Dealing - general (Nominee account and ISA)

How can I deal?

As a Primary Account Holder you can place a trade online via the Lloyds TSB Share Dealing website or by phone by calling Customer Services on 0845 60 60 560. Any other holder can place a trade by calling Customer Services on 0845 60 60 560. Please note that commission rates for online deals are cheaper than commission rates for phone deals, see our Rates and Charges for further details.

How do I obtain best execution?

We will take all reasonable steps to obtain the best possible result for you taking into account all relevant factors. To do this we have established and implemented a best execution policy, the details of which can be found in our Terms and Conditions.

If I deal by phone, is the service limited?

No, you'll have access to the same securities as you have on the website. However, deals placed over the phone are subject to different commission rates to deals placed online. Joint account holders are only able to deal over the phone by calling Customer Services on 0845 60 60 560.

What are the market trading hours?

The hours of the London Stock Exchange are Monday to Friday, 8am to 4.30 pm. For international equities tradable through Lloyds TSB Share Dealing the following hours apply: US and Canadian markets are open from 2.30 pm to 9pm UK time (Note: phone orders taken until 6pm); European markets open and close at similar times to the UK.

In which stocks can I deal?

You can deal in CREST settled UK equities, investment trusts, Exchange Traded Funds (ETFs), unit trusts, corporate bonds, Eurobonds, PIBs, gilts and CDIs.

How can I search for a stock?

Enter the company name or symbol in the Quote Search box (in the top left corner throughout the website) and click on the Go button.

Where can I find out what stocks I can deal in?

You can use the Quote Search function (see above) or call Customer Services on 0845 60 60 560.

What do I pay for dealing?

Please take a look at our Rates and Charges page for details on dealing charges and account fees.

What are Frequent Trader rates?

If you deal regularly you may be eligible for our Frequent Trader rates. These rates are available for both online and phone dealing within your Nominee account or ISA, but not for certificated trades.

Our standard commission rates will apply for the first 12 trades placed across any of your Nominee or ISA accounts, per calendar quarter. The frequent trader rate will apply to any additional deals executed in the same quarter. The frequent trader rate applied will depend on whether the deal is placed online or by phone. Standard rates will resume at the beginning of the next quarter. The frequent trader service does not include certificated trades or trades placed in OEICs or unit trusts. Please see our Rates and Charges for details of current frequent trader commissions.

When will settlement take place?

Our standard settlement period is T+3 (3 business days after trade day). Standard UK stock market settlement is also T+3. Settlement for unit trusts and OEICs is T+4. However, you can select an extended settlement period of up to ten working days after the trade date for certain equities. Extended settlement is only available when crediting or debiting your bank account. If you want to do this then please call Customer Services on 0845 60 60 560 to deal.

How long does it take before I can reinvest any sale proceeds?

You can reinvest proceeds of equity sales immediately, proceeds of unit trust and OEIC sales can be invested the day following the sale transaction.

How quickly are orders processed?

'At Best' orders take a few seconds to be confirmed after you accept a quote. Sometimes it's not possible to get a guaranteed quote, e.g. where you wish to trade an amount larger than the current online market size, or where the security can't be dealt online. You usually have the option to submit the order details electronically to our dealing desk where they will be processed as quickly as possible.

Telephone trade details will be confirmed at the time of the conversation and the trade details will appear in your online portfolio shortly afterwards.

How do I pay for my shares?

If you are the Primary Account Holder, you can pay by using your debit card up to a maximum of £20,000 on each occasion, Direct Debit, cheque or CHAPS inter-bank transfer. If paying by CHAPS or cheque the cleared funds must be in your Lloyds TSB Share Dealing Nominee cash account before you can buy. If paying for purchase in your Nominee account by Direct Debit you may deal up to your set dealing limit and the funds will not be debited from your nominated bank account until the settlement day. Proceeds received for equity sales are available for reinvestment immediately, proceeds of unit trust and OEIC sales can be reinvested the day following the sale transaction. If you are not the Primary Account Holder, you can pay by debit card (if the debit card is held in your own name and the address on the bank account from which the debit card is drawn is the same as that of the Primary Account Holder) or Direct Debit, by calling Customer Services on 0845 60 60 560.

Can I pay for each purchase from my bank account rather than from my Nominee cash account?

Yes, you will have to contact Customer Services on 0845 60 60 560 if you want to set your dealing account up in this way. If you choose this option then payment for any purchases will be debited from your nominated bank account on the settlement date, and proceeds from sales will be credited to your nominated bank account on the settlement date. If you choose to fund transactions in this way then your quarterly account fees (where applicable) will be debited from your bank account rather than your Nominee cash account. We will inform you by letter or secure message 14 days prior to debiting these fees from your bank account. We will also pay any income (in the form of dividends or payments from any corporate actions) directly into your nominated bank account as soon as they are received by us.

Can you sell paper certificates for me?

Yes, please see the Product Range page or the FAQs dedicated to the Certificated Service for more information.

Do I have to open a Lloyds TSB Share Dealing account to trade?

You must open an account before you can start trading if you wish to trade in a Nominee account or ISA. If you would like to use the Certificated Service and trade in certificated form then you need not open an account; you simply have to supply us with your personal details before dealing.

How quickly can I start dealing?

Once we've opened your account and you've received confirmation of your account number and PIN (where issued) you can start dealing. You can make a purchase straight away if you fund your account using your debit card, subject to debit card limits, or as soon as you have cleared funds in your account. You can fund your account by Maestro or VISA Delta, Direct Debit, cheque or CHAPS inter-bank transfer. For sales, you will need to have cleared stock in your Lloyds TSB Share Dealing account to deal. Please see Funding my account with stock for details of transferring your stock into your account.

Can I authorise someone else to deal on my behalf?

You can delegate dealing authority to an individual (though not to a firm). This person must be over 18. Any written correspondence from Lloyds TSB Share Dealing will still go to your address and copies can be sent to the agent if requested. The agent will not receive a copy of your Tax Voucher. Once the agent has been registered to your account we will send them details of your account number with which to access your account. An agent will be able to exercise all of your rights to buy and sell investments by calling Customer Services, but will not be able to change any of your details, receive payments, register or open and close accounts on your behalf. Please note that commission rates for dealing over the phone are different to the online commission rates, see our Rates and Charges for further details.

You can download the Third Party Authorisation form from the Forms section of the website.

Will I get contract notes or online confirmation of trades?

You'll receive both. You'll get an online trade confirmation as soon as the trade has been processed. This is followed by a contract note that we'll send using our secure message service. You can also choose to have contract notes sent to you by post - simply tell us by secure message or by calling Customer Services on 0845 60 60 560.

Please note: We recommend that you use Adobe Acrobat Reader version 5.0 or above with Lloyds TSB Share Dealing. You will experience problems accessing and reading your contract note from within your Secure Message Inbox with Adobe Acrobat Reader 4.0 and Internet Explorer 4.0. Please read our Technical Support, frequently asked question section on how to download the latest version.

Will I receive online confirmation after dealing?

If you place an 'At Best' trade online, you will receive a confirmation message immediately afterwards if the trade has been successfully executed. Telephone deals will be verbally confirmed.

For all trades, details will be reflected straight away in your online portfolio, dealing history and statement. You'll also be sent a contract note shortly afterwards by secure message (and by post if you have requested us to do this).

Will I get a statement of holdings?

Yes, we'll send you a statement of your cash and stock holdings after the end of each tax year. And you can print off a copy of your portfolio statement at any time by logging into your Lloyds TSB Share Dealing account.

Can I receive valuations on request?

Yes. You can request this by phone, post or secure message and an ad-hoc valuation will be posted to you. There is a fee for each valuation sent to you. The fee will be taken from your Nominee cash account. Please see our Rates and Charges for details on the valuation fees.

How are my dividends paid to me?

Dividends received on shares you hold within your Lloyds TSB Share Dealing accounts will be credited in cash to these accounts and we will advise you by secure message that they have been received. These funds will then be paid into your bank account automatically.

If you prefer, you can opt to have Scrip dividends if this is offered by the company. Please request this by phoning Customer Services on 0845 60 60 560. We do not at present have the facility to deal with dividend reinvestment plans (Drips).

How can I tell if I've paid stamp duty?

It will be displayed on your contract note, if applicable. Stamp duty is levied by HMRC on purchases of UK equities at 0.5% and on purchases of Irish equities at 1%.

How will I know if my shares have been sold and at what price?

Shortly after a trade executes we'll send a contract note with all the details to your secure message Inbox. Alternatively, you may opt to have a paper contract note posted to you containing all the necessary details of the transaction. You can also check the details by clicking on the relevant entry in the online Dealing History.

What can I trade online?

Fully listed and AIM-traded UK shares as well as major European and US shares listed on the International Retail Service. Note that a limited number of securities cannot be traded completely online, though you can usually send the order details electronically to our dealing desk. A telephone icon will appear beside any shares that can only be traded by telephone.

How do I send an order to the dealers online?

Click 'Place order instruction' or 'Send order to dealer'; and fill in the relevant details on the subsequent Instruction to Dealer screen:

• the price you're willing to pay if you're buying or accept if you're selling,
• what you'd like us to do if we can only partly fill the order and
• a phone number we can use if we have to contact you.

What happens after that?

Our dealers will attempt to place your order as quickly as possible after you submit the details. We will do our best to execute the given order, but we can't guarantee a time of execution or that your order will be executed.

If your order is executed, your cash balance and dealing history will be updated immediately and you will receive a contract note via secure message within a few minutes. If we can't execute the order, we'll notify you by secure message.

How long is the order good for?

The order is good for the current business day only (or next business day if placed outside trading hours).

Which funds can I buy?

To see the current list of funds and fund providers, visit the Fund View.

Can I reverse an order?

No. Be sure that you've checked all the details carefully before you place a trade.

What is the minimum investment for a dealing account?

There's no minimum investment size for equity trades in a dealing account but remember that deals will be subject to a minimum commission amount. For unit trusts there's typically a minimum investment of £1,000. Some corporate bonds also have minimum investment amounts. Please call Customer Services on 0845 60 60 560 for more details.

Where can I find share prices?

All equity prices are in the Market View section of the website. You can also use the Quote Search box (in the top left corner throughout the website).

What is the 'Yellow Strip' price?

This term refers to the 'best' bid / offer (buy / sell) price available through the London Stock Exchange (LSE) trading system for a particular stock. The yellow strip is typically displayed on traders' screens and is used as a benchmark for best execution.

Am I guaranteed the quoted price when I place an At Best order online?

You're guaranteed the quoted price for 15 seconds, after which time the quote expires and a new price must be retrieved. See the demo of our dealing platform to find out how this works. You can also deal by phone where our order takers will deal directly with the market. Our Better Price system continues to check for a better price while the deal is being executed. If a better price becomes available while the trade is being executed you'll get the better price.

What is the 'maximum size' mentioned on the dealing screen?

This value is indicative of the largest number of shares our Retail Service Providers (RSPs) are prepared to trade online.

What happens if I want to place an order over the maximum size?

If you are trying to place an 'at best' order that is over the online maximum size you can either route the order electronically to our dealing desk or call Customer Services on 0845 60 60 560. Our order takers or registered dealers will usually be able to execute the trade for you. It may not be possible to subsequently set limit or stop orders for that amount.

Is the online market size the same as the Normal Market Size?

No, it will typically be different. Through Bid and Offer prices (sell and buy), Market Makers must offer two way quotes up to Normal Market Size (NMS) in all the stocks in which they are licensed to deal. The NMS is set by the London Stock Exchange. RSPs are not bound by such requirements and each one will set the quantity of shares on the Bid and the Offer.

Why does the maximum size for a stock vary depending on when I ask for a quote?

This principally depends on market conditions. In very volatile markets online market sizes will vary more.

How often is the maximum size value you show updated?

We check the RSPs' maximum size each time we get a quote for a stock and update the displayed value if necessary.

For some stocks the online market size seems quite low. Why is that?

Not all RSPs offer quotes in all stocks. For instance, smaller companies tend to be less liquid with less competition for trades.

Can I place limit and stop orders for volumes over the market size?

No. We are looking at ways of introducing this facility, but at the moment limit and stop orders can only be placed for amounts up to the online market size.

Why can't I get a quote online for some securities with a Trade Now Icon?

This is usually because either:

• you want to trade an amount over the maximum online size: the largest number of units the Retail Service Providers (RSPs) are willing to deal online or
• that security can't be dealt completely online.

In either case, you can send the order details online to our dealing desk.

Where can I get live prices?

You'll be shown a live price directly before you place a trade online. All other online prices are 15 minutes delayed.

Can I sell a stock on the same day I buy it?

Yes, as long as the relevant market is open, you can sell a stock once it has appeared on your online portfolio.

I don't know the stock symbol; where can I find it?

By using the Quote Search function in the top left corner of the website.

In what situation might my order fail?

Orders don't fail often but may do so for a variety of reasons, for example, insufficient cash or stock in your account or if the shares have been suspended after a Stock Exchange enquiry. If you suspect your order hasn't been executed tell us immediately by calling Customer Services on 0845 60 60 560.

Can orders be placed and processed outside trading hours?

You can place Limit and Stop orders at any time of the day but orders will only be processed during market opening hours. There are no additional charges for placing Limit or Stop orders.

Bear in mind when placing orders outside trading hours that markets can be volatile, particularly at the beginning of the trading day or for illiquid stocks.

How quickly are orders processed?

Within 30 seconds once you've placed your order online via our website. Or call Customer Services on 0845 60 60 560 where our order takers or registered dealers will place the order for you as quickly as possible. They will, in most cases, be able to confirm that the trade has executed while you are on the phone.

How up-to-date are the prices on the Lloyds TSB Share Dealing website?

When the trade details are confirmed, you'll get a live market price before you place your deal. All other prices are 15 minutes delayed.

How can I deal if the website isn't working?

You can still deal by phone by calling Customer Services on 0845 60 60 560.

The dealing process has several steps. Can I make this a bit shorter?

Yes. To use a shorter version of the dealing process, go to the Administration menu in the My Accounts section and click on Edit Preferences. Under the heading 'Preferred Dealing Process' select Quick dealing and click Save Changes at the bottom.

I normally trade in my ISA but the Trade Now ticks always go to my Nominee account. Can I change this?

Yes. To set a default trading account, go to the Administration menu in the My Accounts section and click on Edit Preferences. Under the heading 'Default Trading Account' select your preferred account and click Save Changes at the bottom.

Note: If you're already logged on, the Trade Now ticks will go to the most recently viewed account.

How will I know if my trade has not been executed?

You will receive an error message on the screen alerting you to the fact that the trade has not been executed.

How will I know how much my portfolio is worth?

You can view your balance from My Accounts on the website. The prices shown will be 15 minutes delayed. Any unit trust or OEIC prices will be from the last available pricing point. Alternatively, you can call Customer Services on 0845 60 60 560.