HSBC UK InvestDirect Plus

 

While HSBC is slowly bringing together its international banking operations to provide a more useful service for people who need accounts around the world, the same cannot be said for its stock broking operations. The group offers services under the InvestDirect banner in a number of countries, but what’s on offer in each case differs wildly, with some being far more useful than others.

The UK offering is one of the least useful, in contrast to the extremely wide-ranging Canadian one (which is open only to Canadian residents). Not only does it offer just two markets – the UK and the US – it does so at relatively uncompetitive rates and with a striking lack of coordination.

The basic InvestDirect account, which only trades UK shares, can be linked to a current account, but the InvestDirect Plus account – which adds the ability to trade the US – requires a separate sterling cash account, which needs to funded for each trade (there’s no option to debit your current account directly). Investors can apparently also have euro and dollar denominated accounts to settle trades in those currencies, but the amount of information provided on this in the account brochures is limited.

Markets available
Online tradingUK, USA
Telephone tradingAs above
Dealing commissions and charges
Typical online£12.95/$29.95
Online detailsUK 1-8 deals per month £12.95, 9+ deals per month £7.95, Euro-denominated UK shares €29.95, USA US$29.95
Typical telephone£29.95/$49.95
Telephone detailsUK £29.95, Euro-denominated UK shares €49.95, USA US$49.95
Other fees and charges
Account fees and inactivity fees£10.5 per quarter
Custody charges for stocksNone
Dividend chargesNone
Corporate action chargesNone
Currencies
Currency conversion chargesNone - non-GBP trades are converted to sterling at the mid-market rate
Hold cash in foreign currenciesYes
Currencies allowedEUR, GBP, USD
Other details
Tax-advantaged accountsISA (no additional fee)
Other products and servicesGilts
Minimum account sizeNone
Company locationUK
Further informationVisit the HSBC UK InvestDirect Plus website

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 Posted by at 7:04 pm