A depot move can save fees – but it also has pitfalls if deadlines or tax aspects are overlooked. It is important to plan the transfer carefully. This means the change can be made smoothly and without unnecessary costs.
Nowadays, opening a portfolio with an online broker usually only takes a few minutes. The applications can be filled out digitally and confirmed via Video-Ident. As soon as the verification is completed, the depot is activated – usually on the same day.
A depot move is therefore usually uncomplicated. Most brokers also offer this process completely digitally. However, there are a few things to consider when moving a depot.
You should pay attention to this when moving your depot
If you want to transfer your shares, funds or ETFs to a new portfolio, you don’t have to sell them. Because it is possible to move these securities directly to a new depot. However, there are a few important aspects that should be considered beforehand.
Above all, you should check in advance whether your existing assets can be traded with the new provider. You should also check whether the trading venues you want are available. The transfer of these securities is usually free of charge. However, there may still be fees that you should find out about in advance.
The time aspect should also be taken into account. A portfolio move can take several weeks – and during this time your affected securities are usually not tradable. In addition, you should pay attention to the transfer of savings plans, exemption orders and loss offsetting pots so that you do not incur any tax disadvantages later.
Before your old portfolio is closed, you should also back up your data. Important documents such as purchase invoices or tax certificates should be backed up locally.
Depot move without changing broker
The online broker Scalable recently transferred its customers’ portfolios to a new platform. These were previously managed by Baader Bank, but have now moved to their own scalable platform.
There are also a few things to consider when moving a depot like this. Above all, you should find out what exactly is transferred automatically and whether this also applies to exemption orders, for example.
It is also advisable to back up your data before moving your depot. A portfolio overview and purchase prices can be useful here, among other things. Documents from the mailbox should also be saved separately.
You should also pay attention to deadlines during the depot move. Because there may be restrictions during the conversion process that limit purchases and sales on the old platform.
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