CommSec offers 5.5 per cent cash rate
The country's biggest online broker has a two-tiered pricing structure, depending on whether you are an internet-preferred or a standard customer.
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Internet-preferred customers have a CommSec cash management account or CommSec margin loan and CommSec is their CHESS sponsor (CHESS is the Australian Securities Exchange settlement system).
Internet-preferred customers pay $19.95 for trades worth up to $10,000. They pay $29.95 for trades between $10,000 and $25,000 and 0.12 per cent for trades above that.
Standard customers pay $29.95 for trades up to $10,000 and 0.31 per cent for amounts above that.
The managing director of CommSec, Stephen Karpin, said: “Having a high-interest cash product close to the trading account is important at the moment.”
“People are more conservative in the way they manage their portfolios and they will put their money aside for longer periods while they wait for the right stock at the right price."
Source: The Age