Farewell ETrade, hello TD Waterhouse

Well after being a customer of eTrade for over 10 years it looks like I will need to get used to a new execution only broker.  Yes, Etrade have, as a result of a strategic review, decided to pull out of the UK execution only broking business.  Presumably lower volumes due to the world-wide recession, coupled with volatile markets, have made their business unprofitable.  I seem to recall stories about their parent company suffering as a result of the credit crunch so I guess they have taken the opportunity to free up some capital and get out!

Anyway, my SIPP (together with a couple of self-select ISAs) will be automatically transfered to TD Waterhouse “over the next few months”.  All a bit vague at the moment  but I guess I need to have faith that the transfer will go smoothly.

I have had a quick look at the TD Waterhouse website and, I must admit, it looks good!  in fact the look and feel is nicer than the Etrade one.

The charge per trade depends upon your monthly transaction volumes but looks to be in line with eTrade.  Hopefully the reduced competition will note allow an increase in charges to customers.  Lets wait and see!