Marketed as $600 free brokerage, this equates to 12 free trades. Must be used within 60 days of opening a new account. After that, $20 per trade is pretty standard for banks. NAB and CBA have similar deals, but both have their disadvantages (NAB - trades are $30, CBA expires in about 30 days).
Offer is until 30th June or until withdrawn.
Just found this offer as am looking into doing a bit of investing, hope others find this useful!
first post, so be kind.
Ah sorry that wasn't clear: trades below $10k are $20, $10k - 25k are $29, and above $25k they charge 0.12%. I believe you receive 12 free trades, or $600, whichever comes first…
"$19.95 or 0.11% of trade value (whichever is greater)" - so theoretically a trade could cost $50, which is how they come up with the $600 figure. Most people would save up to 12 x $20 = $240.
(just based on my skimming through their website)
edit: herzy beat me by 37 second. Same reason, different words :P
This deal is a continuous offer, and other brokerage firms owned by banks are also offering a similar deal, comsec, and nab trading. The bonuses are also a little larger ant comsec and nab. etrade does not have a special.
The deal is not continuous. Irrespective, I was glad when I found out about it, and thought others might be as well. As mentioned, commsec and nab do have similar deals, however for different reasons I believe westpac offers the better one (NAB trades cost more, while the commsec deal expires soon, and the 12 trades must be used by 30 April (much less than 60 days at westpac).
Yes pretty good to know about these offers, i have never managed to sign up for one of these.
The expiry date keps getting extended for all bank brokerage firms listed in my post above. There maybe times when the free brokerage is not offered for new members, but history has proven that the deals return.
Bear in mind also that the features may very well be worth going for one broker over another. For example Commsec offers T+1, the ability to day trade and hold a position overnight without settling, you just receive the difference for a 24 hour profit trade, or pay the net loss on a losing trade. Not all brokers offer this for T+1.
Bell Direct have $15 (or 0.1%) trades and if you sign up with an autoclub membership (RACV, NRMA, etc) you get $100 cash after your first trade and every 5th trade free.
see comments from when originally posted (was $200 cash then) http://www.ozbargain.com.au/node/25048
I see there are a great number of shares to be ozbargained at the moment :-) Pity I didn't get mine for a bargain though. :-(
Was going to vote up until I read this:
"first post, so be kind."
So… no soup for you.
I never get why people write that.
I don't understand the logic. If it's a good deal, vote. If not, vote against… Why be punitive? I wrote that so that I would receive feedback over criticism (e.g. 'more detail please', as opposed to 'shit deal - neg')
Interactive Brokers shits all over this deal. more than 3 times cheaper than this + forex + over 30 markets to trade in
I'd recommend CMC markets which has $10 trades.
Be very wary of CMC. They may have changed over the last few years but i wont have anything to do with them, the business practices of the past were very dodgy.
CMC markets are a bucket shop, completely dodgy, they run the markets on their own internal systems.
Keep away from CFD's, you will lose money. Goto a proper broker and buy the stocks proper.
CMC sure is a bucket shop.
CFD's are fine if using a decent platform such as IG Markets, or Macquarie Prime, and you can buy the actual stock on Macquarie on margin, or not use any margin if that suits you better.
So they charge you $50 per trade to use your $500, then charge you $20 per trade thereafter?