Easy Equities good or bad?

YingYang said:
I'm not sure. I can't simulate registering again.

But before you do that, remember to use EE45725 as your referral code. This is a special code which will make your money multiply.
Click to expand...

really it must be your code nuh...
 
YingYang said:
I'm not sure. I can't simulate registering again.

But before you do that, remember to use EE45725 as your referral code. This is a special code which will make your money multiply.
Click to expand...

Nah, that ones not so good.

This one gives you 73 virgins once you're in heaven: EE52024
 
Back on topic:

Romi, for the TFSA, does that R30k annual allowance include or exclude any fees charged by the service provider?

Eg, I deposit R30 000 into EE for my TFSA. To make things easy, say my total fees amount to R500. Therefore my actual amount that goes into the TFSA ETF's is R29 500. Will I have used up my R30 000 annual allowance? Or am I still allowed to invest R500 more into TFSA ETF's?
 
Hi Romi

On the subject of opening an EE TFSA for one's dependants/children.
I enquired about this before and also via email to EE upon which I received the generic email back with the check-list of requirements.
All good and fair.

One of your support agents actually called me a day or two thereafter asking what I think of the service thus far and if I had any further questions. The one I did have was whether it is a mandatory requirement to have a separate bank account opened at a bank for a dependant in order to open their TFSA? The agent did not have this answer and promised to return with an answer, which he promptly did. Good service!

He mentioned that a separate bank account is NOT a mandatory requirement and that I as the guardian/parent can use my own bank account for the opening of the dependant's TFSA. This makes sense, and I would like you to please confirm this as there seems to be some confusion around this.
After-all, the plan is definitely not to withdraw any of the funds from a dependant's TFSA unless major disaster strikes, so to open, pay for and administrate a separate bank account for all these years (most likely never to be used for any TFSA withdrawal) until the dependant/child can open his/her own account and link it to the TFSA, is pointless, surely one would have any and all available future 'savings' for a child/dependant invested by any means apart from a bank account?

The remaining items on the check-list are fine and make sense:

Email Response Received:

Thank you for your query.

Account opening for minors is a manual process for the time being, Please complete the attached application form and send us the following FICA.
· Application form, (See attached)
· Co Habitation form, for proof of address (See attached)

· Copy of ID of the guardian
· Copy of Birth Certificate
· Consent forms (See attached)
. Proof of residential address in the guardian’s name
Kindly be advised that the account cannot be linked and yes the kids will have their own log in details. The account will be opened separately.

Kind Regards
 
Romi Appel said:
@Hamster and @yeldoom is this because of privacy on a desktop?
Click to expand...


Yes, because when I log onto the site in the office I don't really want the other 50 people to see my balance from across the room.
 
Shalin_ZN said:
Back on topic:

Romi, for the TFSA, does that R30k annual allowance include or exclude any fees charged by the service provider?

Eg, I deposit R30 000 into EE for my TFSA. To make things easy, say my total fees amount to R500. Therefore my actual amount that goes into the TFSA ETF's is R29 500. Will I have used up my R30 000 annual allowance? Or am I still allowed to invest R500 more into TFSA ETF's?
Click to expand...

Hi,

Currently your R30k deposit must include fees (statutory fees & commissions). The system will actually block you from depositing more.
It is a topic of conversation at the moment between some service providers and treasury on how we should be handling this and we are waiting on clarity.

Fortunately it will only cost you R94.12 to invest the full R30k.

I promise to let you know when we have clarity on this!
Regards
 
Romi Appel said:
Hey Yeldoom, just checking with our corporate actions team. Will get back to you asap!
Click to expand...

Hi Yeldoom,
Checked with out team.

We apparently sent out comms this afternoon to the shareholders. You may exercise your right and take up what is entitled to you or you may allow it to lapse – in which you can retain your current holding in Mediclinic.

Please let me know if you are a shareholder and didn't receive communication?

Thanks
 
YingYang said:
Open a TFSA account for each of your 8 kids as well, I'm doing that for my two within the next couple of weeks.

First need to open bank accounts in their name though as EE wants proof that the child has a bank account.
Click to expand...

Hi Guys

You can open an account for a minor with or without them having a valid bank account. There are additional forms that you sign as a guardian.Guardianship is cancelled when they reach the legal age.

Happy to send you the forms, just drop me a PM.

Thanks
 
Romi Appel said:
Fortunately it will only cost you R94.12 to invest the full R30k.
Click to expand...

It works out to 0.37% of the deposited amount:
total transaction cost R 110.81
trade value R 29 889.19
amount due from you R 30 000.00
 
acp said:
Hi Romi

On the subject of opening an EE TFSA for one's dependants/children.
I enquired about this before and also via email to EE upon which I received the generic email back with the check-list of requirements.
All good and fair.

One of your support agents actually called me a day or two thereafter asking what I think of the service thus far and if I had any further questions. The one I did have was whether it is a mandatory requirement to have a separate bank account opened at a bank for a dependant in order to open their TFSA? The agent did not have this answer and promised to return with an answer, which he promptly did. Good service!

He mentioned that a separate bank account is NOT a mandatory requirement and that I as the guardian/parent can use my own bank account for the opening of the dependant's TFSA. This makes sense, and I would like you to please confirm this as there seems to be some confusion around this.
After-all, the plan is definitely not to withdraw any of the funds from a dependant's TFSA unless major disaster strikes, so to open, pay for and administrate a separate bank account for all these years (most likely never to be used for any TFSA withdrawal) until the dependant/child can open his/her own account and link it to the TFSA, is pointless, surely one would have any and all available future 'savings' for a child/dependant invested by any means apart from a bank account?

The remaining items on the check-list are fine and make sense:

Email Response Received:

Thank you for your query.

Account opening for minors is a manual process for the time being, Please complete the attached application form and send us the following FICA.
· Application form, (See attached)
· Co Habitation form, for proof of address (See attached)

· Copy of ID of the guardian
· Copy of Birth Certificate
· Consent forms (See attached)
. Proof of residential address in the guardian’s name
Kindly be advised that the account cannot be linked and yes the kids will have their own log in details. The account will be opened separately.

Kind Regards
Click to expand...

Hi ACP

You are correct, you can open an account for a minor and use your banking details.

I must be honest it was a bit of a concern for us especially in light of a TFSA having a limit and any withdrawals will negatively impact the child's TFSA allowance. The spirit obviously being that of investing and leaving it for the 16 years, if not longer!
However in any case when there is a legal relationship between a guardian and minor the guardian has the legal rights. So I suppose its a matter of morals vs law.

We however most certainly are introducing user rights onto the platform later this year, whereby guardians can opt to lock in the investment. Hopefully deterring them from dis-investing.

We met with treasury not so long ago and the TFSA website has also voiced some concerns on this. I am hoping that they put some firmer rules into place next year.

Hope this answers your question?

Thanks
 
You are correct. Sorry I worked it out on 20% instead of 25bps.
The system will restrict you to investing R29 888.78 to cater for the commission (R75) and the statutory costs (R36.22)
Remember that our costs R75 are at 25bps (0.25), the statutory costs R36.22 are paid to SARS/JSE etc
 
Romi Appel said:
Hi Yeldoom,
Checked with out team.

We apparently sent out comms this afternoon to the shareholders. You may exercise your right and take up what is entitled to you or you may allow it to lapse – in which you can retain your current holding in Mediclinic.

Please let me know if you are a shareholder and didn't receive communication?

Thanks
Click to expand...

Shareholder here. No comms yet
 
Romi Appel said:
Hi ACP

You are correct, you can open an account for a minor and use your banking details.

**snip**

We met with treasury not so long ago and the TFSA website has also voiced some concerns on this. I am hoping that they put some firmer rules into place next year.

Hope this answers your question?

Thanks
Click to expand...


yes its a bit of a tricky one. SARS will have to accept records grouped per ID number, as that will never change form minor to legal age etc.

The child should however have the option to move the bank account details once he/she is of a legal age.
 
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