I recently discovered that ASB Securities pays zero interest in their cash management account (required) unless you have a $250K balance.
Call me stupid but I didn't discover that until I went in there to tally interest payments for taxes.
Printable View
I recently discovered that ASB Securities pays zero interest in their cash management account (required) unless you have a $250K balance.
Call me stupid but I didn't discover that until I went in there to tally interest payments for taxes.
Scrolling through the thread looks like these are two of the better options.
Comparison between http://int.tddirectinvesting.com/ and https://www.interactivebrokers.com.au/
There are a few key factors I'm looking at in setting up an account with an online broker.
Minimum holdings and minimum activity? Which has cheaper brokerage fees? Any other fees involved? Do they provide any research? Do they both give access to European and US markets?
I've used ASB for years and years to play the UK market. now I understand (from them) they may stop supporting the UK and US markets. bugger
I'm interested in what brokers others are using to buy/sell in US and UK, and how well they have performed. I'm an investor, not trading regularly, maybe a dozen trades a year, and I can live with e.g. 1% brokerage. I would like someone who offers the service, is safe and reliable.
Can anyone share some stories about who they currently use? Eg, CommSec (who I use in Aust), Directbroking, FirstNZ? Anyone who uses TDinvesting )(mentioned above) how are they performing for you?
jg8512, options are limited from NZ. I use Craigs who charge 1% brokerage and custodial is $50 per stock but expensive. Very safe and simple. I also have a commsec account for ASX stock and you can but international shares at 0.3% brokerage. Safe and simple. Firstnz has purchased directbroking and it will be interesting to see what they will be offering soon as far as purchasing US and UK shares.
thanks very much voltage. Really appreciate your thoughts. Craigs is more expensive than ASB - not surprising I guess as they are a "full-service" broker. You sound similar to me in that you are happy to pay a bit more for the ability to trade US/UK with someone you trust. Is the Craigs $50 custodial a one-off fee, or charged per year?
I hold mostly UK, and little US, but Commsec have only a USD foreign currency account for all offshore trading so you have to settle all trades in USD. So I worry I'll be constantly having to exchange GBP - USD- GBP to sell and buy on LSE! I will have another look at Commsec - but that single currency having to be USD puts me off. I use Commsec for ASX.
Since my post yesterday, I had a look at internaxx. I'm quite intrigued by internaxx. They will charge 15 Euro per trade +0.1% of value, which is pretty good. There is also a quarterly account fee - 25 euro per qtr (if you trade once per qtr, which I can do with low minimum brokerage), and they allow you to have multiple currencies on your account with no fee. They also allow you to access multiple markets, and have been around quite a while (which I find reasurring) and Luxembourg offers deposit protection (reassuring again). I remember the access brokerage failure!
I also found this useful site for evaluating online brokers: https://brokerchooser.com/
their review of internaxx is here: https://brokerchooser.com/broker-rev...ternaxx-review
jg8512 custodial is $50 per stock per year. Advantage is, you can always phone someone to discuss purchases, get reports but this comes at a price.
I have used internaxx.com for 16 years (was TDinveat for a few years in between). Fee arrangement has changed a bit over the time but service is good and overall cost is low. Love the fact that I can buy and sell in many markets and hold many currencies....cash transfers between EU account are free too - but take a few days.
why is this so difficult to fine a cheaper way to purchase overseas stock that is relatively simple