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
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
