The banking giant has removed its customer fee entirely as it seeks to attract more everyday investors
Barclays has scrapped platform fees on its Direct Investing service, allowing customers to hold investments without paying an ongoing account charge.
The change came into effect on May 31 and means customers using the platform no longer pay the monthly customer fee, which is also commonly referred to as a platform, account or custody charge.
The bank said the move is intended to make investing more accessible for people who may have been deterred by complex charging structures or the cost of maintaining an investment account.
Customers can now hold investments on the Barclays Direct Investing platform without incurring any platform fee.
Sasha Wiggins, chief executive of Barclays Private Bank and Wealth Management, said: "At Barclays, we are committed to making investing more accessible for everyday investors."
She added: "Whether someone is experienced or just getting started, investing should feel relevant and within reach.
"By removing our Direct Investing customer fee, we are helping to make it more straightforward for people to take the next step and invest with confidence."
Barclays said the removal of the fee is designed to simplify investing and make charges easier for customers to understand.
The bank argued that investment fee structures can often be difficult to compare, making it harder for customers to understand the true cost of investing.
Executives said the changes are intended to improve transparency while reducing costs for customers.
Although the platform fee has been removed, some charges remain in place for certain transactions.
Customers buying or selling shares, exchange-traded funds (ETFs), bonds, gilts or investment trusts online will continue to pay a dealing fee of £6 per trade.
Fund investors do not pay any dealing charge when buying or selling funds online.
Customers who set up automatic regular investment plans are also exempt from the £6 online dealing fee.
Barclays said customers investing in overseas shares may still incur foreign exchange charges when converting money between sterling and another currency.
Cash held within Direct Investing accounts continues to earn interest, although Barclays retains a portion of that interest in line with common industry practice.
The bank provided an example showing how the changes could affect investors' costs.
According to Barclays, a customer holding £10,000 in shares and making six trades over a year would now pay £36 in charges, compared with £61 under the previous pricing structure.
That would represent a saving of £25 over the course of the year following the removal of the monthly customer fee.
The changes come as investment providers compete to attract new customers amid growing interest in retail investing.
Research conducted by Barclays found that affordable fees and charges are the most important factor for people choosing an investment platform.
The study found that 39 per cent of UK adults identified low costs as the key consideration when selecting an investment service.
The findings suggest that pricing remains a major factor in determining whether consumers feel confident about starting to invest.
