Is there anyway to avoid Davy Stockbrokers quarterly account charge?

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Grizzly

Registered User
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I opened an account with Davy Stockbrokers just to purchase one share that I wanted to hold long term for the dividend.

Two tears on and I have this one online share plus a small cash balance in my Davy Execution only account.

Every quarter I am being charge €50 for having an account with Davy. At least I think it is a charge for having an account with them.

Is there any way that I can avoid having this fee charged to my account?
 
Any activity fees are deducted from that quarter's charge, so the first €50 of trading charges will be matched by a reduction in their quarterly fee. If you're not active, perhaps better to transfer out to a physical cert and close the account? You'd still be able to receive a dividend payment or scrip dividend (if offered).
 
rob oyle said:
Any activity fees are deducted from that quarter's charge, so the first €50 of trading charges will be matched by a reduction in their quarterly fee. If you're not active, perhaps better to transfer out to a physical cert and close the account? You'd still be able to receive a dividend payment or scrip dividend (if offered).
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I am not clear on this?

I had a one off €100k deal to purchase shares. I never got any reduction in anything after that?

It was quite difficult opening an account with Davy. First attempt completely messed up and had to be re-done again. It took me nearly 15 minutes to purchase my shares with them. When dealing with Campbell O'Connor it usually took less than a minute.

Has anyone transferred their online holding to physical cert and closed their account....was it easy to do.

The only concern I have is that when I go to sell my shares I will have to go through the opening process again. So I have to decide if I want to continue to pay €200 a year just "in case".....I need to sell quickly.
 
I think Goodbody are notably cheaper, if you don't want to go the DeGiro route, but feel that you need a broker account.

I've just taken this from their website :

How much does it cost to have a Goodbody Online account?
Goodbody charge a maintenance fee of €100 plus 23% VAT. This fee is charged annually.

What are the transaction charges for a Goodbody Online account?
Goodbody charge a commission on all buy or sell trades:
  • €25 per trade minimum commission.
  • 1% commission up to €25,000.
  • 0.50% commission on the balance of the trade.

The full list of charges is outlined in the terms of business....
 
I am in the same position as Grizzly. I have shares in a German Multinational held in a Davy account. I havent any other shares with Davy and I intend to hold on to the German shareholding long term. Can I get a physical share certificate as suggested by Rob oyle and or can I transfer the holding to De Giro?
 
valery said:
I am in the same position as Grizzly. I have shares in a German Multinational held in a Davy account. I havent any other shares with Davy and I intend to hold on to the German shareholding long term. Can I get a physical share certificate as suggested by Rob oyle and or can I transfer the holding to De Giro?
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Look at the Degiro website for info on transferring shares in.
 
valery said:
.... Can I get a physical share certificate as suggested by Rob oyle and or can I transfer the holding to De Giro?
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Yes, I have transferred some shares Davy to Degiro. From memory DG charge €10 per position and are pretty efficient. Davy on the other hand were as obstructive as possible but DG harried them and things fell into place
 
Grizzly said:
I am not clear on this?

I had a one off €100k deal to purchase shares. I never got any reduction in anything after that?

It was quite difficult opening an account with Davy. First attempt completely messed up and had to be re-done again. It took me nearly 15 minutes to purchase my shares with them. When dealing with Campbell O'Connor it usually took less than a minute.

Has anyone transferred their online holding to physical cert and closed their account....was it easy to do.

The only concern I have is that when I go to sell my shares I will have to go through the opening process again. So I have to decide if I want to continue to pay €200 a year just "in case".....I need to sell quickly.
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Hi Grizzly,

We are sorry to hear that you had difficulty opening your account with Davy Select.

If you transfer your holding to a physical share cert, your account with Davy Select will remain open for a period of 2 years (unless you request to close it). The quarterly execution fee is not applied to accounts that have a zero or negative value. If you subsequently choose to sell your holding during this 2 year period, there would be no requirement to open a new account. You would just need to lodge the stock back to your account.

We hope this helps answer your question. Please let us know if you have any other questions.

Best Regards
davyselect
 
MrEarl said:
I think Goodbody are notably cheaper, if you don't want to go the DeGiro route, but feel that you need a broker account.

I've just taken this from their website :

How much does it cost to have a Goodbody Online account?
Goodbody charge a maintenance fee of €100 plus 23% VAT. This fee is charged annually.

What are the transaction charges for a Goodbody Online account?
Goodbody charge a commission on all buy or sell trades:
  • €25 per trade minimum commission.
  • 1% commission up to €25,000.
  • 0.50% commission on the balance of the trade.

The full list of charges is outlined in the terms of business....
Click to expand...

Nothing cheap about Goodbody unless they have slashed fees in the past few years ?
 
Grizzly said:
Is there any way that I can avoid having this fee charged to my account?
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Don't have an account with them.

They are holding shares on your behalf. They shouldn't be expected to do it for free. They have IT and regulatory costs to pay for. You are being charged 0.2% of your original investment. That's pretty cheap for your shares to be held securely.


Steven
www.bluewaterfp.ie
 
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