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You've heard that investment accounts can help to grow your wealth, but how do you choose the right one? There are many different ways to invest your money; financial institutions tailor different accounts to suit different people. Read about the different types of investment accounts, the benefits and the risks.
An investment account is a broad term applied to any kind of account that gives you a financial return. Investment accounts include: share trading accounts, self managed super fund accounts, term deposits, deeming accounts and retirement accounts.
It's important to note that various types of investment accounts present different risks and returns. Not all of them will be suitable for you, depending on your investment strategy.
Active trader brokerage - Australian shares
Competitive broker fees on Australian shares, international shares, forex and CFD trading.
Important: Share trading carries risk of capital loss.
Important: Share trading can be financially risky and the value of your investment can go down as well as up. “Standard brokerage” fee is the cost to trade $1,000 or less of ASX-listed shares and ETFs without any qualifications or special eligibility. If ASX shares aren’t available, the fee shown is for US shares. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
Investment account is an umbrella term which includes a number of different financial products. Common types of investment accounts are:
Consider these points when you compare investment accounts.
You can apply for an investment account if you’re over 18 and if you’re applying in your own name or in the name of a trust. Each type of investment account has it’s own application requirements. Before you can open an investment account, you may need to have an account with the financial institutions, like a transaction account and a credit card or a home loan for example. Some investment accounts have a minimum opening balance, you need to provide your address, your tax file number (you can supply this information after you apply) and information about any accounts you hold with the financial institution.
You can jointly open some investment accounts but it depends on the provider and type of account.
By holding a diverse spread of investments you’re reducing your risk. You can have multiple savings accounts, share trading accounts, term deposits from the same or different financial institution at a time.
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