littlecorn, I missed where it said they made $300k interest from client funds?
44048 trades for the quarter should give the company income of $380574.72 exclusive of GST and rounding.
Below is a copy and paste of Commsec's interest on amounts held.
SelfWealths interest rates on cash held is as follows. All these rates would have had me crying tears of disbelief 10-20-30-40 years ago. Whether you are getting 0 or 2% with NabTrade in their High Interest acc it's still FA.
Interest is paid on the balance of your cash account within the following tiers:
<$10,000 no interest paid
$10,000 to $100,000 — 0.5% interest per annum
>$100,000 — 0.75% interest per annum
And the NabTrade cash acc. below.And the NabTrade High Interest acc. below.
Balance Rate $0 - $99,999.99 0.10% p.a. $100,000 - $249,999.99 0.20% p.a. $250,000 - $999,999.99 0.65% p.a. $1,000,000 or more 1.50% p.a.
$0 - $1,000,000 2.00% p.a. $1,000,000 + 1.50% p.a.
No offence but your Nabtrade vs SelfWealth figures are about as rubbery as Bull Shittens financials! We could put thousands of different scenarios forward here but let me tell you I have saved thousands over just the last 5-6 weeks with the trading I have done in comparison to Commsec , Nabtrade or anyone else for that matter including the interest forsaken in their ANZ trust acc. which, by the way, are where the clients funds are held. ANZ worth just a bit more than $75m.
I might be so bold to suggest that if you hold $250k in this acc. without intending to deploy it then you should probably be holding it in a higher interest bearing acc. elsewhere.
littlecorn, I missed where it said they made $300k interest from...
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