Customers that establish a cash investment account for settling Australian Securities Exchange share trades will pay brokerage from $19.95 or 0.11 per cent and earn a variable interest rate, currently at 4.75 per cent.
Additionally, customers that settled three or more eligible Westpac Online Investing trades to their cash investment account each month would be rewarded with a variable bonus interest rate.
There is no minimum account opening balance and no monthly account service fee for the Westpac cash investment account.
Electronic transactions for the account are free and customers have access to their account via online banking. "We are serious about doubling our market share over three years, which is why the new Westpac cash investment account has been created with reduced brokerage," Westpac Online Investing head James Staltari said.
