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.
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