If you want to trade stocks, funds or certificates, you need a deposit that you have to open at a bank.
From time to time, there may be reasons why you are no longer satisfied with the conditions or other conditions of the bank or that they no longer fit your individual needs. Then the change of the depot to another institute is recommended.
Reasons for a deposit change
If you have a deposit with a bank, you may be required to pay a fee to keep your securities. This differs depending on the bank. You should think about a custody account change if there are providers who keep the securities for you on more favorable terms. The following things should be used for a comparison:
- Fees fall away or are cheaper
- Subscriptions for funds are lower
- Transaction fees in stock exchange transactions fall
Trade on other terms
A custody transfer can also be due to the fact that you suddenly want to pursue your securities transactions differently than is offered by the bank. For example, for some banks, you can not buy funds through the stock exchange.
In the future, you may prefer to transact your securities transactions online, but then switch from a branch to a direct bank.
How does the custody account change?
Consumers who are considering changing their depot are often unsure about this. Ultimately, a securities account change but not as complicated as some imagine.
Do I have to pay for the deposit change?
Banks may not charge you separate fees if you wish to deposit your securities with another institution. In 2004, the Federal Court of Justice introduced a prohibition on charges on the grounds that the current bank merely fulfills its statutory obligation to surrender your securities, which it had previously kept for you on your behalf. Future banks often offer new customers even a premium when switching to their bank.
How much time does the change take?
Unlike the costs associated with the change of custody account, there are no legal provisions as to when this must be settled at the latest. This depends on the respective bank in which the securities are currently stored. In general, however, the transfer should take a maximum of one month. Calculate, however, that you can not make sales for the time of the transfer.
Which steps are planned?
The depot exchange is particularly uncomplicated if you have it carried out by a specialized service. Online services are available for this, in which you enter your current banking data, which automatically generates your securities holdings. From an overview, you then select the papers that you want to transfer. A digital signature from you is enough to confirm the bill and transfer your securities holdings. Insofar as you wish, the dissolution of your existing depot will be taken over for you as part of this service.
Tips for deposit management
- Minimum investment value: In principle there is no prescribed amount for the opening of a depot.
- Examine fees carefully: Before you decide to change, you should inform yourself exactly about the fees of the depot. Basically, if you regularly trade with your portfolio, you should pay attention to low transaction fees. On the other hand, those who rarely change anything should opt for a depot with a low annual fee. Often the deposit management with direct banks is even completely free of charge.
- Choice of Securities: For the composition of the securities experts recommend the following: Individual stocks offer higher yield opportunities, but are more risky. If the stock price falls, this is associated with a general risk of loss. Broadly diversified investment funds, on the other hand, are associated with lower risk, as the influence of individual values has only a minor effect on the overall result.