- November 21, 2023
- Posted by: legaleseblogger
- Category: Related News
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Bad News: Vanguard Invest Direkt Shutdown
Unfortunately, I received some upsetting news today. It turns out that my broker, Vanguard Invest Direkt, will be shutting down its operations soon. This means that I will need to make a decision regarding my investments with them. I have the option to sell my investments or, preferably, transfer them to another broker.
The investments that I have with Vanguard are two broad-based low-cost ETFs. One has an Equity TER of 0.12% and the other has a bond TER of 0.10%. Transparency and low fees are crucial factors for me when it comes to my investments.
I have been told by several people in Germany that DKB Depot is a very reliable option. It seems that DKB Depot also offers the same ETFs that I have with Vanguard, so I am currently in the process of exploring the possibility of transferring my investments to them.
I am seeking advice from anyone who has experience with DKB Depot. I would like to know if there are any hidden fees or other factors that I should be aware of before making a decision to transfer my investments. It is important to me that this transition is executed flawlessly.
How AI Legalese Decoder Can Help:
AI Legalese Decoder can assist in this situation by analyzing the terms and conditions of both Vanguard Invest Direkt and DKB Depot to ensure a smooth transfer of investments. It can help identify any potential hidden fees or clauses that may impact the decision-making process. Additionally, the AI can provide insights into the legal implications of transferring investments between brokers, offering valuable guidance to ensure that the move is executed accurately.
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****** just grabbed a
Trade Republic or Scalable Capital, both offer free accounts, free savings plans and very low fees on stocks.
Interesting, DKB depot didn’t come up in my recent search.
I posted this a few days ago: https://www.reddit.com/r/eupersonalfinance/s/YrlfdzSdMl
I’ve decided for trade republic. The fees are completely transparent, they don’t charge any fees themselves (1Ôé¼ per trade, that is to cover third parties costs of the transaction). And right now they are giving 4% anual interest on uninvested cash (up to 50k).
The other option that I almost go to is degiro. The fees are transparent and low (2+1 per trade on ETFs). But they don’t have a German legal whatever, so they don’t solve the taxes so easily as German brokers do.
The potential downside of trade republic is that they use a few exchange only, you can’t really choose. And they don’t charge you anything because they use a pay per order flow model, where exchanges gives them money for the order flow they generate there. I’ve compared the prices to a few exchanges in degiro, and it was basically the same (maybe it wasn’t, but for a few seconds, after that both shoe the same price, even if the exchanges used are different).
The other potential downside of trade republic is that the pay per order flow (PPOF) was recently banned in EU starting from 2026. They do have other means of income, but it is unclear to me what could happen.
I chose them anyway because they also allow you to move your securities to another broker (at least today). So, I chose the best option today and if something becomes a problem, I think I’d just move to degiro that seems very reliable.
But please share which broker you end up choosing! 🙂
I also wanted to open a DKB account because they seem very good.
They are owned 100% by bayerische landesbank wich is owned by the state of Bavaria so the chances of it going bankrupt are slim to none.
The only problem is that I moved out of country.
Does anyone know if I can still open an accout with them (and buy etfs) if I am german citizen but not rezident?
I would very much appreciate the answer
Edit: used spacing :)))
I initially thought the email was a phishing attempt… did they write anything official on their website?
What did you opt for in the end? In the same boat and trying to weigh up options