There is usually a platform fee, and fund fees. The platform fee may take the form of a percentage of your pot (for instance, Vanguard’s platform fee is 0.15% per year), or a flat monthly fee such as £9.99 per month with Interactive Investor.

Fund fees for a global index tracker are often in the region of 0.2% per year. They vary according to the number of companies tracked by the fund, so one with broader coverage may be expected to be slightly more expensive.