Getting the First Share
The below companies will purchase the initial share for you without requiring that you open an account with them. For those without a relationship with a discount broker, this may be the best way to get started with DRiPs.
DirectInvesting.com, associated with Moneypaper, in most cases, will be the best way to get your first share. If you do not have a discount broker and have no plans for this, their reasonable fee will make the purchase, and (in most cases) automatically get you set up in the DRiP.
Canadian DRIP Primer maps out how to go about getting that first share.
First Share is a membership-based organization that facilitates the acquisition of the initial share needed for entry into a DRiP.
There are discount brokers who will purchase fractional shares, reinvest dividends, and do so at a reasonable cost (under $5). As the ownership of the stock is not transferred, this is not a true DRiP, but what is called a Pseudo-DRiP.
Sharebuilder will keep the stock in street name, so you will not be able to start a DRiP without paying for the transfer of the certificate. However, their small fee for regular purchase makes them suitable for a Pseudo DRiP.
BuyandHold offers an inexpensive means of purchasing fractional shares and offers reinvestment of dividends.
OneShare.com is more suited to those individuals who wish to frame their share of stock. The purchase price is greater than DirectInvesting.com, but the certificate is not folded, making it suitable for framing.
Frame-a-Stock purchases a single share from a company, has it issued in the individual's name, and frames the certificate.
GiveAShare issues unfolded single share certificates as unique gifts and specializes in Disney and Harley Davidson with fast delivery options.
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