If you wish to benefit through shares or other investment alternatives, look at what Bank of Melbourne has to offer.
With more than 100 branches spread across Victoria, Bank of Melbourne refers to itself as state’s local bank. Its headquarters and call centre are located in Melbourne’s CBD. This bank is part of the largest regional banking network in the country, together with St.George and BankSA. Within Victoria, all St.George branches and ATMs have transitioned to take on the Bank of Melbourne name.
Bank of Melbourne offers an array of banking products and services across personal, business and corporate sectors. Some of its offerings include bank accounts, loans, credit cards, insurance and investment solutions.
If you wish to trade in shares, you can consider opening a directshares account through Bank of Melbourne. If you apply before a given date, you stand to make 10 free trades as part of an introductory offer.
What can I trade with Bank of Melbourne?
When you open a directshares account, you can dabble in the following:
If you wish to invest in the share market on your own, you get to choose from more than 2,000 businesses listed on the Australian Securities Exchange (ASX). You can also invest in international shares.
If you wish to protect yourself against falls in the market, you can invest in options. This way, you get the right, and have no obligation, to buy an asset at a desired price on or before a predetermined date.
Exchange traded funds
Exchange traded funds (ETFs) are similar to managed funds. The key difference is you can find the former listed on the share market. You can buy and sell units within the fund, so you don’t need much money to get started.
Initial public offerings
With your directshares account you can invest in initial public offerings (IPOs). This gives you the ability to expose yourself to businesses when they enter the market.
By investing as little as $5,500, you can get a diversified portfolio that holds eight shares from different industries. Updated weekly, a consensus of analyst recommendations goes into picking these shares.
Bank of Melbourne’s professionally managed funds give you the ability to spread your investment across various asset classes such as Australian shares, international shares, fixed interest and property.
You can get warrants on underlying instruments such as a shares, indices, currencies and commodities. This gives you an easy means to diversify your portfolio, reduce risk and increase returns.Back to top
What are the best things about Bank of Melbourne share trading?
- Market data. You get access to a variety of financial news that can keep you up-to-date with share prices, company announcements, breaking developments and more. Sources used to collect market data include ASX company announcements, Finance News Network videos, Dow Jones Australian and International news as well as AAP Australian news.
- Research. Different independent research houses compile up-to-the-minute research as well as stock tips. The experts you benefit from include Morningstar, AAP The Ferret, FatProphets, The Intelligent Investor and Wise-Owl.
- Access. All you need to access your directshares account is an Internet enabled computer. The secure online platform lets you invest your money across different platforms. You can use it to view and print your portfolio history as well.
- Available markets. If you wish to invest on your own, you get to choose from shares listed on the ASX as well as on 11 major international exchanges. If you want to invest in international shares, you can also turn to managed funds.
- Order types. The directshares account lets you choose from basic orders, intermediate orders, straddle sell orders and buy then sell orders.
Bank of Melbourne doesn't offer different service levels
All directshares account holders get personalised service through a specialised customer service team on all trading days, from 8am to 8pm (AEST). You can also get in touch with a customer service representative via email.
Bank of Melbourne Private is especially for successful residents of Victoria, created with the aim of protecting and growing their wealth. Your investment alternatives through this medium include equity, foreign exchange, real estate as well as cash, credit and yield. How you choose to get advice depends on your requirements. It can come in the form of general advice, self directed advice, issue specific advice or comprehensive advice.Back to top
What support and information is available with Bank of Melbourne?
If you require any information, you can speak to a customer care representative over the phone during business hours. You can also contact one via email.
New investors can benefit through the education material found in online education centre, which can give you insight into understanding the share market. You get access to investment guides, ASX resources, analytical tools and share market related articles. This platform also gives you information surrounding how you should use the directshares Power trading tool.Back to top
What are the fees associated when using Bank of Melbourne?
The fees you have to pay are transaction specific. You don’t have to pay any ongoing account keeping fees. This is what the fee structure for trading in stocks looks like:
- Online trading
|Trades per calendar month||up to $5,000||$5,001 - $10,000||$10,001 - $28,000||over $28,000|
|First trade||$19.95||$24.95||$29.95||0.11% of trade value|
|Second and subsequent trades||$19.95 or 0.11% of trade value (greater of the two)|
- Telephone trading
|Amount of Trade||Brokerage|
|$0 - $15,000||A$69.95|
|$15,000 - $55,000||0.40% of trade value|
|$55,000 - 1 million||0.35% of trade value|
|Over 1 million||0.13% of trade value|
- SharePack brokerage
|Amount of Trade||Brokerage (inc. GST) for trades above|
|$5,500 - $80,000||$80.00|
|Over $80,001||0.11% of trade value|
What are the points in favour and against using Bank of Melbourne for my next trade?
- Free trades. If you open a directshares account before 30th June 2016, you get a $50 waiver on brokerage for up to 10 trades, applicable for the first 30 days. You get a brokerage waiver for a trade value of up to $45,454. If the trade value of the first 10 trades exceeds this amount, you still get the $50 waiver.
- Trading education. An entire website is in place to get you familiar with the fine nuances of trading through directshares. This guidance can help you manage risk better.
- Simplified banking. If you have an existing eligible deposit account with Bank of Melbourne, St.George or BankSA, you can use it to settle your trades seamlessly. You can also use proceeds from a Bank of Melbourne margin loan to trade.
- No round-the-clock support. One drawback is that the directshares account does not provide 24/7 support over the phone. In addition, there is no online chat support.
What you need to know about the application process for Bank of Melbourne
You can apply for a directshares account as an individual, a joint account holder, a company, a registered body, a trustee or a super fund. You can open an account as an individual if you are over 18 years of age and a resident of Australia.
If you wish to apply online as an individual, simply click on the ‘Apply Now’ button. You can also visit a Bank of Melbourne branch to apply. Completing the application requires that you submit different kinds of information. This includes your name, contact details and details from a valid form of identification.
Completing the application should take no more than a few minutes, as long as you have easy access to all the required information.
Help! I have some more questions
What trading fees apply if I wish to invest in global shares?
For trades up to $10,000, a fee of $59 applies. With trades over $10,000, you have to pay 0.59% of the trade value as fees.
Is there a minimum amount I have to invest in any one company?
Yes. The minimum you can invest when buying shares in any one company is $600, excluding brokerage.
Is directshares a Bank of Melbourne service?
No. ANZ Share Investing Australia Securities Limited provides the directshares service at behest of the Bank of Melbourne.