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  • FIRST POST
    magpiejay
    Hoodless Brennan to close online share dealing
    • #1
    • 17th Jun 09, 11:08 AM
    Hoodless Brennan to close online share dealing 17th Jun 09 at 11:08 AM
    Just logged into my share account this morning to discover that Hoodless Brennan are ending their execution-only online trading service on July 10th. As one of the cheapest on the market, that's a bit of a bummer.

    They have an arrangement with TD Waterhouse to (seamlessly they say) transfer your account/portfolio to them, maintaining Hoodless Brennan's (low) rates for at least a year. (Meaning you may be held hostage by whatever fees they decide to impose after a year).

    They also give the option to transfer to another provider with no transfer charges.

    I read mixed things about TD Waterhouse. Does anyone have good/bad experiences with them they'd care to share to help us Hoodless users decide what to do?
Page 1
    • sabretoothtigger
    • By sabretoothtigger 17th Jun 09, 11:34 AM
    • 10,027 Posts
    • 6,604 Thanks
    sabretoothtigger
    • #2
    • 17th Jun 09, 11:34 AM
    • #2
    • 17th Jun 09, 11:34 AM
    I wonder why, not profitable anymore or something. I know volumes have been dropping, is that it maybe

    hoodless was £7 a trade wasnt it. Its possible TD was always handling these trades anyway, Im not dealt with them myself but it sounds reasonable
    Tokyo residential prices have gone from 4x London in 1990 to ľ London in 2014
    Maybe this is one of those cases where you canít go home again,
    by Ben S. Bernanke, former Fed chairman
    • The MoneySavingKid
    • By The MoneySavingKid 17th Jun 09, 11:37 AM
    • 330 Posts
    • 213 Thanks
    The MoneySavingKid
    • #3
    • 17th Jun 09, 11:37 AM
    • #3
    • 17th Jun 09, 11:37 AM
    Is that really bad notice,or is it just me?
    I mean 6 months AT LEAST what have been more ideal than less than 30 days.
    What are people's opinions on TD?
    I
  • uk_steve
    • #4
    • 17th Jun 09, 11:41 AM
    • #4
    • 17th Jun 09, 11:41 AM
    Just seen the same so i tel my hb guy which alerts me on some stocks on the aim market

    he said the internet share dealing has grown so big the company sold it off for a profit


    but keeping there telephone adv account

    abit of a bummer !!!!!!
    Oh well we only live once ;-)
  • Dave101t
    • #5
    • 17th Jun 09, 11:43 AM
    • #5
    • 17th Jun 09, 11:43 AM
    try sharecrazy.com

    its ran by hoodless, but i just logged in and there are no notifications of a change.
    its 9.99 per trade, no other fee's and i used it for 6 years
    Target Savings by end 2009: 20,000
    current savings: 20,500 (target hit yippee!)
    Debts: 8000 (student loan so doesnt count)

    new target savings by Feb 2010: 30,000
    • BellyButtonFluff
    • By BellyButtonFluff 17th Jun 09, 11:57 AM
    • 16 Posts
    • 3 Thanks
    BellyButtonFluff
    • #6
    • 17th Jun 09, 11:57 AM
    • #6
    • 17th Jun 09, 11:57 AM
    From what I have read this is the execution only accounts, yes? is that what everybody else understands by this?

    By sheer coincidence I called them yesterday about closing my advisory account (to consolidate and simplify share accounts and because it had lost a great chunk of my money ). Originally I just wanted to shift into the online execution but then realised it is 4x £15 (per line item) so I figured I would just transfer them externally for the same cost unfortunately. (Heading in the direction of Hargreaves Lansdowne to meet my other accounts)

    It would have been nice timing to transfer these out and be shot of all the HB accounts.


    *UPDATE* Ahh... I just got the "official" email to confirm this, the info i had was a limited response to a helpdesk email sent relating to my transfers above.
    Last edited by BellyButtonFluff; 17-06-2009 at 12:09 PM.
  • qfk123
    • #7
    • 17th Jun 09, 12:12 PM
    • #7
    • 17th Jun 09, 12:12 PM
    I recieved this and not really sure what to do. Tempted to go with TD Waterhouse as hoping it doesnt change the way i deal and 1 year price fix on the fees.
    • King Weasel
    • By King Weasel 17th Jun 09, 12:26 PM
    • 4,256 Posts
    • 5,407 Thanks
    King Weasel
    • #8
    • 17th Jun 09, 12:26 PM
    • #8
    • 17th Jun 09, 12:26 PM
    HB execution-only is £8/trade, reduced to £6.50 for frequent traders (not sure what the definition is.).We are promised the same rates at TDW for a year, so we have a year to look elsewhere, assuming TDW is reasonably competent and their website is clear.

    Can any (ex-) TDW-users confirm this?

    Views welcome.
    However hard up you are, never accept loans from your friends. Just gifts
    • Wookey
    • By Wookey 17th Jun 09, 12:37 PM
    • 811 Posts
    • 410 Thanks
    Wookey
    • #9
    • 17th Jun 09, 12:37 PM
    • #9
    • 17th Jun 09, 12:37 PM
    TD Waterhouse is 9.95 a trade so not that much more than hoodless, have taken option 1.
    Norn Iron Club member No 353
  • oxenryd
    TD Waterhouse is 9.95 a trade so not that much more than hoodless, have taken option 1.
    Originally posted by Wookey

    But they have a £10 a quarter "inactivity charge".

    Does anyone know of anyone that just charges you per trade - no other charges - like Hoodless Brennan ?

    Many thanks
    Originally Posted by Dr Cuckoo3
    Your bank and bank card does say something about the kind of person you are: Big 4 banks=sheep,Santander=someone who doesnt mind incompetence,COOP=Ethical views,a campaigner,First Direct/Coventry=someone who thinks they are better than others,NI Bank card when living on the mainland=Aspergers
  • magpiejay
    HB execution-only is £8/trade, reduced to £6.50 for frequent traders (not sure what the definition is.).We are promised the same rates at TDW for a year, so we have a year to look elsewhere, assuming TDW is reasonably competent and their website is clear.

    Can any (ex-) TDW-users confirm this?

    Views welcome.
    Originally posted by King Weasel
    Don't forget that they are waiving the usual 'transfer fee' this time. If you need to transfer from JD in a year's time, this won't be the case.
  • Ranchero
    I saw this coming with Hoodless Brennan.
    The difficulty they have is in ensuring important information relating to traders shares is sent to them. For instance, I never got a dickie bird relating to the HBOS shares being delisted an issue currently being investigated by the Financial Ombudsman.
    Waterhouse is okay if you do ten trades in a quarter and I would hope that I would qualify just. But the £12.25 fee is a bit steep if you don't.
    While Hoodless Brennan was not very good at the communication side - and once you realise this you just have to manage it, it was the cheapest out there and I like the portfolio layout.
    Having said that it was clear in the last few weeks or so that the updating of prices was getting slower and slower.. another sign perhaps that all was not well.
    Hoodless Brennan has got into trouble by the regulator over its share dealings and they did with me try a bit of a hard sell on shares they wanted to punt... which I would not touch with a barge pole.
    Once you get past that, the actual facility was fine for me.
    What Waterhouse seems to offer that Hoodless doesn't is international trading. Which might well be worth the extra quid.
    However I would love to be able to testdrive the Waterhouse site before I commit.
    From the sound of it, it is the most economical out there after Hoodless Brennan.
    The £10 admin fee would not come into the equation if you use the account, which I would think the majority of people would, so it is not something I would concern about.
    Apart from that it is the flat fee and ensuring you do ten trades a quarter.
    If there is a better flat fee without any strings out there apart from Waterhouse I would love to know about it.
  • frank40
    I'm in the same situation as the rest of you. Not sure what to do. I've read the TDW Terms and Conditions and think an important difference is that a trade is not contractual at the accepted price until TDW come back with the confirmation (which may be at a different price), with no right of refusal by the customer. This is a critical and fundamental difference to HB. Not sure I can live with it.
  • oxenryd
    Following the information given by Dave101t, i m looking at sharecrazy.com

    they state

    9.99 PER TRADE FLAT FEE


    NO QUARTERLY ACCOUNT CHARGES

    NO INACTIVITY CHARGES
    STOP LOSS & LIMIT ORDERS 24/7
    Originally Posted by Dr Cuckoo3
    Your bank and bank card does say something about the kind of person you are: Big 4 banks=sheep,Santander=someone who doesnt mind incompetence,COOP=Ethical views,a campaigner,First Direct/Coventry=someone who thinks they are better than others,NI Bank card when living on the mainland=Aspergers
  • k8r4u
    I've used TDW for ten years or so, no complaints or I've have left well before now ! I've got half a dozen accounts with them, from ISA to regular investment (£1.50 per trade monthly portfolio builder type account), regular trading accounts, savings account etc.

    Range of products is fine, normal execution trades £12.50, only pay quarterly inactivity fee if you do under 10 trades per quarter OR have under £5k in your account.

    No gripes with the website: portfolio management, real-time quotes, market research, company info etc. etc. all the usual.

    Overall as good as any I've used, nothing out of the ordinary, it just works !
  • Pssst
    Is that really bad notice,or is it just me?
    I mean 6 months AT LEAST what have been more ideal than less than 30 days.
    What are people's opinions on TD?
    I
    Originally posted by The MoneySavingKid
    I quite like dealing with TD and i like the interface.

    They have had bandwidth /server issues for a while,especially at peak traffic but they do promise that ongoing upgrades are happening.
  • Hatone
    I too received an email from HB.

    However, I'm reluctant to move to TD Waterhouse because of their inactivity fee. I'm holding onto my shares for now (for at least 2-3 years) and won't be trading again until the Autumn. I suppose I can still leave my account with HB for now knowing I won't be able to execute a trade unless I switch.
  • k8r4u
    Do you have over £5k in your portfolio ? If so, there's no inactivity fee.
    • skylight
    • By skylight 17th Jun 09, 5:40 PM
    • 10,424 Posts
    • 16,875 Thanks
    skylight
    Is there a transfer fee for moving elsewhere and not to TD?
  • magpiejay
    I quite like dealing with TD and i like the interface.

    They have had bandwidth /server issues for a while,especially at peak traffic but they do promise that ongoing upgrades are happening.
    Originally posted by Pssst
    Hoodless Brennan have been also having bandwidth troubles for a while due to the volume of traffic and accounts. If TDW suffer the same, what's going to happen when they suddenly get all the Hoodless Brennan accounts on their system? Obviously they'll have to upgrade pretty sharpish...one hopes.

    Am looking into Share Crazy (have emailed them to ask what's going on with them). In theory, if most of the traffic moves to TD Waterhouse, HB's servers (those used by ShareCrazy) should improve a lot.
    Last edited by magpiejay; 17-06-2009 at 5:55 PM.
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