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
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
With cyber security at AFSLs identified as an ASIC enforcement priority, a technology recruiter has shared what these specialists are expecting to earn in the financial services sector.
