Found 31st Dec 2009
Does anyone know if theres any sharedealing websites that dont charge a quarterley management fee? Im currently with TD Waterhouse who I got moved to when Hoodless Brennan transferred some of their business to them but I didnt know about any fees.

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11 Comments

good question, im with TD too and would like to move too....

Original Poster

amansk;7382012

good question, im with TD too and would like to move too....



Just realised they charge £25 per holding to transfer out.

I just want to leave them somewhere were I dont need to pay any charges

It depends on what you want to do - insofar as Spread Betting, purely sharedealing (without advice) or other ancillary bits.

Remember that the charge is (principally) for hoding of your certs (dematerialised) as trading is now T+5 or T+3...

It also depends on how often you trade - once in a blue moon is different to a frequent traders / spead betting cfd's and so on type trading. i.e is it speculation or long term investment that you are after.....
Then of course the products and markets that you wish to trade in - over here in the UK is one thing, but if you want exposure to (say) the NYSE or Middle East, again that's where carges get involved.
Let me know if you need any more info.....
(Stockbroker with HSBC)

Hoodless Brennan = OUCH!!!!

Have a look at this link as a starter for 10 - it isn't 100% up to date as you will see - insofar as it mentions Hoodless (or Clue-Less as they are otherwise known) closing..... But it gives you something to go on for now........
All the best...
moneysavingexpert.com/sav…ing

Original Poster

cloudthecat;7382265

It depends on what you want to do - insofar as Spread Betting, purely … It depends on what you want to do - insofar as Spread Betting, purely sharedealing (without advice) or other ancillary bits.Remember that the charge is (principally) for hoding of your certs (dematerialised) as trading is now T+5 or T+3...It also depends on how often you trade - once in a blue moon is different to a frequent traders / spead betting cfd's and so on type trading. i.e is it speculation or long term investment that you are after.....Then of course the products and markets that you wish to trade in - over here in the UK is one thing, but if you want exposure to (say) the NYSE or Middle East, again that's where carges get involved.Let me know if you need any more info.....(Stockbroker with HSBC)



Thanks for the advice

I've got a couple of holdings worth no more than £700 but I dont want to keep paying £11.75 a quarter in management fees because im not planning on buying anymore. I bought the shares for long term and just want to leave them somewhere what doesnt charge a management fee.

Cheers

HSBC don't charge a management fee.

Original Poster

how about [url]www.x-o.co.uk[/url]

You can dematerialise your holdings yourself if you want and hold them yourself until you are ready to do whatever it is that you want with them, you can also ask the Registrar to hold them 'electronically' too. Although I don't know how much that costs.
Your own Bank will probably do this service too, as the majority of Banks have sharedealing facilities, and the idea there being that they hold your certs, and you (hopefully) get tempted to use them again in the future....
As the post above said HSBC Stockbrokers, Barclays Stockbrokers and so on... Be careful who you choose though.... It isn't always the same.....

Barclays Stockbrokes charge an inactivity fee - make sure you read the small print (which I didn't!)

In that case, if you are concerned about the inactivity fee - your best option in view of the fact that you wish to squirrel these away for the longer term, would be to dematerialise the shares yourself via the company registrar.....

It is a simple and easy thing to do - no mucking about - you will then get a new cert and you can then pop it into your drawer and hey presto! No more charges and yield errosion!
Remember though, when you DO want to sell it - you will have to sell them T+10/15 as they are in certificate form, and this may well cost slightly more.... However, it will be ok, as the firm that you choose to sell it via will take care of the dematerialistion for you.

Any problems, give me a shout!
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