With most depots one can let lend its deposited securities fast and uncomplicatedly. A securities loan (also Lombard loan, securities account loan or securities credit) is set up as a credit line on the securities account and is similar to an overdraft facility:
Interest accrues on a securities loan only for amounts used.
In our comparison, we name the securities accounts with the most favorable securities loans. We also go into the advantages and disadvantages of this type of credit.
Securities loan comparison – interest rates of the share deposit accounts
In the table you will find securities accounts for which a securities loan can be set up. Ranking is done only according to the interest rates of the credit lines. You can find considerably more information on the detailed pages for each broker. Under the table with the securities loan comparison we explain the type of credit in more detail and go to Vor- bzw. Disadvantages.
♦ No new securities loans are currently being set up
♦ When changing securities accounts, old securities credit can be transferred (see here)
♦ Loan not earmarked. Can be transferred to the current account
♦ Discount broker: Xetra 4€ plus. Third party fees, gettex 0€ and L&S 1€ per trade
♦ Securities loan can be used for any purpose
♦ Establishment of credit line already from deposit volume of only 3.000€ possible
Interest rate for overdrafts on the credit line: 11.05%
♦ Extra credit account. Transfers to securities account necessary.
♦ Favorable buying and selling fees
♦ Free use: credit amounts can be transferred to the current account
♦ Securities loan without Schufa at onvista
♦ Transfer of credit line to current account possible
♦ Proof of salary required
♦ Only from a securities account volume of at least. 10.000€ securities credit possible
♦ Broker with very favorable order fees through flat fee
♦ Apply for a loan online under Settings / Data & Applications (but still in paper form)
♦ Interest rate of tolerated overdrafts of the securities credit: 7,9%
♦ No securities loan is currently offered for the DKB securities account
♦ Good bank (checking account, credit card and securities account recommended)
No securities loan is currently offered for the ING securities account
♦ Good bank (current account, credit card and securities account recommended)
♦ No securities loan with the 1822direkt securities account
♦ Frankfurter Sparkasse company
♦ 100€ bonus for the first 2 purchases of at least. 500€
♦ No securities loan with Targobank securities account
♦ Bank with branches
What is a securities loan?
A securities loan (also known as a Lombard loan and z.T. securities account) is a loan granted against the provision of collateral (pledging of securities). Securities deposited as collateral for the loan cannot be sold during the use of the securities loan, or. the sales proceeds are credited directly to the securities credit account and not to the clearing account.
As a rule, the securities credit is set up as a credit line on the securities account clearing account. The credit is thus similar to an overdraft facility on a current account: Only if the credit line is used, costs in the form of interest are incurred.
In some cases (e.g.B. comdirect), an extra credit account is also created, from which one can withdraw the desired or. required amounts can be transferred.
When does interest accrue for a securities loan
Today's common securities loans are similar to an overdraft facility, except that they are not deposited in a current account, but in a securities account belonging to the deposit or. Clearing account can be set up. These are thus credit lines, where interest charges are only incurred for amounts used.
Example: You have already taken out a securities loan of 10.000€ to set up. On the clearing account are only 1.000€, but the planned purchase of shares would cost 3.000€ costs. The order can still be executed due to the securities credit. The 3.000€ becomes from 1.000€ balance and 2.000€ loan paid. Until the clearing account is balanced (resp. credit account at comdirect) fall on the borrowed 2.000€ interest costs.
(Interest only for drawdown applies to all presented depots. An exception is the Dutch discount broker degiro. In this case, interest must be paid on the entire securities loan, regardless of whether it is used or not. One should therefore not be blinded by the low interest rates of degiro in other comparisons. The securities loan from degiro is only more favorable if the loan is used permanently. The depot offers favorable conditions, but has the disadvantage of not belonging to a German deposit insurance and not automatically pay the final withholding tax, which is why we do not present it in detail on our site. Even more favorable order fees offer in addition the German Neobroker Trade Republic or justTrade.)
How to determine the amount of a securities loan?
The height of a security credit depends on the depot value and the securities contained in it. Depending on the type of security, a mortgage lending value is set at. The lending values differ depending on the risk class of the securities.
Example: comdirect indicates the lending value of domestic shares with up to 70% and for bond funds with up to 80% of the redemption price. If one has domestic shares in the value of 10.000€ and a bond fund worth 5.000€ in the deposit, comdirect could offer a securities loan for a maximum of 11.000€ (0,7 x 10.000€ + 0,8 x 5.000€).
However, the applied lending values differ depending on the bank or. Broker something. The S-Broker is rather quite restrictive in the valuation of collateral. The onvista bank puts against it shares with up to 70%, maxblue nevertheless with up to 60%.
Securities with a time value (warrants, knock outs) can not be lent with any bank. Most providers also do not accept certificates as collateral. Consorsbank is an exception here and sets the lending value at up to 60%. In addition, you can borrow physical gold at Consorsbank (storage location must then be pro aurum).
Maximum lending values depending on security type and bank resp. Broker
The banks maintain their internal lists for the lending values and usually give only maximum values depending on the security class, which can, however, be fallen short of. The table shows the maximum values that can be used for a loan against securities. If the security is particularly volatile or if it is a secondary security, the possible lending value decreases. Some securities have no collateral value at all. Partly because the security is too volatile, but also partly because the bank has simply not recorded it.
The onvista bank gives as the only one of the tested banks not only a range depending on the type of security, but names depending on the stock or. Fund exact lending values. On 20 pages one finds all lendable shares and the exact lending value in %. We have linked the document in the table in the row "Overview" at onvista bank. The list is always relatively up to date. However, it may happen that you can not lend shares that have not long been listed on the stock exchange, because the onvista bank has not yet recorded them.
Best securities loan 2022
The most important thing about a securities loan is certainly the interest rate you have to pay to use it. It is also important whether the bank is very restrictive in lending values or many securities can be lent at good rates.
We have tested the most favorable securities loans in terms of interest rates ourselves and find the offer from Smartbroker most interesting. The biggest advantage of the Smartbroker Depotkredit is certainly the favorable interest rate. Also advantageous is that the loan is not only the purchase of securities, but can be used freely.
In contrast to the likewise favorable securities credit of comdirect it concerns with the credit of the Smartbroker a genuine credit line. With the Smartbroker you don't get an extra credit account from which you can transfer money to your securities account if needed, but a credit line for the existing clearing account. At comdirect, it is a bit annoying that, for example, dividend payments end up on the normal securities account and you always have to transfer them independently to the credit account if you want to repay the loan. With the smart broker, on the other hand, there is only one account, which makes handling more convenient.
Advantages and disadvantages of a securities loan?
Advantages:
- Very fast set up
- Flexible use of the credit line
- Interest only accrues on amounts drawn down
- As a rule, no Schufa query or report to the Schufa (Is secured by the securities)
- Securities credit can be used with some brokers (z.B. onvista / S-Broker / comdirect) can also be transferred to the current account and used as a normal loan
- Interest rates significantly lower than those of an overdraft facility
Disadvantages:
- Securities that serve as collateral value can not be sold until the loan is settled
- If the credit is overdrawn, high overdraft interest is charged
- If you do not balance an overdraft, the bank can use the collateral after one month and thus balance the loan
Sense and purpose of a security credit
As a rule, a securities loan is used to make purchases of securities without having the necessary financial resources at the time of purchase. If one would like to buy for example the share XY (z.B. good entry point) or participate in a subscription and does not want to part with his shares XX at present however also yet, one can use the purchase opportunity nevertheless, if one transacts this on credit basis.
There are also investors who buy shares whose dividend yields are higher than the interest rate of the securities loan. The dividend is then used to pay the interest and gradually repay the loan. Possible price increases do the rest.
Risks of a securities loan
In addition to the normal risks of investing in securities, some risks are added to the credit-financed investment:
If the value of the loaned security changes, the amount of the securities loan also changes, which represents a risk that should not be underestimated.
Example: one has shares worth 10.000€ in its depot and could lend these to 70%. The established securities credit over 7.000€ one has completely used up for further share purchases. Now the value of the loaned shares drops to 8.000€. The securities credit sinks thus immediately on only 5.600€ (0,7 x 8.000€ and no longer 0.7 x 10.000€). Due to the decrease in value of the lent securities, the securities loan has been overdrawn.
If you overdraw your securities loan, the bank will charge you overdraft interest. These are significantly higher than the interest rates of the securities loan and amount to z.B. at comdirect 11,05% (3,9% for normal securities credit). In addition, the bank can require the compensation of the overdraft. If you have only lent a part of your securities account, the bank will probably be happy about the high overdraft interest and will not demand any compensation.
However, if you receive a letter from your bank asking for the securities credit to be cleared, you only have until the end of one month to comply with this request. If you cannot or do not want to settle the overdraft on time, the bank has the right to realize the securities and can liquidate (sell) the holdings.
Speculating on credit significantly increases the risk of investing in securities. If you use your credit line completely, it can be very easy to run into problems. There are always times extreme price losses at the stock exchange, which can affect the whole market or also only single values. In the spring of 2017, z.B. the price of the Aurelius share "beaten down" by short-sellers. The price fell at times from 65€ to below 30€ and recovered only slowly in the weeks that followed. If shares of Aurelius had been put up as collateral for a securities loan at that time and it had been heavily leveraged, you would have had quite a problem. A wait and hope for price increases would not have been possible, if the bank presses for a compensation of the credit.
Anyone speculating on credit should always keep such scenarios in mind. A securities loan should be used only by professionals who are aware of all risks.
Have securities credit transferred when changing securities account
If one would like to change its depot, the question arises with the use of a security credit, what happens with the granted credit line. Just as in the case of an overdraft facility, in the case of a securities loan, there is no right to transfer this or. to get the same amount set up at the new bank. Before switching custody accounts, one should therefore first check whether the new provider offers a securities loan at all and what conditions apply (securities eligible for loan, minimum custody account value, loan-to-value ratios, etc.).).
With some offerers, as for example with the Smartbroker, clear statements are found to the transfer of a security credit. On the Smartbroker website you will find the following statement:
"If you wish, we will be happy to take over your existing securities loan from your previous broker. For this purpose, please send us the form "Depotubertrag" (in the form center), an overview of your securities account values and a three-liner with the request to take over the securities loan as well as the amount of the loan when opening or after opening a Smartbroker securities account. We will then take care of everything else."
We have already tested the deposit transfer to the smart broker with securities credit. The disadvantage is that you will not receive a letter or more detailed information on the effective date of the transfer or settlement of the securities loan. The smart broker automatically balances the drawn credit line via wire transfer. If the securities loan has been settled or the drawdown increased on the bank's own initiative in the meantime, the transfer amount no longer matches the open loan amount. You can then help yourself with a manual transfer.
When transferring a securities account including a securities loan, a certain risk always remains. In the case of exotic securities, it may happen that the issuing bank lends them, but the new provider refrains from doing so. If you have lent on your securities account at the limit, it may also happen that the new provider does not want to set up a securities loan of the same amount due to different loan-to-value ratios. However, if you have a broadly diversified securities account and have not borrowed the maximum on it, you should not have any problems with the transfer of securities account with credit.
In all cases, however, it is important to contact the new bank before transferring a securities loan. In the common forms for changing securities account is not built in a field with the words "please transfer securities credit". At Smartbroker, it is sufficient to submit the request to discharge the securities loan as a three-liner with the documents for the deposit transfer. Other banks may have different rules.
Banks and brokers are very interested in new deposit customers. Of course, particularly interested are customers who also use their securities account. If one wants to transfer a larger deposit and even a securities loan that has been used, any bank should be interested.