NAB Online Trading - Now Useless Unless Premium

[GreatPig]

As of today, NAB's online trading screen has become completely useless unless you're prepared to pay a premium.

It seems that when they switched to the new service with IWL, they gave a month or two's free access to that premium service, but today they revert back to the basic level (unless you're already paying for the premium service).

And the basic level means no market depth and quotes delayed by at least 20 minutes - which means they're no better than just using Yahoo finance (for quotes).

At the time of the change, brokerage already went up $2 a trade minimum, which made them $6 more expensive than HSBC for a small trade and $9 more expensive for me, since I use HSBC enough to get their platinum service for free.

And now they want another $9.95 a month to give back those basic essentials like live quotes and market depth :swear:

And that's $9.95 per user, which means double for us since my wife, as trustee for the trust, also has access to the trading account.

Time to move everything to HSBC I think!

GP

 

[bullmarket]

Hi GreatPig

I've been a Commsec client since 2001 and I am happy overall with their service/features and brokerage rates, although their latest version of Protrader has a few bugs and is unstable to some extent if you believe the complaints in their chatrooms.

I'm still using the earlier version of PT, while I qualify for free access. (I get the impression they are letting users use the old PT for free untill they sort out the problems with the latest PT after which the old PT will be shut down).

cheers

bullmarket

 

[ctp6360]

Its funny you say that GreatPig, I am just sitting here frustrated at the slow slow quotes from the National, the fact it completely stalls in the middle of placing orders and furthermore you can't upgrade your account without printing out a form and posting it or taking it to the bank, what a joke!

I just finished filling in my Commsec application, I think I'm going to give that a go. I had a good run with Sanford in the past but I like the idea of being able to buy international shares too which is why I have decided to go with Commsec.

What are the advantages of HSBC?

 

[tarnor]

I'm pretty happy with morrisons.... iress platform... dynamic prices.. free if you do 5 trades a month..

22$ brokerage..

 

[GreatPig]

What are the advantages of HSBC?

From back when I was investigating them, HSBC were relatively cheap. And they provide a direct-debit facility between the account I have with them and my account in the NAB, with a transfer limit of $50K per day. Commsec only had the standard Internet banking transfer thing with a limit of about $5K a day, although I think that could be increased to about $20K for businesses.

I've been on their platinum service ever since the first month, due to the volume of trades, and that also gives me free access to WebIress if I want it. I'm not entirely sure what's included in the base level any more, but I'm pretty sure live quotes and market depth are - I had those during my first month.

And generally the service is pretty fast and reliable. There have been a few days with server problems, but not that many.

I do prefer NAB's market depth screens though, and the fact they allow more than one watchlist (although I think that's also a premium service now).

Fortunately I'm still getting live quotes and market depth thanks to my HSBC account. My NAB one is now pretty much relegated to being just for placing the orders for that account.

Cheers,
GP

 

[Prospector]

I have just sent my forms off to ETrade. Having completed 10 transactions this month under the old system I would automatically been upgraded to premium (live, not dynamic) data! But no, they dont do this anymore, I have to nominate I want this account. And if I dont do 2 trades, then I get charged. Instead of just automatically downgrading me, like they used to do.

Their service, hah! what a joke. Hope they go broke.

 

[GreatPig]

Tarnor,

I'm pretty happy with morrisons.... iress platform... dynamic prices.. free if you do 5 trades a month..

22$ brokerage..

Thanks. I just took a look at their site, but the way they handle cash transfers through their trust account is too limiting for my situation. Because my trust bank account is in NAB, I really need a direct debit facility for transferring funds via the Internet. HSBC has that, up to the $50K per day limit.

Also, since this is my investment portfolio, I'll probably only be averaging one or two trades a month - probably less. Not that that really matters, since I get WebIress free through my HSBC trading account anyway.

A pity WebIress doesn't work with Firefox though.

Cheers,
GP

 

[Prospector]

Tarnor,




A pity WebIress doesn't work with Firefox though.

Cheers,
GP

Have you tried Crazy Browser?

 

[GreatPig]

Have you tried Crazy Browser?

No, but WebIress works okay in IE already.

Cheers,
GP

 

[It's Snake Pliskin]

As of today, NAB's online trading screen has become completely useless unless you're prepared to pay a premium.

It seems that when they switched to the new service with IWL, they gave a month or two's free access to that premium service, but today they revert back to the basic level (unless you're already paying for the premium service).

And the basic level means no market depth and quotes delayed by at least 20 minutes - which means they're no better than just using Yahoo finance (for quotes).

At the time of the change, brokerage already went up $2 a trade minimum, which made them $6 more expensive than HSBC for a small trade and $9 more expensive for me, since I use HSBC enough to get their platinum service for free.

And now they want another $9.95 a month to give back those basic essentials like live quotes and market depth :swear:

And that's $9.95 per user, which means double for us since my wife, as trustee for the trust, also has access to the trading account.

Time to move everything to HSBC I think!

GP

Good move - HSBC has better security anyway.

 

[TjamesX]

Well I've been using HSBC from the start for stockbroking (15 months).... haven't had a problem. I'm not currently on their premium level as I'm not a heavy trader - but they do provide market depth and live quotes for basic level.

Don't want to sound too much like an ad, but since then I have switched over all my normal banking accounts to HSBC after getting a bit pissed off with ANZ. I have reached the level of fee free banking with my online savings accounts;

- no setup fee
- no account keeping fee
- unlimited EFTPOS
- pays about 5% interest on balance
- 5 free non HSBC ATM withdrawals per month (I haven't gone over this)
- linked to my stockbroking account

I've set up a couple of these. After years of aussie banks pushing customer service out the window, and forcing everyone to use phone/internet banking - we now have the situation where competitiors can come in, put in a branch or two, set up their web servers and undercut existing banks.... serves them right!

 

[GreatPig]

Just to cap off the service, a bit of a down day and I can't even log in to NAB any more - just keep getting a login error.

A work colleague also uses NAB and was getting a discount brokerage rate because he has one of their professionals home loan packages.

With the emphasis on "was"...

GP

 

[ctp6360]

I am having a lot of trouble with it today too! What a piece of crap!

 

[Would Be Trader]

....and now they are even charging us for live prices!!!!

 

[Prospector]

A few months ago I started an account with Etrade! I have never traded in this account and only have $11 in the associated funding account. I have access to live prices so for the moment I am using that to track things.

In the last 12 months I have paid around $4000 in broker fees on trades thru NAB and on the 1st February I was rewarded by NAB with 20 minute delayed prices! :swear:

That Etrade account is now being activated once the papers have been processed. A pain in the neck but have had it.

NAB is trading on the fact that most people wont change because it is a pain in the neck. But I really hope all you people abandon their lousy service ASAP.

 

[GreatPig]

I'm considering moving to ComSec.

While I do like HSBC, I'm a bit worried I might get purchases mixed up if I have them for both accounts :

And while Comsec has about the same rate as NAB, when directly linked to an account in another bank, at least they (apparently) provide decent basic services.

GP

 

[bullmarket]

Hi GreatPig

I'm considering moving to ComSec.

While I do like HSBC, I'm a bit worried I might get purchases mixed up if I have them for both accounts :

And while Comsec has about the same rate as NAB, when directly linked to an account in another bank, at least they (apparently) provide decent basic services.

GP

You're probably aware but in case not, you can set up multiple accounts having separate HIN's with Commsec if you like.

cheers

bullmarket

 

[GreatPig]

NAB has now moved into super-suck territory.

I did 7 trades in February and was sitting here wondering why I'm still on 20 minute delayed prices (only 2 trades a month are required for the next level with live quotes). So I rang them up.

Apparently level shifting is not automatic, like it is with HSBC. You could do 1000 trades a month and still be on casual 20 minute delayed prices unless you fill in a form and apply for the next level.

So, I asked, what happens if I do that but in a subsequent month don't do the two trades? Will I just drop back to casual?

No, of course not. Instead I'd be slugged the fee. :swear:

Now where the hell did I put that Commsec application...

GP

 

[bullmarket]

oh dear GP

NAB has now moved into super-suck territory.

I did 7 trades in February and was sitting here wondering why I'm still on 20 minute delayed prices (only 2 trades a month are required for the next level with live quotes). So I rang them up.

Apparently level shifting is not automatic, like it is with HSBC. You could do 1000 trades a month and still be on casual 20 minute delayed prices unless you fill in a form and apply for the next level.

So, I asked, what happens if I do that but in a subsequent month don't do the two trades? Will I just drop back to casual?

No, of course not. Instead I'd be slugged the fee. :swear:

Now where the hell did I put that Commsec application...

GP

Why not bite the bullet and join commsec Even their standard website platform gives you live prices from SEATS with no minimum number of trades required.

But be aware, if you believe all the complaints in their feedback chatroom re the latest version of Protrader, it has some bugs in it which commsec say they will fix in the next version release - whenever that will be.

In the mean time it looks like they are letting clients continue to use the earlier version of PT for free with no min trade requirements which is what I am using and I certainly don't come close to the min 15 trades per quarter to qualify for free access to PT Gold level (min level)

I believe the earlier version of PT will be shutdown when the next version of the latest PT is released......but for me the standard website version easily meets my needs.....I'm just using PT while they let me use it at no charge....

Good luck..

bullmarket

 

[Prospector]

NAB has now moved into super-suck territory.

I did 7 trades in February and was sitting here wondering why I'm still on 20 minute delayed prices (only 2 trades a month are required for the next level with live quotes). So I rang them up.

Apparently level shifting is not automatic, like it is with HSBC. You could do 1000 trades a month and still be on casual 20 minute delayed prices unless you fill in a form and apply for the next level.

So, I asked, what happens if I do that but in a subsequent month don't do the two trades? Will I just drop back to casual?

No, of course not. Instead I'd be slugged the fee. :swear:

Now where the hell did I put that Commsec application...

GP

Hey GP that is exactly what I was ranting about in February. I have a business Banking Manager and wrote them a letter saying I was moving to Etrade because of the new service and that might mean I need to move our Business accounts to ANZ as well. So they relented and was given full automatic access to the Premium service without having to do the trades nor pay the fee nor lodge that form. So if you are serious with them they will change. Funny thing though, I got the phone call from NAB less than 5 minutes (I was still at the post office in fact) AFTER I had mailed my applications to ETrade, which I had held on to since before Christmas but not posted. I havent swapped over to them yet because NAB have almost got their act together, for me, anyway!