10,000 Bonus QFF Points for opening an IG Share trading account

[Dr Ralph]

My account has been closed.

In response to this change?

Did you send them an email or do it some other way?

 

[andye]

I will probably keep open. It seems a relatively easy way of achieving spend targets (pity the Amex option disappeared)

 

[kpc]

Got the email as well. i will sell my small holding of WBC and close account before Nov 30.

 

[rock86]

I will probably keep open. It seems a relatively easy way of achieving spend targets (pity the Amex option disappeared)

Agreed. I'll be keeping it open as all I use it for is to achieve spend targets on new cards.

 

[RAM]

Agreed. I'll be keeping it open as all I use it for is to achieve spend targets on new cards.

How do you use it in that way?

 

[Dr Ralph]

How do you use it in that way?

Money in via pay pal, money out via pay pal. 1% fee. Spend counts towards credit card targets. Money back within 24 hrs.

 

[deebens]

I think I recall seeing at the time of open there would be some sort of fee after 12 months.

 

[Dr Ralph]

I think I recall seeing at the time of open there would be some sort of fee after 12 months.

It was 24 months for the inactivity fee.

"An inactivity fee will only apply if your account is inactive for two years."

Welcome to your account

 

[andye]

I usually throw in a blue-chip share trade (open/close) when moving money in and out
Its extra dollars admittedly but feel it keeps the operators onside

 

[Skyhawk]

I've also received this email and have called IG to discuss it. My understanding now is that:

- Minimum consideration for a trade is $90.
- A trade can be either a buy or sell.
- All three trades may be on the same day. Over each quarter it's an average of one trade per month.
- IG will split the $50 fee into thirds if you haven't executed all three trades, e.g. If you've done two trades your surcharge would only be $16.67.
- An open position is when you are holding shares in your account. Not sure if this means just sitting in an account, or sitting in an account after placing a sale order which hasn't been executed.

I hope this helps.

 

[deebens]

It was 24 months for the inactivity fee.

"An inactivity fee will only apply if your account is inactive for two years."

Welcome to your account

k thanks.

I just emailed back the help desk and requested the account to be closed and they've done it.

 

[rock86]

I've also received this email and have called IG to discuss it. My understanding now is that:

- Minimum consideration for a trade is $90.
- A trade can be either a buy or sell.
- All three trades may be on the same day. Over each quarter it's an average of one trade per month.
- IG will split the $50 fee into thirds if you haven't executed all three trades, e.g. If you've done two trades your surcharge would only be $16.67.
- An open position is when you are holding shares in your account. Not sure if this means just sitting in an account, or sitting in an account after placing a sale order which hasn't been executed.

I hope this helps.

Thanks for that, settles it then. Will not even be considering holding any shares with IG and just use it for 'paypal spend', still then for no account service fee.

 

[Lemon_Party]

In response to this change?

Did you send them an email or do it some other way?

Emailed, need to confirm account username, date of birth and address in email. They closed it within 5 minutes.

 

[burmans]

It was 24 months for the inactivity fee.

"An inactivity fee will only apply if your account is inactive for two years."

Welcome to your account

Probably a imely reminder for me to close as I certainly have been inactive on this one once I got my points.

 

[RAM]

As soon as the email came in I replied, 'Please close account'.

Next day email received - Account is now closed.

Did not send any details at all.

 

[Dr Ralph]

Strange behaviour from IG. Great way to alienate potential customers. I've been buying some shares with them, but I can't risk not meeting the minimum trades (for whatever reason) each quarter, so I'll be cancelling my account as soon as I sell/transfer my shares.

 

[RAM]

Strange behaviour from IG. Great way to alienate potential customers. I've been buying some shares with them, but I can't risk not meeting the minimum trades (for whatever reason) each quarter, so I'll be cancelling my account as soon as I sell/transfer my shares.

Does seem odd, makes me wonder whether they've taken a big loss somewhere (principle trading perhaps?).

Compare this with Commsec where my accounts (options & shares) have been known to go 10 yrs between trades, and no charges

 

[Dr Ralph]

Does seem odd, makes me wonder whether they've taken a big loss somewhere (principle trading perhaps?).

Compare this with Commsec where my accounts (options & shares) have been known to go 10 yrs between trades, and no charges

I don't know of any other broker that charges such a fee.

Happy to take the points from them as it's been extremely lucrative and move on.

 

[Skyhawk]

I'm planning to keep my account open for the time being. I understand there to be no quarterly charge if you are not holding any shares. i.e, If the account is inactive there is no quarterly charge. Someone else may wish to call IG to confirm this.

 

[rock86]

I'm planning to keep my account open for the time being. I understand there to be no quarterly charge if you are not holding any shares. i.e, If the account is inactive there is no quarterly charge. Someone else may wish to call IG to confirm this.

The way they have described the charge as long as there are no shares held at quarter end, there will be no charge (which is weird as you think that is where they would be charging people for inactivity).

So based on that I am the same as you and will be keeping my account open but not trading any shares with them.