With a Nominee Account, your holdings are held in an authorised nominee company name of Brewin Dolphin Ltd or an associated Nominee Company or one appointed by us, with all administration handled by the company on your behalf. A Nominee Account is available to individuals, joint applicants, Limited Companies, Partnerships, Pension funds/Trusts/Charities, Clubs/Unincorporated Bodies and Overseas Residents.
CREST is the electronic settlement system through which the London Stock Exchange settles bargains. Stock is held in an electronic dealing account but shares remain to be held in your name. It is available to individuals, joint applicants and partnerships.
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 below the Bank of England Base rate, accrued on a daily basis. The following table highlights the interest relative to the Deposit Account balance.
| Deposit Account Balance | Percentage rate below current base rate |
|---|---|
| up to £1,000 | 2.25% |
| up to £5,000 | 2.00% |
| up to £10,000 | 1.50% |
| up to £25,000 | 0.75% |
| up to £500,000 | 0.50% |
| over £500,000 | 0.25% |
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.