Online brokers

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fistophobia

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What online broker are people currently using, as an Irish resident?
Annual custody / account fee?
I would be transferring across a number of holdings.

thanks
 
I trade with Davy. I need to move somewhere. They sometimes earn more from me in fees than I make in profit. It also means that I have to wait longer to make my profit.
I will be interested in responses also.
 
Interactive brokers

No Annual custody or account fees.
Very low currency conversion fee
Very low trading fees.
No transfer in charge.

If you want a referral code I can send you one.
 
S class said:
Interactive brokers

No Annual custody or account fees.
Very low currency conversion fee
Very low trading fees.
No transfer in charge.

If you want a referral code I can send you one.
Click to expand...

Do you happen to know if their family account a good option if you want to gift money to kids annually? Ive been putting 3k a year aside on deposit for each of them but would prefer to have it in an ETF or something that might grow a bit.

Zurich have a savings plan for that but fees are very high.
 
fistophobia said:
What online broker are people currently using, as an Irish resident?
Annual custody / account fee?
I would be transferring across a number of holdings.

thanks
Click to expand...

Alot will depend on what way your are investing and what your plan is.
Degiro is a good user friendly platform but does not allow fractional shares
Etorro is a good user friendly platform and allows fractional shares. You also have the option to copy certain traders
Trading212 is the most recently one that I am using. gives you interest on uninvested cash. Allows fractional shares but also has a portfolio option where money is assigned automatically based on your trading plan. Allows you to copy traders and if interested allow others copy you. Also appears to have a good community forum on the site.

I can send you a referral code for any of the above if you want. If you want any further information please Reach out.
 
I don't know anything about their family account.
Their fees are very low so it might work for you.
 
Trade Republic (and Degiro before that).

Trade Republic commission is just €1 per order, and there's no commission if you invest using a regular savings plan instead.
No account or custody fees.

Plus you get 4% interest on uninvested cash, up to 50K. This is paid monthly.
 
ubholder said:
Do you happen to know if their family account a good option if you want to gift money to kids annually? Ive been putting 3k a year aside on deposit for each of them but would prefer to have it in an ETF or something that might grow a bit.

Zurich have a savings plan for that but fees are very high.
Click to expand...
I am using Trade Republic as well. Yes Zurich fees are very high. IrishLife's fees are also very high too.

I think the only advantage with the Zurich Savings Account is that they assign the policy to your child to maximise gift tax savings. I don't know if it is possible to replicate that with an ETF. Also you should be aware about the way they handle the deemed disposal tax: they deduct it from the fund which is a big setback for compounding. Zurich or IrishLife doesn't offer any other mechanism to pay for that tax so you are kind of stuck to that problem.
 
Innisfree said:
Trade Republic (and Degiro before that).

Trade Republic commission is just €1 per order, and there's no commission if you invest using a regular savings plan instead.
No account or custody fees.

Plus you get 4% interest on uninvested cash, up to 50K. This is paid
Click to expand...
 
franc82 said:
I am using Trade Republic as well. Yes Zurich fees are very high. IrishLife's fees are also very high too.

I think the only advantage with the Zurich Savings Account is that they assign the policy to your child to maximise gift tax savings. I don't know if it is possible to replicate that with an ETF. Also you should be aware about the way they handle the deemed disposal tax: they deduct it from the fund which is a big setback for compounding. Zurich or IrishLife doesn't offer any other mechanism to pay for that tax so you are kind of stuck to that problem.
Click to expand...
Innisfree said:
Trade Republic (and Degiro before that).

Trade Republic commission is just €1 per order, and there's no commission if you invest using a regular savings plan instead.
No account or custody fees.

Plus you get 4% interest on uninvested cash, up to 50K. This is paid monthly.
Click to expand...
At 4% on uninvested cash is it a no brainer for a deposit savings account up to €50k ? Obviously this will be open to DIRT but are there any other downsides ?
 
AndroidMan said:
Trading 212 is 4.2% currently
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I can't any other downside. Those platforms are giving higher interest rate as they only pass on what they get from the ECB. So if the ECB drops the interest rate, obviously this will follow suit.
I guess the only downside as an investor is that the DIRT isn't automatically deducted so you will have to declare this interest to Revenue and if it is less than 5k then you can do so on your myAccount Form 12.
Platforms are competing against each other which is why they're offering the best interest rates available.
 
baj2005 said:
At 4% on uninvested cash is it a no brainer for a deposit savings account up to €50k ? Obviously this will be open to DIRT but are there any other downsides ?
Click to expand...
I think the only thing to check/keep in mind with whatever platform you use is what the associated deposit guarantee is.
e.g. with Trade Republic it's a full EU deposit guarantee, with 100K protected against loss.

Some other platforms treat the uninvested cash as an "investment" rather than a deposit, and a limit of 20K applies.
Such a loss is of course highly unlikely, but always worth considering the associated risks.

(I would also just add a note about deposit interest and form 11 returns. Even though I am not a chargeable person as non-PAYE is not over 5K, I did file one a few weeks ago for 2023 due to ETF disposals. The deposit interest was taxed at 37% as 4% PRSI was tacked on. This wouldn't have happened if I was getting it deducted by an Irish bank).
 
Innisfree said:
The deposit interest was taxed at 37% as 4% PRSI was tacked on. This wouldn't have happened if I was getting it deducted by an Irish bank
Click to expand...
If you are filing Form 11 you are also supposed to report Irish deposit interest so that PRSI can be charged on it. I have no idea whether in practice anyone actually does this. It seems like a lot of people have only become aware of this PRSI charge in the era of EU neo-bank interest.
 
Corola said:
If you are filing Form 11 you are also supposed to report Irish deposit interest so that PRSI can be charged on it. I have no idea whether in practice anyone actually does this. It seems like a lot of people have only become aware of this PRSI charge in the era of EU neo-bank interest.
Click to expand...

What Irish deposit interest ???
2023 is probably the first year the Irish banks offered anything. And I guess many people with their money in Trade Republic, Raisin etc, probably don't have any money in an Irish deposit account.
 
They have not been 0% for the past 10 years, which is when the PRSI charge was introduced. You could still get 1% with AIB in 2019.
 
Im in process of moving my shares held in Goodbody custody account who fees are eating any dividend profit I'm getting. They are CRH and BIRG shares.

Can anyone see any issues I may encounter?

Here is what TR sent me:



Please note that we do not support transfers via ACAT and DRS.
In addition, I kindly ask you to inquire in advance with your selling custodian bank whether a possible stamp duty fee could be incurred with the transfer. Should a "Stamp Duty Fee" (stamp tax) be incurred, the transfer can also not be executed.
 
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