Westpac announces low brokerage trading account
Westpac Online Investing has released the Westpac Cash Investment Account aimed at the self-directed share investor.
“Westpac purposely built the new Westpac Cash Investment Account for frequent traders, who can earn the most competitive interest rate available for this type of account,” said James Staltari, head of Westpac Online Investing.
The account features reduced brokerage fees for trades settled to the new account of $19.95 or 0.11 per cent with a variable interest rate on funds within the account of 4.75 per cent per annum, he said.
The reduced brokerage was offered as part of Westpac’s aim to double its market share over the next three years, he added.
Customers can earn an extra 90 basis points of interest up to 5.65 per cent per annum for settling three or more eligible trades per month, he said.
The account has no minimum opening balance, no monthly account service fee and no fee for electronic transactions for the account, which customers have access to via online banking, he said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
