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Barclays launches combined banking and investment platform

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Barclays has launched an online investment service in an attempt to take on rival firm Hargreaves Lansdown.

The new service will allow users to view their savings, current accounts and investment accounts through a single log-in.

It will be available to Barclays’ customers initially and non-Barclays customers in 2017, although no specific date has been confirmed.

The new platform will eventually replace the 30-year old Barclays Stockbrokers brand. All existing stockbroking clients will start to be transferred on to the platform in the new year. The bank will contact them in writing in advance with a breakdown of new charges.

Independent research by consultancy firm Lang Cat shows the new Barclays platform will be among the lowest-cost online investment services available for many investors.

There is no minimum investment to use the new platform.

Clare Francis, savings and investments director at Barclays, said: “Factors such as longer life expectancy, spiraling house prices and high university costs mean it’s more important than ever for people to plan for their future financial security – yet we know many are not saving enough to meet these goals.

“There are a number of reasons for this, including a lack of awareness and understanding about financial products and feeling that investing in the stock market is complicated and risky. The new service has been designed as an easy-to-use service to help break down some of these barriers and give people the confidence to make smarter financial decisions, to achieve their financial goals.”

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