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So, open the specified axcount (may require showing some of your ID documents at Australia Post) & get $600 brokerage.
Must apply though THIS URL link: http://www.CommSec.info/homeoffer/homeoffer.aspx
Open a New CommSec Trading & Cash Account before 31 May 2010 &L Receive $600 Free Brokerage
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great bargain if you ask me
Brokerage is $20 (if you trade small) per transaction. This is an awesome deal
See note by wkbi below though. You don't get $600 worth of credit really - it's actually a maximum of 12 trades free that would cost $600 if you happen to trade the exact amount that causes them to cost $50 each. If you only trade $20 brokerage and do them all within the timeframe then the maximum credit is $240.
I agree… Awesome deal.
for comparison purpose, check out the competition
ANZ E*TRADE makes online trading convenient and simple.
ANZ E*TRADE offers the most comprehensive suite of investment solutions and a commitment to customer service that's second to none. It is a convenient way to buy and sell shares, options, CFDs, warrants and managed funds online.
As an ANZ E*TRADE customer, you'll enjoy:
- Independent research and intuitive tools to give you an edge
- Access to a range of reputable, independent research providers
- An integrated E*TRADE ANZ Cash Investment account with a competitive interest rate, no monthly account service fee and a guaranteed return
- Guidance for New Investors through to the most advanced Active Traders.
All new ANZ E*TRADE customers who join through anz@work will receive up to $550 free brokerage^.
What is brokerage fee? I have no idea. Is it free $600?
No. It's not $600 free cash!
A brokerage is a fee you pay when you purchase shares through a broker (like comsec). It is a transaction fee. You pay a $20-$50 fee on top of the cost of your share purchase or sale. It is that fee that they are waiving, up to the value set in the terms and conditions. So basically, you are not being charged the fee for the transaction. It is not free money.
Simplistically, you have 600 dollars worth of credit to mitigate the costs of brokerage which comes with day to day trading. Usually costs about $20 per transaction, so you can make a fair number of of trades without incurring the usual brokerage fee. They've done this a few times in the past, still a good deal.
They could offer a million dollars in free brokerage however no one has said how long either this "free" brokerage lasts for.
btw first post.
it's in term and condition,
"All free trades must be completed by 31 August, 2010 when this offer closes", so basically you only got 3 months to utilize all your free trade, mind you, each trade cannot be over $50 in brokerage fee, further, you can only trade a maximum of "12" free trade up to maximum of $600, so many restrictions it's not even funny…
Yeah it's all in the T&C, looks like the same as when I joined. As a uni student wanting to start investing, it isn't half bad, I didn't have enough funds to perform 12 trades anyway, seeing as the minimum transaction is $500.
This is a very good deal. Just one full transaction (buy and then sell) usually costs $39.90.
It usually depends on what you are trading and how much you are trading as to what it costs. I pay $29.95 usually for my trades. That is $29.95 to buy $500min amount of shares and then $29.95 to sell $500min amount of shares.
I would imagine that most people who trade casually would NOT use up $600 worth of trading fees or buy/sell 12 times in three/four months. (Though that does depend on your shares however.) If you are new to buying shares, most likely you would be holding onto them for a few months, unless you bought into a really good thing!
But even if you only bought one lot, and saved yourself $20-$50 fees for that purchase, it's still good value. Thats another $20-$50 you could invest!
"All free trades must be completed by 31 August, 2010 when this offer closes."
otherwise, I'd have voted +ve…
Watch out! Check your trades carefully after you sign up for this! I signed up for an account 2 years ago over such a promotion (I found it in some money magazine). Half a year later I realised that they actually DID charge me brokerage fees for every transaction I did, and I've had done quite a few.
When I contacted them they said they can not see anymore that I signed up over any promotion and refused to honour it.
Be extremely careful! Wouldn't have expected that from a big company such as Commonwealth/Commsec. Very disappointed. Haven't used them for trades ever since.
PS: I openly invite any rep from Commsec who sees this post to respond.
I might add: you don't see the brokerage fee itemised on your account statement. It is added on top of your sell or purchase price of the shares. So unless you do the math after each transaction you won't immediately notice their fees ($19.90 per local transaction under 10k). I only realised it much later when I noticed that the total price I paid for a share package didn't match the amount of all single shares I bought.
The brokerage is listed seperately on EVERY contract note I have every received from Commsec.
I had a similar issue when I signed up too, was overseas at the time, but after a sending a few emails and playing the financial ombudsman card, the issue was promptly addressed.
creeps_bay on 01/05/2010 - 14:40 Comment score below threshold.