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Bank of Melbourne directshares Online Broking
If you currently bank with St.George, BankSA or Bank of Melbourne and looking to invest, then you may want to consider a directshares share trading account.
Finder's rating: 3.4/5
★★★★★
The Bank of Melbourne directshares online share trading account allows you to control your own share trading activities and make decisions about the growth of your investment portfolio and your wealth creation strategies.
Whether you're a newbie or an experienced trader, the Bank of Melbourne offers a low-cost share trading service that could be the ideal way to enhance your trading activities. The online broking platform is suitable for those customers who want to take more control over their wealth creation strategies and be more proactive about managing their own investments.
Directshares online broking allows account holders to buy, trade and sell shares, warrants, options, ETFs (exchange traded funds) or even managed funds via its trading platform.
AUD $19.95
Standard brokerage fee
ASX, 11 global markets
Available markets
Video guides
Support
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Details
| Type of broker |
Online |
|---|---|
| ASX products |
Shares Exchange traded options Exchange traded funds Warrants mFunds |
| Available markets |
ASX 11 global markets |
| Standard brokerage | AUD $19.95 |
| Support |
Video guides |
What things should I consider about the Bank of Melbourne directshares online share trading account?
Directshares are most suitable for those who;
- Want to manage directly their account and their investments
- Want to learn how to trade using the free and detailed guides available in the Macquarie Education Centre
- Do not want account-keeping fees
- Eligible new customers can get $50 waived from broker fees for up to ten trades, when opening an account by 31 December 2017
- Have a bank account with St.George Bank, BankSA or Bank of Melbourne, that can be used to settle their trades
What are the features of this share trading account?
The Bank of Melbourne directShares online broking account has the following features;
| Fees |
★★★★★ 2.9/5 |
|
| Trading tools |
★★★★★ 3/5 |
|
| Research and education |
★★★★★ 2.6/5 |
|
| Available securities |
★★★★★ 4/5 |
|
| Customer support |
★★★★★ 4/5 |
Trading tools available
The Bank of Melbourne directshares online broking account gives customers full access to a wide range of trading tools and information. If you are newbie, you can access a range of independent investment tips from independent research companies such as Morningstar, FatProphets and the Intelligent Investor or financial news from the ASX, Finance News Networks and Dow Jones International News.
You can also check a list of the most traded stocks among directshares clients, or access the Education Centre with its trading guides and daily and weekly analyses. If you are an experienced or professional trader, you can invest via the easy-to-use directshares Power platform, or check the sector analysis and stock valuation tools. You can also use the same tools as newbies and you can even receive a free summary report on your account's income and realised CGT for tax purposes.
The trading platform
The online trading platform is user-friendly and intuitive: you can control your funds and your account and see which investments are profitable.
Range of investments
If you open a directshares online broking account, you can invest in shares, options, ETFs, IPOs, SMSFs and warrants.
Competitive trading fees
One of the biggest costs of share trading is the trading fee, but the Bank of Melbourne directshares account allows you to trade for as little as $19.95 per trade. This low trading fee applies to a first trade of up to a value of $5,000 and subsequent trades of up to a value of $18,000 throughout any given month. Trades totalling higher values for the first trade per calendar month may attract slightly higher brokerage fees (please see table below).
| Trade Value for 1st Trade of the Month | Brokerage Fee |
|---|---|
| Up to $5,000 | $19.95 |
| $5,001 - $10,000 | $24.95 |
| $10,001 - $28,000 | $29.95 |
| Over $28,000 | 0.11% of the trade value amount |
However, as long as your first trade of the month is kept below a total value of $5,000, you could benefit from discounted brokerage fees on all subsequent trades for that month (please see table below).
| Trade Value for 2nd and Subsequent Trades | Brokerage Fee |
|---|---|
| Up to $18,000 | $19.95 |
| More than $18,000 | 0.11% of the trade value |
If a customer places a buy order for $4,500 as the first trading transaction for the month, the trading fee will be $19.95. After this point, if the same customer places a sell order for $6,900, as this is the second trade for that same calendar month, the brokerage fee will also be $19.95 for that trade.
Pros and cons of Bank of Melbourne directshares broking
Consider both the benefits as well as the drawbacks before signing up.
Pros:
- Sign up for free and pay only when you trade
- Get competitively priced brokerage fees
- Invest in ETFs, IPOs, SMSFs and warrants through directshares
- Access up to date information on global stock markets
- Get a professional grade trading platform with directshares
- Access to a phone customer service helpline
- See updated lists of the most commonly traded stocks
Cons:
- Must be over 18
- Minimum of $500, plus brokerage fees, required
- Must have an eligible Bank of Melbourne, St. George or BankSA account
What's the application process like?
To open your directshares trading account you need to follow these steps:
- Open an eligible deposit account with the Bank of Melbourne
- Complete your identification for your new deposit account.
- Open your directshares trading account online.
