A reader has asked: I held shares with SVS, who went into administration and now we are offered ITI Capital as an alternative broker. They don’t suit my needs so I am looking for a broker where I can hold my shares in an account that is usually inactive. I don’t want to pay a fee for transferring my shares to the new account nor to maintain an inactive account or to transfer out again. I need to know the fees for each trade, as I will sell at some stage. Please let me know who may be able to offer me such an account with the lowest fees. I need to know all fees including for closing the account.
Answer: This a pretty straightforward one to answer because we only recently reviewed a low-cost execution-only service that could well fit the bill for you. That service is shareDeal Active and you can read our review here.
The key points for you to be aware of are that they do not charge for the transfer of securities into their nominee accounts nor do they have any inactivity fees. They also have flat fee dealing charges from £9.95 per trade so if you have ten positions to close it will cost you £99.50 and you can find a full list of their complete fee schedule on their website.
It’s a low-cost no-frills operation but unlike some, there is a telephone-based dealing service so will get to speak to someone, rather than just clicking a mouse. I hope that helps, if not you can compare more stock brokers here.
Darren is a veteran of the financial markets with almost 36 years of experience under his belt. He has worked in trading, sales, analytical, and research roles, he has been a regular guest & commentator on financial television channels and publications. During his career, Darren has been fortunate to act for and advise major hedge funds and investment banks as well as HNWI. Darren analyses the markets using a blend of technical and fundamental analysis