Our verdict
If you're already a Commonwealth Bank member, a CDIA account is opened automatically for you on application of CommSec, so there's no real reason not to use it. Even if you hold an account with another bank, transferring funds to CommSec CDIA for the purposes of trading is little effort and can save you a lot on brokerage fees.
If you prefer to keep funds sitting in another account, you'll just need to ensure you have enough cash in the CDIA should you want to have the freedom of placing trades at a moment's notice.
Also through CommSec, you can use CommBank's ATM network and the NetBank online banking system to access your CDIA account. You can also enjoy unlimited electronic transactions and 2 assisted withdrawals each month.
Good for
- If you settle your share trades directly through your CommSec CDIA account, then you'll pay as little as $10.00 per trade as opposed to $29.95 per trade.
- Balances are automatically recognised by CommSec so when you see a trading opportunity, you won't have to worry about transferring funds first.
- CommSec offers a free dividend direction service for CDIA account holders, meaning that they'll be automatically paid into your account where you can start earning interest immediately.
- User-friendly platform and app that takes just minutes to set up.
- There are no subscription or account keeping fees on the CDIA account.
Not so great for
- One more bank account. While you have to fund your share trading somehow, if you're not already a member of the Commonwealth Bank, then an extra account is a hassle.
- Interest only earned after you add more than $500,000.
how do i transfer my existing share in commsec account to CDIA account
Hi KV,
Thanks for your question.
To better answer your question, can I clarify if you’ve sold the shares?
What are the pros and cons of using a CDIA account as opposed to your own cash account?
Hi Will,
thanks for the question.
There are a number of differences between these two options. As the Commsec website states, trading with your own cash account means trades start at $29.95, whereas trading with the CDIA has costs which start at $19.95. The CDIA also presents a streamlined option by allowing you to earn interest between investments on balances of over $10,000 without the requirement of transferring funds between the difference accounts you might have.
I hope this helps,
Marc.
Hi Will,
thanks for the question.
There are a number of differences between these two options. As the Commsec website states, trading with your own cash account means trades start at $29.95, whereas trading with the CDIA has costs which start at $19.95. The CDIA also presents a streamlined option by allowing you to earn interest between investments on balances of over $10,000 without the requirement of transferring funds between the difference accounts you might have.