Cost of investing to tumble this week To make up for the loss of commission the fund shops will introduce their own annual fees. But the overall effect should still be to cut the total amount that you pay each year. Hargreaves Lansdown, the biggest of these companies, is due to announce how it will implement the changes later this week. When it does, the Telegraph will identity the cheapest fund shop for different types of investor. Visit telegraph.co.uk/investing on Wednesday for full details and different investor profiles. In the meantime we summarise the state of play below, across different types of investor, from first-time buyers to experienced savers. The various fund shops - sometimes called fund supermarkets or investment platforms - are handling the changeover in different ways. Some of the newer ones never offered the old, more expensive type of fund, so their customers will already have the cheap version. However, even here there may be action you can take to cut the cost of investing. This is because the fund shop will charge its own fee, on top of the deductions made by the fund manager, so you may be able to save by switching to a fund shop that charges a lower fee. So far, the lowest annual fee announced by a fund shop under the new charging rules comes from AJ Bell Youinvest, formerly called Sippdeal. From January 1 it started charging new customers an annual fee of 0.2pc of the total value of their fund investments. But existing customers have to take action if they want to benefit; otherwise they will remain invested in the old, more expensive version of their funds until as late as April 2016. It should be possible to change to the new fund variant - called the "clean share class" in industry jargon - online, but call the company if you need help. The switch to "clean" funds could save you about £80 a year in fees, assuming that you had £25,000 in total, equally split between Neil Woodford's Invesco Perpetual High Income fund and M&G's Optimal Income fund. The old version of the Invesco fund charged a total fee of 1.69pc a year, of which Youinvest rebated 0.2pc. The M&G fund charged 1.41pc with no rebate. The combined cost is 1.45pc or £362.50 a year on £25,000, according to Justin Modray of Candid Financial Advice. The new version of the Invesco fund charges a total of 0.94pc a year and the M&G Optimal has a charge of 0.91pc with no rebates on either. The combined fund managers' fee is 0.925pc, on top of which Youinvest charges a 0.2pc platform fee, making a combined cost of 1.125pc or £281.25 a year on £25,000. This is a saving of £81.25, Mr Modray said. What about customers of Hargreaves Lansdown? We'll know its new charges on Wednesday, but under its current system a customer with the same two funds would pay a total of £375 a year, Mr Modray calculated, so switching to Youinvest - which would take some time and effort - would save £93.75 a year. Whatever the new charging structure, customers will need to take active steps to benefit, otherwise they will remain with the old fund versions until April 2016. Ian Gorham, the company's chief executive, has said the changes "will further improve the prices on the majority of the investments which are held by our clients." Even if you invest via one of the fund shops that have already switched everyone to the new fund versions, you may be able to save money right away. Charles Stanley Direct charges 0.25pc a year on top of the fund manager's charge, while TD Direct Investing's fee is 0.35pc. In many cases a switch to Youinvest would save you money, although the comparison is complicated by variations in the charges for dealing in shares and funds. Alliance Trust Savings offers the new fund versions but charges flat fees, so will usually be cheapest for large portfolios. Two other big fund shops, Barclays Stockbrokers and Fidelity Personal Investor, have also yet to announce their new charges. Under their current regimes, customers would save money by switching to a rival that offers the new fund variants. Many of the smaller fund shops, such as Bestinvest, Chelsea Financial Services, Rplan and Interactive Investor, are also keeping their powder dry. Most observers expect these companies to announce their new prices after Hargreaves Lansdown's announcement on Wednesday. It's not just about price: read our comprehensive survey of investment shops