In an effort to win market share, National Australia Bank Limited’s (ASX:NAB) online trading fees have reportedly been slashed to offer the lowest trading price of the big four banks.
According to Fairfax Media, investors will be charged $14.95 for trades under $10,000 which is $5 less than its previous fee.
The move comes less than eight weeks after it announced its new online trading platform.
Other major banks online brokerage rates sit at about $19.95. NAB is looking to lift its online market share above its current 4 per cent.
The strategy reflects the bank’s campaign across other products including the mortgage market, where it has vowed to have the lowest standard variable rates.
Credit card fees have also been lowered. NAB’s Chairman says the bank’s strategy has attracted 1 million new customers.
NAB generated a net profit of $4.08 billion in the 2012 financial year.
NAB Price at posting:
$23.45 Sentiment: None Disclosure: Held
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