Your Prosperity joins Quicken at $19.90 for online

Your Prosperity Share Trading, part of the Lend Lease group, has reduced its brokerage fee for online trading from $29 to $19.90 for trades up to $10,000. The new rate is effective 4 April.

Trade execution is performed by Hartley Poynton, who also executes trades on behalf of Quicken. Quicken reduced their brokerage fee for online trades to $19.90 last Thursday.

Below is a snapshot of the current discounted offers :

Online Online Trades Cash account broker bkge up to : requirements

Comsec $14.95 $10,000 $5,000 initial deposit
Quicken $19.90 $10,000 None
Westpac $15.00 $15,000 None
Your $19.90 $10,000 None

Those who offer online trading as their core business will certainly feel the impact of this round of discounting. Those institutions offering an online broking service in addition to other financial services will be better placed to compete as they have additional services to cross sell to their online trading customer base.

Results so far from the online survey on ‘ Rate your Online Broker ‘ indicate that investors are looking for improvements in the added services offered by online brokers. While current attention has clearly moved to price alone, investors should assess the overall value of the service offered in the context of their individual requirements.