In terms of real reviews from real people, Commsec do not have the best wrap. Customer service is lacking, waiting on the phone for long periods of time and a painful number sequence just to get in line when you call.
The Chatbot Ceba is also extremely limited, when you go to the chat to sort something out, it probably isn’t accessible online or via self-service, but that’s all it offers. Chat is often an easy and fast way for businesses to provide quick help to a larger base of customers however Commsec have missed the mark on this one.
When you do eventually get in touch with someone (usually because you REALLY have to otherwise you would have given up by now) they are generally fairly helpful and get the job done right the first time.
While Commsec do provide a service of brokerage, allowing you to buy and sell listed shares on the ASX, the cost is very high compared to other providers.
On the bright side, the convenience of having your banking in the same app as your shares helps to keep you on top of your wealth, rather than having to go from one app to another and work out where you stand.
Commsec pocket is a simplified form of investing that allows investors to choose from under 10 investment options, starting from $50 as a minimum. The brokerage each time is $2 up to $1,000 but at $50 is 4% per trade which is massive. Looking for a cheaper alternative that gives access to real shares? Head here.
While I am all for people starting out investing, a hit of 4% per entry is brutal and people may get disheartened when their investment is always being eaten away by brokerage fees. For example, if an investor is dollar cost averaging (buying an investment each week for say $50 a week), the monthly fee would be $20 on a $200 investment. That means the investment has to increase by 4% just to break even. This isn’t ideal when annual dividends on some investments are just 5% for the whole year.
Commsec Brokerage Fees
Commsec brokerage fees are around $19 per trade under a certain amount. While it isn’t outrageous (I’ve seen fees of around $60), this isn’t the cheapest option out there. For a cheaper option, check out this brokerage service.
The Commsec app is good in a sense that you can see the shares, see depth of market, charts and analysis on some stocks. The Commsec app (investing) is separate from the Commbank app (banking) however the Commbank app does show the share value which is easy to keep a check on the value of your portfolio when you check your bank account.
Commsec App Review
The Commsec app is fairly easy to use and does what it needs to do. You can see market depth which gives a good guide on the market sentiment and order flow so that you can make better investing decisions. If you are investing on that finite of a scale, you will probably need something like the market depth and perhaps a more advanced charting software. If you are simply buying quality stocks when you have the money available, the market depth is probably not as critical.
Commsec Tax Statement
Commsec release an annual tax statement and information and PDF downloads to provide to a tax accountant to finalise your end of year taxes.
It seems to be a challenge finding a simple transaction record of when you purchased shares at what price and when you sold them, showing actual profit over the term of holding the shares. You basically have to write up your own spreadsheet to work it out.
Since the depth of market on shares is provided, you can see the bid and offered rates along with orders waiting.
Commsec offer news and announcements updates within the app so that you can stay on top of updates on your stocks.
Commsec Reinvest Dividends
Commsec allow dividend reinvestment via the website. You find the company you want to participate in and see if it is an option.
Morningstar and other broker reports are available on some stocks, giving a fair market value opinion which can be found in the app.
Commsec Regular Investment
Also known as a regular gearing plan, regular investments can be made with Commsec.