Easy Equities good or bad?

SauRoNZA said:
I would argue that both FNB, SB and the other banks have "budget" products that work exactly the same way.

Just like GT247 has premium products for full blown trading.

So EE is to GT247 exactly what FNB and the other bank's budget ranges are.
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Correct. FNB has Share Saver and Share Builder, which are their "budget" investment platforms. Then they have Share Investor which is their trading platform...
 
Mike Hoxbig said:
The point is that Purple Group isn't some mom and pop budget operation. EE is their investment platform and GT247 is their trading platform.

You said that SB and FNB are proper brokers. What do you define as a proper broker? Keep in mind that these are banks, you aren't really aware of how much their brokerage business units contribute towards the overall revenue of the business.

You can't think of it this way. They all have to abide by the JSE and FSB rules, which should be good enough. As it's been pointed out, what they do is common practise. Don't listen to House/Toothless and his fear-mongering. He also tried to tell us that we'd all be sitting in jail for not paying e-tolls as he had a source high up on the inside.
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Who said PG were a "mom and pop budget operation"?

I said they were "budget" due to their pricing. I even said later that this is a good thing for me, as I can't afford the other platforms.

Don't really have a definition for "proper", hence why I used the quotes. Share registration in my own name would certainly be a factor though.

They also charge a fixed STRATE fee, while EE charges a variable "Settlement and Admin fee". From my understanding, this is not a cost that is under the control of a broker, being a statutory cost.
 
Mike Hoxbig said:
Correct. FNB has Share Saver and Share Builder, which are their "budget" investment platforms. Then they have Share Investor which is their trading platform...
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Have you actually looked at Share Saver and Share Builder? As in look at what instruments they offer and their cost? It's not even remotely comparable to EE.
 
Shalin_ZN said:
Have you actually looked at Share Saver and Share Builder? As in look at what instruments they offer and their cost? It's not even remotely comparable to EE.
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I know, which is why IMO EE is a better investment platform. Sorry I see now that you were referring to pricing and not the company itself...
 
Can one buy gold through someone like EE?

If not what's the cheapest / easiest way to place spare cash in gold?
 
Shalin_ZN said:
@midnightcaller

Can you ask SB if the share certificates are in your name? Is there any way for you to verify this?
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I will take a look at this in detail next week.

It already appears to me that the "nominee" approach is common practice with online stock brokers.
 
Just a question regarding TFSA accounts with EE. I deposited my full R30k between June - December. When I logged in today (04/01/2016) the site stated I still had my R30k limit left for this year (2016). I was under the impression I would only be able to start depositing on 1 March 2016 as that is when the financial year starts.

Can someone please advise if I am correct or EE
 
zorro5614 said:
Just a question regarding TFSA accounts with EE. I deposited my full R30k between June - December. When I logged in today (04/01/2016) the site stated I still had my R30k limit left for this year (2016). I was under the impression I would only be able to start depositing on 1 March 2016 as that is when the financial year starts.

Can someone please advise if I am correct or EE
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It should be tax year. 1 March - End Feb.
 
zorro5614 said:
Just a question regarding TFSA accounts with EE. I deposited my full R30k between June - December. When I logged in today (04/01/2016) the site stated I still had my R30k limit left for this year (2016). I was under the impression I would only be able to start depositing on 1 March 2016 as that is when the financial year starts.

Can someone please advise if I am correct or EE
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Hmm sounds like a bug on their side.

https://www.sanlam.co.za/tools/taxcalculator/Pages/how-tax-free-savings-accounts-work.aspx

What is the tax year period over which the annual contribution limit on a tax-free savings account applies?
The South African tax year runs from 1 March to 28 February of the next year.
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TFSA accounts are R30k a year. Don't know of anything that says it has to be in a tax year.
 
HI Zorro5614,

The tax year is the financial tax year which runs 1 March 2015 to 28 Feb 2016 and this is the year to which the R30,000 annual deposit limit on the Tax-free savings account applies.

We have indeed picked up a slight bug on the site that figures this year as between 1 Jan 2015 and 31 Dec 2016 and so is stating mistakenly to clients that may have deposited funds into their TFSA up to the 31st of December, that they can now invest a further R30,000.

Our IT guys are working on it and we should have a fix in today, but please DO NOT exceed R30,000 of deposits into your TFSA account until the 1 March 2016.

Our allocations department is a further check in the process and so if a client mistakenly exceeds the R30,000, they will not actually allocate any more funds to a TFSA account that would cause the client to exceed that annual limit.

Regards
Justin
 
Hi Swa,

The R30,000 limit applies to the tax year which runs between 1 March every year and the end of Feb of the following year - so we currently sit towards the end of this particular tax year which runs 1 March 2015 to 28 Feb 2016.

You can only deposit R30,000 in each tax year. So if you have R30,000 already in your TFSA, you need to wait until 1 March before you can start contributing towards your R30,000 limit for the next tax year.

Hope that helps.

Justin
 
It is a slight bug,

IT are working on it and it should be fixed today / tomorrow.

As backup, our allocations department would not allocate any funds to a clients TFSA that would cause them to exceed their annual limit.

Justin
Head of Client Engagement
Purple Group
 
HI czc,

You're 100% correct. It is the tax year.

IT are working on fixing that bug. As a further part of the way we ensure clients adhere to the limits our allocations dept would never allocate funds to a TFSA account that would cause a client to exceed their annual limit.
 
JustinPearse said:
HI Zorro5614,

The tax year is the financial tax year which runs 1 March 2015 to 28 Feb 2016 and this is the year to which the R30,000 annual deposit limit on the Tax-free savings account applies.

*snip*

Regards
Justin
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HI Justin


Thx for keeping us updated.
Just a note, i dont think the 30,000 is a limit as such, only that you will be taxed extensively when you exceed it. If the allocations department can verify with the account holder if they really want to exceed the limit and then approve it as needed it should be better.

would be a bit dumb to pay double tax, but yes - i have seen crazier things happen
 
Hi Justin

Can you answer the who owns the shares that are brought on EE that was discussed late December.
 
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