Platform fee slashed to 0.10% as part of commitment to make investing cheaper and more accessible
Wombat Invest has slashed its fees, meaning it is now the UK’s cheapest ISA provider for those wanting to choose their own stocks.
The micro-investing platform will cut its annual platform charge from 0.45% to just 0.1% on 1 July.
It means Wombat is now the cheapest way for ISA investors to back individual stocks, beating all other brokers and trading platforms on price.
Following the price reduction, ISA investors with an account value of more than £250 will pay 0.10% per year and a flat fee of £1 per month for access to unlimited trading.
Based on £1,000 invested on the platform, savers will now pay a total fee of £1.08 per month (previously £1.38) for access to all the features of Wombat. The platform is free to use for anyone with less than £250 in their portfolio.
As well as allowing investors to buy curated UK, US and EU shares, Wombat is known for offering low-cost theme-based exchange-traded funds (ETFs) to help beginner investors decide where to put their money.
It also offers fractional shares, spare change roundups and unlimited commission-free investing.
“We think it’s deeply unfair that retail investors are hit by high platform charges that eat into their returns and stop them growing their money over the long term,” says Kane Harrison, CEO and co-founder of Wombat.
“We want to break down the barriers to investing by making it simpler, cheaper and fairer. Cutting our platform fee will allow savers to keep much more of what they invest, while enjoying a simple, effortless and engaging investment experience.”
Wombat Invest launched in 2019 with a mission to empower generations to manage, save and grow their money.
There are now more than 140,000 users on the platform, all with the ability to create personalised portfolios that reflect their interests, lifestyles and beliefs through themed funds and individual shares covering some of the biggest brands in the world.