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 addition 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.
For all Internet accounts all transactions are settled through your Stocktrade Deposit Account. You can only access the account through Deposit Account.
We do not issue cash cards or a chequebook with this account. The account is required due to the short online settlement period; therefore you cannot use your own bank account to set up a Direct Debit for settlement.
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
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 (re: customer name) 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.
You can request a withdrawal online or you can contact us. Online transfers from your Deposit Account are by BACS and will take two working days. To ensure that you receive your funds in two working days, we require online withdrawals to be submitted by 4pm. Please note that as online withdrawals are made by BACS, we can only make payments to UK listed banks or building societies. If you require a same day CHAPS payment, or an international SWIFT payment to an overseas bank, you must call us. Same day payments are charged at £15, SWIFT payments are normally charged at £25, and we must be notified before 2pm. Please note that the transfer of funds from a sale cannot proceed until the bargain has settled, and the cash has cleared in your Deposit Account. In all cases, you can only transfer funds to an account for which Stocktrade holds details.
No, however your statement is available (view & print) online at all times for whatever period you require.
The choice is yours. You can either hold your stock in our Nominee Account or in a CREST personal member account. If you have existing holdings on paper these can easily be transferred into either of the above accounts so that they may be traded online.
If you hold a stock in your portfolio which has a corporate action it can make your original book cost incorrect. This may show on your portfolio as a large gain or loss. If you email us with the amendments that are required we can correct your portfolio.