Abbey National Sharedealing Service has launched a new nominee-based account, the Regular Trader Service.
Account holders’ shares are held electronically in a nominee name without the need to be in receipt of a paper share certificate due from a purchase before being able to sell. When a customer telephones to buy or sell shares, they will be given the latest ‘live’ price. If they decide to go ahead, the dealer can execute the trade while the customer waits.
The telephone-based account offers an alternative to dealing with a certificated service, where paper share certificates are either posted to customers who buy shares or are sent to customers who sell shares, says the bank.
Customers can open an account via one application form. Once an account is open, the customer can trade during market hours and out of hours they can leave orders to buy or sell when the market next opens. Customers can also set up an interest-bearing Regular Trader deposit account to simplify cash movements. Payments can also be made using Switch, cheque or Direct Debit.
Abbey says the Regular Trader Service offers the cheapest telephone share dealing of any high street broker on all sizes of trades. Investors can buy or sell up to £1000 of shares for a fee of just £9.99 until 30 April 2002. This compares with up to £25 with other high street brokers, says Abbey. Trades in shares up to the value of £5000 and £10,000 are charged at £25 and £35 respectively. Trades in shares over the value of £10,000 are charged at £50.