Any advice against going with CommSec?

bs0 on 09/06/2015 - 23:49

My situation: 22 year uni student, graduating (hopefully) in 2.5 years. Uni debt of around $60,000 when I graduate. I work casually, earning anywhere up to $350/week, some weeks not working. I live at home, and have a car.

I have access to around $12000 in savings now. I will have access to another $13000(?) from 1st July when the FHSAs are closed and money is released. I'm traveling to Melb/Adel in July (thanks for the flights OzB!) and Japan in Nov/Dec (thanks again OzB!). These are the only two foreseeable expenses …. So I'll have a fair amount of money left in my saving account.

My goal for trading shares is probably primarily learning how to invest early, and secondly, to have higher (or equal) returns than 2.71% p.a. bank interest. I don't mind researching and reading up on companies, but I don't think I can be an active trader.

So I'm thinking about going with CommSec. I considered NAB, CMC and Westpac as well, but I felt CommSec was most popular/widespread, especially with the current $600 offer. Would anyone advise against CommSec or have other suggestions?

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Comments

  • spellegrino on 10/06/2015 - 00:19
    +1

    what is FHSA's?

    • Baysew on 10/06/2015 - 00:52
      +3

      First Home Saver Account

      Set to be abolished 1st July 2015

      ATO

  • Associatedcypher67 @ CommSec on 10/06/2015 - 09:41

    Sign up and play around in each of the UI's, ultimately you are joining for the features and services not for the product itself, that's all the time. If you can get a good joining deal that would also be a bonus

  • indium on 10/06/2015 - 10:53

    I'm in the exact same position as you but starting using commsec a year ago. It is pretty easy to navigate and use and provides good information. I started with telstra shares and they have been going up + paying around 5% dividend per year. I keep my ing savings account at around 10k (3.5% interest) for unforeseeable expenses, the rest goes to shares. The money in shares is money I will use down the track (in 2.5 years when I move out I guess). I guess shares a little risky but I think it's worth it, they will probably go up over that time and even if they don't but stay the same the dividend is pretty good.

    That $600 free brokerage offer is always around and the other banks offer a similar thing too. Make sure when you sign up that you click through the brokerage offer and that it appears in the URL. I did this and made sure it was in there the whole time yet didn't receive the free brokerage but called them up and they applied it without much hassle.

  • Mr BoMBAStiG on 10/06/2015 - 11:18

    +1 for CommSec from me. Low fees, easy to use and well supported with regards to information and advice. If you are just starting out, look into buying shares of index funds to reduce your risk.

    Oh yeah and check out robinhood.com/au

  • Baysew on 10/06/2015 - 11:19
    +3

    I have nothing against Commsec, I prefer Bell Direct for better features like conditional orders.

    Also look at ETFs (Exchange Traded Funds) Rather than buying a small handful of shares this will give greater diversification.

    Lots of info on http://www.asx.com.au/

    • bray77 on 10/06/2015 - 16:41

      +1

      I think it is great that you want to invest young through shares. I would look at allocating most of the money to some diversified ETF's and maybe take 10% of the money and use it to buy some stocks you pick to get a taste for it.

      I would personally recommend CMC Markets. Their brokerage is $11/share or around 0.1% whichever is greater. Even though Commsec has the $600 offer, you need to look at this long term. You might save a few dollars buying your initial shares, but when you want to buy more and sell them in the long run, Commsec will work out abit more expensive.

      Having said that, if you like Commsec's layout and that adds some value for you, go for it!

  • cloudy on 10/06/2015 - 12:57
    +1

    I started with commsec, but they screwed up my holdings and trades once costing me money. When I tried contacting them about it, they cold transferred me around so much I decided to leave.

    Commsec seems good, until they are not. Sound obvious? But if ur gonna pay 20 bucks a trade, u may as well expect they get it right.

    I'm now with cmc markets, $11 a trade, they haven't stuffed me up…yet.

  • momov3 on 10/06/2015 - 19:00
    -2

    I believe HSBC is free online trade as long as you have a Cash Management Account with them for the funds to come out of. I couldn't be bothered to open yet another account so I stayed with CommSec. It's so easy to link your CBA Access Account so settlement is taken directly out of it via direct debit. However, yes they charge almost $30 per trade up to a certain amount, and if you want free brokerage, try HSBC.

  • bs0 on 10/06/2015 - 20:07

    Thanks all, I'll go with CommSec and probs open an account this week

  • megamilinda on 11/06/2015 - 12:41

    When I at uni and had some money saved up, I purchased one of the share packs, returns are pretty good (I got the market leaders pack), it's currently $66 for brokerage.

    https://contact.commsec.com.au/app/answers/detail/a_id/1065/…

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