According to the journalist, a £200,000 investment with Nationwide could cost the investor up to £9,400 in charges.
A financial journalist has claimed to be ‘stunned’ following an understanding of the investment charges from high street banks such as RBS and HSBC.
Writing for the FT, Merryn Somerset Webb says she was ‘stunned’ to find out that it would cost between £2400 and £6000 (depending on the bank or building society) to invest £200,000.
And this figure is before the advice fee itself – which will cost investors in the region of a £1000 extra.
Webb also became increasingly concerned when some customer service representatives claimed that bank does not charge for advice.
