Davy Select Review 2023

How we ranked fees

We ranked Davy Select's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Davy Select for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared Davy Select's fees with those of two similar brokers we selected, DEGIRO and Interactive Brokers. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Davy Select alternatives.

To have a clear overview of Davy Select, let's start with the trading fees.

Davy Select trading fees

Davy Select trading fees are high. The fee structure is different for each account type. In this review, we calculated fees for the Davy Select Personal Investment Account.

Stock fees and ETF fees

Davy Select has generally high stock and ETF commissions, well exceeding those of its closest competitors.

Different commissions apply to Irish/UK stocks and other markets:

• Irish and UK stocks/ETFs: 0.5% of trade value with a €14.99 minimum commission per trade
• Shares listed outside Ireland and the UK: 0.06% of trade value plus a €25 settlement fee per trade

Fund fees

Davy Select fund fees are high, though the difference to its competitors is not as big as in the case of stocks/ETF fees.

Fund fees are calculated as 0.5% of trade value with a minimum of €14.99. In addition, there is an annual management fee, which is

• 0.5%-2.0% for Davy funds
• 0.4%-2.0% for non-Davy funds

Bond fees

Davy Select has high bond fees in comparison with its competitors.

The fees for bonds are 0.50% of the transaction value with a minimum of €100. For non-Irish and non-UK bonds, there is also a €25 settlement charge per trade.

Non-trading fees

Davy Select has average non-trading fees.

On the positive side, there is no account fee or deposit fee. It's also great that next-day withdrawals in Ireland are free as well. However, withdrawals to other countries and same-day withdrawals incur a fee of €25-50 per transaction.

There is also a high inactivity fee of €50 per quarter, although the commissions you pay during the quarter are deducted from this amount.

Can you open an account?

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Davy Select accepts clients from the EU and the UK.

What is the minimum deposit at Davy Select?

Davy Select's minimum deposit is €500 (ca. $600) for Trading accounts.

Account types

Davy Select provides many account types, grouped into two categories: Trading accounts and Pension accounts. These accounts differ in pricing and minimum deposit levels.

Pension accounts also differ in other ways, such as the the amount you're allowed to contribute. For example, the Personal Retirement Savings Account has a contribution limit, while the Approved Minimum Retirement Fund has no such limit.

How to open your account

Davy Select's account opening is not fully digital and as a result takes much longer than usual. It took several weeks before our account was verified.

You need to go through the following steps to open your Davy Select account:

1. Choose the account type
2. Fill out an online form, entering data and information such as your contact details, occupation, financial situation, etc.
3. Post the application form to Davy Select's address. You also need to attach documents to the application form.

To verify your identity, you can send copies of your national ID, passport or driver's license. To verify your residency, you have to submit the original version of one of the following: utility bill, bank statement, social insurance document, etc.

Once your account is finally verified, you must first pay the minimum deposit (if you selected a Trading account) before you can start trading.

Account base currencies

At Davy Select, you can choose from 3 base currencies: EUR, USD, GBP.

This is a relatively poor selection compared with competing brokers. If you have a bank account denominated in a currency other than EUR, USD or GBP, you must pay a conversion fee every time you deposit or withdraw.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers.

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Deposit fees and options

Davy Select charges no deposit fees. You can use the following methods to deposit:

• Bank transfer / electronic funds transfer
• Cheque
• Bank Draft
• Direct debit - you can set up weekly or monthly contributions

However, you can't use credit/debit cards and electronic wallets.

A bank transfer can take several business days, while payment with a credit/debit card would be instant. You can only deposit money from accounts that are in your name.

Davy Select withdrawal fees and options

Davy Select charges no fees for next-day withdrawals in Ireland. However, same-day withdrawals as well as international withdrawals have a high fee, ranging between €25-50 per transaction.

You can only withdraw money to accounts that are in your name.

How do you withdraw money from Davy Select?

• Pick the method of payment
• Choose the currency you want to make your withdrawal in
• Enter the amount to withdraw
• Enter a contact number where the broker can reach you if there's any issue with the transaction
• Initiate the withdrawal

Davy Select has its own in-house developed trading platform, called myDavy.

The web trading platform is available only in English.

Look and feel

The Davy Select web trading platform is user-friendly. However, it is not customizable at all.

Login and security

Davy Select provides a safe two-step login. When you log in, you will receive a 4-digit verification code on your phone.

Search functions

The Davy Select web trading platform's search functions work well. When you start typing your query, a list of relevant search results will appear.

Placing orders

You can use only basic order types:

• Market / Quote
• Limit

To get a better understanding of these terms, read our overview of order types.

Advanced order types are not available, and you also cannot set any order time limits.

Alerts and notifications

You can set price alerts on Davy Select's platform. There are two types of alerts you can use:

• Value alert - you receive an alert when the price of an asset hits your preset level.
• Timed alert - you receive an alert at a specified time every day, e.g. at 10 am.

Portfolio and fee reports

The platform has clear portfolio and fee reports, including the profit/loss of your positions. You can find them under the 'Trading' tab.

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Davy Select's product selection falls short of the competition, both in terms of the number of asset classes as well as the number of products within each asset class.

Stocks and ETFs

Davy Select offers stocks and ETFs from many international markets, including in the UK, the EU and the US. However, the actual number of ETFs offered lags behind its competitors.

Funds

Davy Select gives access to relatively few fund providers. This selection does cover some of the biggest names such as Blackrock, Vanguard or Deutsche Bank, though.

Bonds

You can invest in both corporate and government bonds, including EU, US and other government bonds.

However, the total number of available bonds is not displayed transparently.

Davy Select's research tools are available both on its trading platform and on its public website. All tools are fairly easy to use.

Trading ideas

Davy Select offers investment analysis and trading ideas from Morningstar.

You can also read analysis prepared by Davy's own research team under the 'Markets & Insights' tab. However, these are not updated frequently.

Fundamental data

Davy Select provides a broad selection of fundamental data on its platform. This includes company profiles, information on shareholder structures, and some basic valuation and earnings metrics such such as P/E, P/BV, P/CF, ROA, ROE, ROI or dividends.

Charting

Davy Select's charting tool is very basic. You can add only a few indicators to the chart.

News feed

Davy Select offers a news feed powered by Reuters. You can also sign up for two additional daily email updates: News2Day and Davy Select Updates.

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You can contact Davy Select via:

• phone
• email

The overall quality of Davy Select's customer support was good. The response time of phone support was fast and we got relevant answers.

Queries via email yielded helpful replies, whereas the average response time was around one day.

On the negative side, there is no live chat support, and we also missed 24/7 availability, as Davy Select's customer support is only available on weekdays.

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At Davy Select you can learn in the following ways:

• Platform tutorial videos
• Quality educational articles
• General educational videos
• Webinars on Davy's website

Davy Select's Education materials can be found under the 'Guides & Tools' tab on its website. From a great investment guide to high-quality videos, you can find a lot of valuable material.

However, we missed the option to open a demo account. We think it would be the best way to learn how Davy Select's platform works.

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Is Davy Select regulated?

Yes, it is regulated by the Central Bank of Ireland. Davy Select is based in Ireland and was founded in 1926.

Is Davy Select safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

As Davy Select is regulated by the Central Bank of Ireland, customers are protected by the country's Investor Compensation Scheme.

The investor protection per account is 90% of your net loss, but is capped at €20,000.

Background

Davy Select was established in 1926. The longer track record a broker has, the more proof we have that it has successfully weathered previous financial crises.

Among recent events, the Central Bank of Ireland fined J&E Davy (the broker's parent company) €4,130,000 for breaching the EU's MiFID regulations on several occasions between July 2014 and May 2016.

Find your safe broker

We recommend Davy Select for investors focusing on irish and uk markets.

Below you can find links to all aspects of Davy Select in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Davy Select fees article.

What about the minimum deposit?

Our ultimate guide to the Davy Select minimum deposit is updated regularly.

How to start your Davy Select account?

Look no further than our evaluation of the Davy Select account opening.

Is the quality of customer service satisfactory?

All you need to know about the Davy Select customer service.

Legit or scam?

Is Davy Select legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Davy Select is really free.

Is this broker good for beginners?

We checked it in Is Davy Select good for beginners.

Should you buy your silver bullets on Davy Select?

Research for silver bugs in the Silver buy on Davy Select guide

I want to trade options, are they available at Davy Select?

We explored the topic in Can you trade options on Davy Select?

What is the minimum account balance at Davy Select?

Check out the current account balance requirements at Davy Select in our What is the minimum account balance at Davy Select article.

Looking for commission and fees data for Davy Select?

We collected them in Davy Select commission and fees.

How do you withdraw money from Davy Select?

We tested it and collected the options and costs in How to withdraw money on Davy Select.