Both Nominee and CREST account options allow you to hold your stock electronically.
The nominee account may be suitable if you wish to deal frequently in foreign stocks, it also allows you to deal in unit trusts. Stock is held in our nominee company name and administration is taken care of your behalf. Our CREST account may be suitable if you wish to deal in foreign stocks occasionally as additional charges will apply. All stocks will be held in your name.
A Nominee Account is available to individuals, joint applicants, Limited Companies, Partnerships, Pension funds/Trusts/Charities, Clubs/Unincorporated Bodies and Overseas Residents.
A CREST personal member account is only available to those individuals or joint applicants who are resident in an European Economic Area (EEA) state, Jersey, Guernsey and the Isle of Man.
Stocktrade offer a traditional certificated dealing service that allows you to retain your own share certificates. This can be operated in conjunction with a Stocktrade deposit account or sale proceeds can be credited to a bank account on settlement date and purchases can be paid for at the time of dealing with a Debit card.
Gross Interest is credited to your account biannually at the end of April and October. Money that we hold on deposit will earn interest at a tiered rate as shown below, accrued on a daily basis. The following table highlights the interest relative to the deposit account balance.
|Base Rate 0.5%||Rate Paid|
|Up to £25,000||0.05%|
|£25,001 - £500,000||0.1%|
Please note that these rates are subject to change. Updated: 06/03/2009
For ease of settlement you can run a Deposit Account in conjunction with your Deposit Account Sharedealing Account. You can only access the account through the sharedealing account and no cards or cheque books are issued on this account.
Please note SIPP clients cannot send funds directly to Stocktrade as detailed below. All payments must be made through their SIPP provider. You can submit funds by cheque, made payable to Deposit Account Sharedealing Service or by a BACS/CHAPS transfer from your bank. The funds must be transferred to our Bank of Scotland account, sort code 12-22-48 account number 00100486. Please make sure that you have your bank attach your Deposit Account customer code as a reference. This is very important as it enables us to identify your transfer when received. Please note that you cannot open your account with a funds transfer, as it must be a cheque. You can also add funds to your account by debit card by simply calling one of our operators and instructing them to do so.
Yes, if your Deposit Account has been active you will receive a Deposit Account statement on a quarterly basis in January, April, July and October.
If you have a Nominee Account you will also receive an Income account statement on a quarterly basis January, April, July and October.
Stocktrade also issue a Year End Pack in April/May which includes a Consolidated Tax Voucher, Deposit Account statement detailing gross interest for the full tax year and a list of holdings. If you have a Nominee Account you will also receive a detailed Income statement showing all dividends and interest collected on your behalf for the full tax year.