This page is quite old hence its rather spartan appearance.
Why not check out our Latest Stories page for our newest articles or search our site for anything.
COMMENT
By
If broker charges are eating into your portfolio's profits, here are three easy ways to cut down on your share trading expenditure: 1. Get off the phone: Ditch your traditional phone broker. Three of the four high street banks for instance charge £50 (or more) for trading shares worth £5,000 over the phone. But at Hoodless Brennan, online dealing commissions start at £7 a go. If you still want to deal over the phone, online brokers can also slash your dealing costs. Telephone traders using comdirect for example can receive contract notes through the post rather than by e-mail, and pay no more for trading than their Internet counterparts (£12.50 a pop to be exact). 2. Amalgamate ISA/PEP holdings: Consolidate all your ISAs and PEPs with one manager to reduce your annual management fees. A decent broker will levy one straight charge on your consolidated tax-free accounts, rather than make separate charges for different types ISAs and PEPs, or for those opened in different tax years. Charges for amalgamated accounts are generally lower online. Indeed, Selftrade charges no annual fee for its Self-Select ISA customers. 3. Say no to sneaky charges: Read the rates and charges small print. Sadly, a few online and traditional brokers remain keen on levying 'additional' costs. For instance, quarterly or annual fees for standard dealing accounts should now be a legacy of years gone by. Inactivity charges are another underhand way of a broker earning something for nothing, while any fee based on a percentage of assets (and not a flat amount) is an easy money-spinner for your dealer for little or no extra effort. If your broker is trying it on, take your portfolio elsewhere. What now? Think it's now time to stop wasting your money on your old broker? Check out these five providers in the Fool's broker centre and compare their fee structures and facilities to your portfolio circumstances.