SP, page-109

Jonnycage, I've just noticed this remark. If you're making much use of BT's margin facility, you might want to take a look at Interactive Brokers. It costs about one third, in terms of interest. I imagine commissions and other fees are lower too. I've been using them for about a year now, and would be pretty comfortable recommending them. There is no application process for margin - if you're a client, and the stock is marginable, you're good to go.

These guys are only the second broker I've used, but it's hard not to be impressed. The fees are extraordinarily low, margin is cheap and widely available on anything with market cap much over $1bn, interest is paid on cash balances. If you need foreign currency, you can exchange it directly with other market participants for about $3 a shot: no bank or broker margin. And some less obvious things appeal. Unlike my former broker, your name and date of birth is NOT sufficient to be given access to your account by phone. Participation in rights issues and the like is a matter of clicking a button, rather than posting a paper form, and has no fees. People answer the phone in seconds, 24/7. Getting money in and out is painless and without fees.

The user interface is not for the faint-hearted, however.