Aren't we blessed? Here's another offer from Etrade in response to COMSEC's $600 brokerage offer. You will have to look at the fine print and other pages to see which one you like most.
Terms and Conditions – Receive up to $550 in free brokerage.
- Offer applies to new accounts opened between 27 November 2006 and 30 June 2007, and is only open to residents of Australia and New Zealand.
- Offer is not valid in conjunction with any other offer and not open to existing ETRADE Australia and ANZ ETRADE customers, or to staff, institutional and intermediary clients of E*TRADE Australia.
- E*TRADE Australia's standard brokerage is $32.95 (GST-inclusive) on equities trades up to $30,000, and 0.11% (GST-inclusive) on trades over that amount.
- For the purpose of this Offer, brokerage up to a maximum value of $550 (GST-inclusive) will not be charged on your first 10 equities trades executed within the Qualifying Period.
- Trades must execute within the first 60 days of account being opened ("Qualifying Period") to qualify for this Offer. The brokerage value on your first 10 equities trades where E*TRADE Australia's standard brokerage does not exceed $55.00 (GST-inclusive) will be deducted from the $550 Offer value, until the Offer value has been reached.
- No brokerage will be shown on the ETRADE Australia contract notes issued in respect of such trades. Where any of the trades has a value in excess of $50,000, ETRADE Australia will charge brokerage at its standard rate (0.11%, GST-inclusive) on the excess in trade value above $50,000. These charges will be disclosed on your E*TRADE Australia contract note. Brokerage charged on trades above $50,000 will not form part of this Offer, and will not count toward the $550.
- This Offer is not redeemable for cash and is not transferable. Any portion of the Offer value unused within the Qualifying Period will be forfeited. Normal E*TRADE Australia trading account opening and maintenance conditions apply unless otherwise specified here. Applicants must be 18 years or over.
- Account must remain open for six months. We reserve the right to terminate this offer at any time without notice. We reserve the right to amend these terms and conditions at any time without notice.
Argh! Too many terms and conditions!
I think all these "free brokerage" is only going to push more private money into equity market, which might jack up even more share price. Not sure whether it is a good thing, but then again I only have an Engineering degree…