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No Monthly and Annual Subscription Fees for All Accounts from 29 April @ Sharesies

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No Monthly and Annual Subscription Fees for All Accounts from 29 April @ Sharesies
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notmyname13 on 17/04/2021 - 09:08 sharesies.nz (589 clicks)

Email from them:

At Sharesies, we’re on a mission to create the most financially empowered generation.
We’re always thinking about how we can make investing accessible to as many people
as possible and have been working hard to deliver the best experience to all of our investors,
whether they have $5 or $5 million.

That’s why we’re super excited to tell you that from Thursday 29 April 2021, we’re dropping
monthly and annual subscription fees from all Sharesies accounts! This is a move that will
positively impact a huge number of the 350,000 investors on Sharesies.

At the same time as we remove subscription fees, we’re going to make our pricing more
consistent by adding the Sharesies transaction fee to NZ exchange-traded funds (ETFs).

From Thursday 29 April 2021 you’ll pay the same transaction fee for investing in NZ ETFs
as you do for investing in NZ companies, bringing them in line with how you invest
in US ETFs. Don’t worry—you’ll always see the ‘estimated transaction fee’ before
you confirm your buy or sell order.

Transaction fees on ETFs will apply to all accounts, including Kids Accounts
and auto-invest orders (included in your auto-invest amount).
Now might be a good time to review your auto-invest order.

For more info on our current fees, check out our pricing page.

When we make these changes, we’ll be updating the Sharesies Terms
and Conditions. You’ll be able to see the updated Terms and Conditions
when they go live on our website on Thursday 29 April 2021.

We’re super excited to make these changes for you.
If you have any questions reach out to us at [email protected].

Thanks,

The Sharesies team

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$5 for referee, $5 for referrer.

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closed Comments

  • nachos on 17/04/2021 - 10:02
    +9

    Gotta love the spin. For many people this will end up costing them more.
    The general consensus is if you spend more than $6k on NZ ETFs a year you are worse off.

    • mattk1 on 17/04/2021 - 11:27

      But for many people who can't afford $6k of ETFs then this will save them money, and are probably the people who need it more. They've said 95% of users will save money based on past behaviour.

      • nzmax on 17/04/2021 - 14:19

        But over time people will accumulate more and more, and then they pay it when selling anyway at some point, or moving it into another EFT or shares depending on conditions. Its a bit like Kiwisaver, where overtime the amount grows and grows as people drip feed money into them. It really depends who they they consider their main users to be in the future.
        Their system is great for just accumulating small numbers of shares. But it is a pain that you can't have joint accounts, which stops some people using them.

    • nzmax on 17/04/2021 - 14:13

      You then also have to pay the same transactions fees when selling NZ ETFs. What is a good system to use if buying NZ ETFs without incurring transaction fees?

      • Slogan on 17/04/2021 - 16:41

        InvestNow, I don't think they charge transaction fees.

    • fretrunner11 on 17/04/2021 - 15:41

      Interesting. Where do you get that consensus from? Do you have a source? Thanks

  • Slogan on 17/04/2021 - 10:15
    +2

    Their fee structure was almost certainly a disincentive for free users (with under $50 invested) from investing more.
    I can understand why they made this change, as encouraging existing users to engage more is much cheaper and easier than getting new users.

  • Fantastic on 17/04/2021 - 11:38

    I got the 1 year subscription about 6 months ago. I emailed them yesterday and asked for a full refund of my subscription fee since they are making it fees free. I received $52 a few hours later. I’m not sure why they gave me more then the $30 but I’m not complaining.

    • cambridge on 17/04/2021 - 11:45

      Hi how come it became $52? I also paid annually but will definitely email them too.. haha

      • taeken on 17/04/2021 - 12:22

        I paid $30 a week ago, waiting to hear back.

      • Fantastic on 17/04/2021 - 12:46

        Maybe they refunded the $3 a month subscription fees I was paying before I started the annual fee but it still doesn’t add up to $52 they might of refunded my transaction fees as well I’m not exactly sure why.

    • nzmax on 17/04/2021 - 14:21
      +1

      It says they will be contacting all people who paid the fee anyway.

  • BDS on 17/04/2021 - 18:09
    +2

    Would anyone share some guide or investment techniques tutorial or videos to be considered for making good investment choices while selecting Fund and company on Sharesies or in general for investment. Thanks.

    • bisky on 18/04/2021 - 04:16
      +1

      Invest in ETFs with as low a fee as you can, and forget about them.

      ETFs track the exchange. Uni professors for finance at UoA for example, prefer that.

      Many people 'pick' shares and trade them, trying to time the market. This takes a lot of time, and even professional traders, on average, underperform the ETFs. This is active trading.

      You want a passive ETF, not an active one. Active one buys and sells shares trying to still time the market, which adds plenty of fees and again is probably on average, worse.

      ETFs are a big, diverse basket of different companies, as it tracks the whole exchange. Mathematically, this lowers the risk while keeping the return high, which to most people is ideal, as its more resilient to market shocks.

      • BDS on 18/04/2021 - 05:01

        Thanks for sharing your views. I know one should diversify their investment and not invest all amount on single ETF. What are the main factors do you consider for selecting good ETFs from the other apart from low fees. So that I can create a better portfolio.

  • aih-lun on 17/04/2021 - 21:15
    +1

    Can someone confirm if the subscription fee will be removed or reduced?
    "…we’re dropping monthly and annual subscription fees from all Sharesies accounts!.."

    • kiwical on 18/04/2021 - 09:00

      Removing. As the next paragraph explains better. "Dropping" just a semi slang word for remove.

  • kevinh89 on 18/04/2021 - 09:09

    I honestly didnt know Sharesies was on a subscription model, did that eman they charged no broker fees before? anyhow, I used ShareMeUp and ASB Scurities that are subscription free, only brokerage, am I getting this right or am I missing something?

    • Banto on 18/04/2021 - 11:00
      +1

      Following. I use ASB securities too. It's a no subscription model. Their brokerage charges are not as small as I used to in a different country.

      • huffboy on 29/04/2021 - 09:51

        and ASB's interface is from 1999.

        • Banto on 29/04/2021 - 11:34

          So true!

    • kiwical on 19/04/2021 - 08:03
      +2

      Sharesies charge .5% for trades upto $3000 and 1.5% for trades over $3000. So you will need to compare that with the ASB fee. Sharesies will almost certainly be cheaper unless you are up there value wise with your transactions. Like you I used ASB. But have now changed to sharesies. You can also import all your current holdings into sharesies. I haven't done that yet, but it should make things easier to keep track of your shares and values.

      • notmyname13 on 19/04/2021 - 08:54

        Hey, do you know if it's possible to transfer between different apps? Also, do you know where I can find more about transfers of shares?
        Thanks

        • kevinh89 on 24/04/2021 - 11:33
          +1

          You dont need to transfer between apps, because, at least this is what I understand, stuff is linked to you, not to the app account. I bought a few shares on ASB Securities, and I got gifted some others through work, all stocks automatically showed up on ShareMeUp because it had my CSN (Common Shareholder Number) number already registered in the app. That CSN number should be your id on the stocks world here in NZ I believe.

          Regarding more about "transfers of shares", I dont know what you mean, but I dont know much more about it. Are you referring to like, gift some to your brother or whatever?

      • huffboy on 29/04/2021 - 09:57
        +1

        Depends on trade size:

        ASB
        New Zealand trades (excluding fixed interest trades)
        $15 (up to and including NZ$1,000)
        $30 (over NZ$1,000 and up to and including NZ$10,000)
        0.30% (over NZ$10,000)

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