Commsec account

Hey Everyone

Thinking about investing in soome share so was going to start up a commsec account. Would this be a good idea for a beginner I already got confused with the 3 options the CDIA or use my own account. Is commsec a good platform to use for a beginner?

 

hey @bfhoon , I am a novice when it comes to trading, so I am sure you will get a few more of the wise heads chiming in soon. Though I have a commsec account and have used it a few times. I believe the CDIA is the cash settlement account linked to the commsec trading account you will have.
Commsec is fine to use as a basic purchasing platform. A platform is a platform, don't know if it really matters whether you are a beginner or veteran. It will allow you to purchase shares. Is there something more you want from the platform? e.g performance reporting / tax calculations. There are other platforms that can give you a variety of reporting options from your performance to tax statements come tax time. Though such a platform will come with extra costs. I now use BT Panorama as my holding and purchasing platform.

 

I use CommSec. It is a bit pricey. Almost $20 per trade ($19.95) to be precise. CDIA is pretty handy and all your dividends can be paid into that account with a very easy setup. I love the functionality, it has pretty much everything I need from tax reporting to information on shares and registry updates.

I’ve used another broker before that charges $9 per trade but hated their primitive tax reporting.

Also COMMSEC holds shares in CHESS. Which means shares are not “pooled” like in many other brokers, they are actually held / owned in the name of individual investor. That’s extremely important to me personally.

 

Thanks for the tips guys so do you think I should set up a CDIA account or one that uses my own account? Im not really understanding the deal between the two apart from the CDIA account is 10 per trade and the one that uses my own account is 29.95 per trade. I couldnt really see myself doing massive amounts of trade. I will more than likely perhaps buy into about 6 to 8 different stocks?

 

From my recent experience as a fellow amateur I would say to use CDIA for comm sec settlements ( I also receive dividends in the same account) . one it is cheaper ($10 only up to $1000.00) as you seem to already aware of. Also come tax time it would make life so much easier. Particularly if you have a messier every day transactions.

Please see $10 is only for up to $1000 transactions. Next level up is $19.95 still cheaper than $29.95 using everyday Smart access.

 

I have both but only use SelfWealth these days for purchasing. You can have your dividends paid into your SelfWealth trading account. So I run my investment trust purely out of SelfWealth.

I do like the research options with commsec but you can access that for free if you have netbank.

 

I use Commsec as well and find it useful and a fair price for what you get with it. If you are a buy and hold, occasional purchaser, its ok. If trading go with a cheapy as it will add up. CDIA pays a decent interest rate for cash, it settles in T+2, CHESS holdings, Gov guaranteed, fee free and can be used for everyday stuff as your main account.
FY reporting is OK but if you have dividends that are complex (o/s components, franking etc etc) that many ETFs seem to have, then I use Sharesight as well for tax. $70 pa and it tracks everything via a direct import and produces your tax and CGT reports. Takes 5 mins a month if that. You would save that many times over if you get an accountant at their rates to sort it out for you.

 

I use CommSec and as a complete Luddite and new arrival in I phone world, I find it fairly easy. I really enjoy watching the movement of my very small portfolio, especially my massive CSL holdings, yes, 50 fifty shares. Lol.

 

I personally don’t think a trade below $2,000 is worth doing regardless of the brokerage. The vast majority of treads would fall in between $2,000 to $8,000 allegedly.

 

Hi Geoff,
Ive considered running both for the very reasons you have stated but really didn't know how to manage it.
Do you have two HINs, one with Commsec and one with SelfWealth?
Say you have bought parcels of ARG on both platforms, does that mean you have two separate holdings on the Share Registry under the two HINs?
Thanks for your help

 

CommSec works well,once you set everything up and you can look around at your own pace and no pressure to buy or sell just adapting to the market,tax wise you just print out the statements costs very simple..I also have another with a Broker but that is set up long term standalone ,CommSec is the trading accounts and both platforms are still rocking..imho..
Morgans | Stockbroking | Wealth Management | Corporate Advice | Morgans

 

I found the help section with articles/videos pretty helpful in Commsec. I'm sure there are cheaper platforms out there like others have said but Commsec is fine to begin with.

 

I use Commsec due to simplicity with most of my banking with CBA. I get free brokerage on trades with FGG and FGX which I buy occasionally. All my trades are $9999 or thereabouts to reduce brokerage fees.

Works reasonably well but CBA should seriously be charging less than this per trade. It is gouging and one reason I will move all my loans to other institutions in the next month or so.

 

Is Comsecc good when you are planning to buy ETF/LIC only or the brokerage is expensive
Is there a better company to use with low brokerage and produces your tax and CGT reports.

 

If you are planning to buy LICs ETFs etc. I would use SelfWealth. Much cheaper per trade.

I would then also set up a sharesight account. When you get a contract note from SelfWealth you simply forward the email onto your specific sharesight email address.

At the end of year sharesight does all your tax reports etc for you.

IMO, worth the extra 1 minute it takes per trade.