Paying fees

Understand how to pay your fees for your Cofunds Account

How to pay your fees

The Cofunds Cash Account is provided to every investor on Cofunds to manage payments onto or leaving the platform. In particular it can be used to hold capital waiting to be invested or proceeds from a sale waiting to be paid out. However, it is also used to pay the Willis Owen Service fee and Cofunds Platform fee.

What is the Cofunds Cash Account?

The Cofunds Cash Account is an interest-bearing account that can be used to manage all Cash payments relating to your ISA’s and Investment Funds on Cofunds. It can be used to:

  • receive income paid out by Investment Funds and ISAs
  • hold capital that’s waiting to be invested
  • hold proceeds from sale of assets
  • enable one-off and regular withdrawals
  • facilitate payments of Willis Owen and Cofunds fees.

Each single, joint and designated product will have its own Cofunds Cash Account. There's no minimum or maximum balance. Investors can pay into the Cash Account by cheque, BACS or standing order from a nominated bank account.

Paying Willis Owen fees via the Cash Account

Using the Cofunds Cash Account to pay your agreed Willis Owen and Cofunds fees, will simplify the administration process of managing fees and administration costs.

Paying your fees

We have built a simple process which will enable you to pay these fees without continual management of your Cash Account. If there are insufficient monies in the relevant Cash Account, then a Fund Sale of units sold from your highest value Commission-excluded Fund will be initiated on the fifth business day of the month.

For ISA and Investment Funds, Cofunds work out the largest Fund(s) held across your products and will sell units to pay fees.

Cofunds will ring-fence their Platform fee separately from any Dividend payments settled in the Cash Account that you may receive as income. Cofunds will finally take their fee from your Cash Account two business days before the last Thursday of the month (the payment date).

In the unlikely event that you manage a portfolio in a way that this Fund sale facility is not convenient for you, you can choose to feed your Cash Accounts by other methods. You will need to place sufficient Funds into your Cash Account by the 3rd working day of the month to cover any fees. But remember, any shortfall will instigate the Fund Sale facility.

You can pay money into your Cofunds Cash Account by sending a cheque made payable to Cofunds Ltd or electronically from your nominated bank account by BACS. You can also set up a standing order with your bank to make a monthly payment to your Cofunds Cash Account.

If you wish to set up a standing order, the bank details to quote to feed your Cash Account are:

  • Bank:  Royal Bank of Scotland
  • Address:  PO Box 412, 62/63 Threadneedle Street, London, EC2R 8LA
  • Account:  Cofunds Client 1
  • Sort code:  15-10-00
  • Number:  22563044
  • Reference number:  This is your own personal Cash Account reference number. You can obtain this by logging into your Cofunds account. It will be a reference , which more than likely starts with the letter ‘A’. If you do not have online access, you can call our Customer Service Team 0800 597 2525 who will advise you of the number you need.

As fees can vary from month to month due to market movement; active management of the Cash Account may be required to ensure that sufficient Funds are always held in the account. You may wish to use our : review service which can estimate the amount likely to be collected each month.

Benefits Considerations
Guards against any shortfall in the Cofunds Cash Account Can give rise to a Capital Gains Tax liability
Automatically adjusts to whatever payment is required to cover fees each month If used often, it may erode your invested capital
Allows you to choose which assets will be sold to meet required payments May reduce level of assets held tax-efficiently

Cofunds manage the entire process of paying fees and there is no action required from yourself, unless you wish to pay fees in a different way.

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