Do I need to have a minimum cash balance?
No, you don’t. But you do need to keep enough cash in your account to cover your monthly account charges.
If you’re planning on opening an account, you’ll need to make an initial minimum deposit, set up a monthly direct debit, or transfer over an account, so that your account is funded.
When you buy an investment, there needs to be enough cash in your account to cover the investment and the dealing charges, which are included in the total of your order.
View our full charges and rates.
For a Cash savings hub, there is a minimum deposit amount of £1,000 to open a savings account. Find out more about the minimum deposit amount.
What happens if there is not enough cash in my account to pay my charges?
If you don’t have enough cash in your account to pay your charges, they will still be deducted and will result in your account being overdrawn. This overdrawn amount can be cleared in several ways:
- Once cash is added to your account, either from dividends, interest or money you pay in, this will go towards clearing the overdrawn amount.
- Should your account remain overdrawn, we’ll get in touch to ask that you add funds or sell investments to clear the overdrawn amount.
- As a final resort, we’d sell holdings in your account to cover the overdrawn amount.
There is a disinvestment charge of £5.00 per holding to pay for this, and we will normally sell units of your largest fund holding first.
There is no cash held in a Ready-made pension – all charges are included in the single account charge and taken from your chosen AJ Bell fund.