City Index now charge inactivity (one year) fee of 25 pounds per month

hacks

Active member
237 4
I received an email from them today outlining the changes to their terms and conditions, including charges. One of them is that they will charge a fee of £25 per month if the account is inactive for 12 months.

This is a whole sea-change from a few years ago, where spreadbetting companies were paying generous bonuses to get new clients, and would never think of something like this as they are keen to keep as many clients as possible on their books.

Could this lead to other spreadbetting companies copying City Index and charging similar fees for inactivity?
 

Splitlink

Legendary member
10,850 1,233
IB have been doing that for decades.Nothing new. IB call it account maintenance, though. Surely, it makes sense to close the account?

What I think that it, probably, is are clients hiding money inside these firms, for tax purposes.
 
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tar

Legendary member
10,443 1,313
You just need to make one trade every 12 months sounds fair ...

CIA ( AU ) :
Where no activity has occurred on your Account(s) for a period
of twelve (12) months or more, your Account(s) will be deemed
inactive and we reserve the right to charge a monthly inactivity
fee of AUD25 to inactive Account(s) (along with any additional
applicable fees). Activity is defined as placing a Trade and/or
applying an Order on your Account(s) or maintaining an Open
Position during the period.
 

tar

Legendary member
10,443 1,313
Or just place an order i just did ...
 

Splitlink

Legendary member
10,850 1,233
Finspreads (part of City Index) has , also, sent a similar email. I see no problem. 12 months without trading is a long time as long as they make sure that you are not dead, before they start charging.
 

hacks

Active member
237 4
Well I must have been lucky to avoid IG's charge as I haven't traded with them for nearly three years, although I do have a nil balance.
 

hacks

Active member
237 4
Under those circumstances they, probably, closed the account.

That's what I thought at first, but then I logged on OK. I'll give them a call just to double-check. Thanks.
 

Splitlink

Legendary member
10,850 1,233
That's what I thought at first, but then I logged on OK. I'll give them a call just to double-check. Thanks.

I would not rock the boat. They might say, "Oh, yeah, thanks for your honesty, We missed that. Er, that's 750 quid you owe us". :D
 

tar

Legendary member
10,443 1,313
That's what I thought at first, but then I logged on OK. I'll give them a call just to double-check. Thanks.

As i understand IG's fees is for using their advanced charts , if you trade a couple of times a month they waive the charting fees ...
 
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DionysusToast

Legendary member
5,963 1,499
Well - thing is when you have an account, you do have available certain things to you like charts & live prices.

Is there a reason they should provide those things for free?

If you aren't trading, you could always get a bank account...
 
 
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