you set up your investment. The Service Fee will be accrued monthly from 1st March 2016, and paid annually in October.
If you are not happy and wish to transfer to another provider, you can do this free of charge. If you have a Stocks and Shares ISA with us, you will need to do this before 18th March 2016, by getting a transfer form from your new ISA manager. As our funds are only available from Lloyds Bank e-Investments, your investment will be sold and the transfer will be made in cash.
If you have an Investment Account, you can simply sell the investment and withdraw the funds in cash.
There will be no Service Fees to pay to cover the period up to March 2016. The new Service Fee will start to accrue monthly from 1st March and will be collected in October.
You will only pay one Service Fee, no matter how many of our funds you have invested in. The amount will be calculated on the total invested in all funds.
If you have invested in more than one fund, you will pay Ongoing Charges to the fund manager for each of the funds you have invested in.
If you have both a Stocks and Shares ISA and an Investment Account with us, you will pay two Service Fees, one for each account.
We will be updating the Our Fund Range and Investments document. This will be updated when the new charges take effect on 1st February 2016. While this is when the new charges come in, you will not start accruing charges until 1st March.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.uk. Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.