etrade/commsec

Hi - I'm after some advice please.

Currently have Etrade account. Was set up as most banking was with ANZ. Recently discovered we are being charged a $20 fee if we don't make a trade every 3 mths.We have a small parcel of shares sitting there at a loss. Was told to stop using Etrade I need to sell existing holding. Spending $500 every 3 mths to save $20 isn't smart - why sell shares at a loss to save $20?

Current banking is with CBA and I was thinking of opening a Commsec account - easier to transfer cash to that account to buy shares. Does Commsec have similar trading rules and fees?

Would you sell out of Etrade or just cop the $20 until whole share portfolio is eroded? Is Commsec a good choice for future trading?

 

I use Commsec and don't get charged if i don't trade. Sometime Commsec offers 10 first free trades when you first open the account. Pls check on their site.

 

You can also do a broker transfer (can't remember the exact term) - should be free and the new broker (Commsec) should have forms on their website for them to do it all in the background.

 

You can definitely do this. Call CommSec and they will walk you through the process. Don't forget to ask them for the ten free trades too!

 

Commsec charge a fee for $25pa if you don't trade during the calendar year.

Broker transfers would be classed as an off market transfer wouldn't they? from memory there is a $50 for this.

 

CommSec is very good just for the data --trading very simple once you set up a account and at very little cost..
And it's within their specialised banking services[BPD] ..

 

I'm pretty sure that you don't actually trade anything, you are just trading where your statements live.

 

They do?

I better check I don't have something hanging out in etrade...

 

Think the fee is waved with etrade if your holdings are above 10k. Can't remember the exact wording, that was my understanding of it.

 

Sadly I had no giant holdings that I'd forgotten about