As interest and investor ranks grow, Revolut and Luminor are announcing that they are reducing taxes relevant to investing residents; other banks do not have such plans yet, the Verslo žinios portal "Mano pinigai" announced on Friday.
As Revolut informed the portal, from Monday, commissions for customers trading in Lithuania are decreasing from 0,25 percent to 0,1 percent. JAV and European company shares, exchange-traded funds (ETFs) and bonds, and the previously applied minimum fee of 1 euro is also abolished.
Bonds will also be eligible for free trades, with the monthly price of the Trading Pro plan dropping from €15 to €4,99.
Luminor Investor Product Manager Paulius Pupininkas told the portal "Mano pinigai" that starting in July, Luminor Bank will update its price list for investing individuals: some trading commissions for buying and selling securities on European and US exchanges will be reduced, and instead of different fees on different exchanges, clients will be able to choose one of two investment fee plans.
"Swedbank", "Artea" bank and SEB bank stated that they currently have no plans to change pricing for retail investors.
Swedbank later clarified that it plans to review fees for investors this year. Pavel Ladziato, head of the bank's Private Client Service, said that the bank is working intensively to make pricing more attractive, and favorable solutions for investing clients are expected this year.
"However, one of the more painful and return-eating taxes is the custody fee, which is applied as a percentage of the investment value. In order to promote investments nationwide, Swedbank decided a few years ago to completely waive this fee if the investment value is less than 30 thousand euros," says P. Ladziato.
