Transact has revealed this afternoon that it will lower its charges from 1 April.

The platform announced the annual commission charge is reducing from 0.31% to 0.30%.

The charging threshold of £150,000 will be reducing to £120,000.

Transact said this will be its 10th price reduction since 2008, adding that this followed its principle of ‘responsible pricing’, whereby cuts are made only when “confident it will not jeopardise the award-winning service”.

Currently Transact Portfolios valued up to £150,000 are charged at 0.5% in Annual Commission on the first £60k of investments.

Source: Transact

With both reductions considered, a Transact client with a Portfolio value of £120k will now pay £126 less per annum - a saving of over 25%. This latest reduction is set to benefit over 95,000 clients and makes Transact even more attractive.

Jonathan Gunby, chief development officer, said: “2015/16 was another successful year for Transact and our funds under direction now exceed £24bn.

“Our strong performance has enabled us to pass on even more savings to clients while still continuing to provide the best service in the industry.

“We are one of the few profitable platforms in the market and received an ‘Excellent’ profitability rating in the FinalytiQ Platform Profitability Report in 2015.

“We believe this proves that our business model is truly sustainable and that we can continue to support advisers and their clients for the long term.”