Commsec Chess Sponsorship

[kksw]

Hi, i'm a newbie here and the share market. I would like to open an online broker account to play around and am considering commsec or etrade.

With Commsec, to be eligible for the $19.95 brokerage fees, you have to signed the CHESS sponsorship contract, and open a CDIA account. Do all of you who have a Commsec account do that? Or you just pay more expensive fees for $29.95?

Is there any disadvantage in signing the CHESS contract? other than it might be a bit of hassle when you change broker?

Thanks!

 

[beamstas]

Hi kksw

When i signed up to comsec, i chose to be chess sponsored, not sure what i had to do.. i think i just had to open a CCA account

Anyway, when you want to buy shares, i'd suggest being chess sponsored. I'm not sure if there is any downside. Being an accountant i'd reccomend this as it is much easier to keep track of your shares at tax time, it will save you alot of head banging!


I pay the $19.95 brokerage. It's not worth the extra $10 per trade to not be chess sponsored, as im not sure there is any downside! If anyone here can shed some light on this to help me out here i'd appreciate it.

I trust this helps you.. albeit slightly!

Thanks..
Brad

 

[kksw]

Thanks, it helps! at least you haven't noticed any downside... yet!

 

[So_Cynical]

I cant see any down side to it...CHESS (Clearing House Electronic Sub-register System)

http://www.fido.gov.au/fido/fido.nsf/byheadline/CHESS+statements?opendocument

The 19.95 comsec brokerage is a great deal....also absolutely no issues with changing brokers.

 

[Bill M]

kksw, I have an account with Commsec and Etrade. Personally I think ETrade is a bit expensive at $32.95 per trade however that comes down if you are a frequent trader. I always do the CHESS sponsorship, less hassle when selling, good record keeping and easy to change brokers should you wish too.

Commsec has a new 3 in 1 account now and it works really well for me. Any surplus funds I transfer into my investment account and get high interest (4.25% these days). They issue you a ATM debit mastercard with the cash account which is fee free. I use my Commsec account more than my Etrade one, I just like the lay out better. ETrade can give you better reports though. That 3 in 1 account gives you the cheaper brokerage rates too, good luck.

http://www.commsec.info/bettertogether/welcome.aspx

 

[kksw]

Bill, thanks for the info.... the cash management account sound great... i might open one of those....