I am a bit confused about Davy Stockbrokers.
I wish to purchase £75k of GSK to hold.
If I get Davy to do this I assume I can no longer get these shares in certificate form?
So what would be my costs associated with this transaction be? Because they will be holding these shares on my behalf will I be charged an annual % maintenance fee based on my £75k purchase?
Thanks for answering part of the question. Good to know that I can hold shares in certificate form through Davy Stockbrokers.
If you know, can you give me an answer to the second part of my question.
If I purchase £75k of GSK in certificate form to hold.What will my costs be and will there be ongoing yearly costs associated with having opened an account with you to buy these in the first place.
The cost to buy £75k of GSK would be £375.
The ongoing costs of a Davy Select Personal Investment Account where Davy would hold the stock for you would be a €50 per quarter. This fee is reduced by the value of any commissions incurred during the quarter.
If you wanted to get a share certificate there would be a charge of €30+VAT. If you decided to close your account after receiving the share cert there would obviously be no ongoing account fee. You would need to open an account with a broker to sell the shares in the future.
It looks as if DavySelect also charge an execution fee of .15% on top of their commission charge of .5% when making an execution only online purchase. Is this correct?
When dealing with Davy Select can I have my account in Sterling?
If I want to do some trades on the FTSE 100. Buying and Selling, it would be convenient to keep my holdings in Sterling. Otherwise I have to deal through Euro. This would mean a bid/offer currency spread every time I need to buy and sell a share listed in Sterling.
The retail banks have a bid/offer spread of up to 5 pence. Would this be the same spread that Davy would use?
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