NAB offers 20 free trades on its share trading platform

Photo by freestocks.org on Unsplash

National Australia Bank has offered new users to its share trading platform 20 free trades, but what are the catches?

The main catch with NAB's offer is that new customers must use their 20 trades within 90 days of account creation. 

Customers could also get free access to wise-owl.com for three months, which offers traders company insights, real-time recommendations, one-on-one consultations with analysts and advisers, IPO reports, and more. 

Ordinarily, NABTrade's fee structure per trade is:

• $14.95 up to $5,000
• $19.95 up to $20,000
• 0.11% over $20,000

According to bargain-hunting and voucher code website OzBargain, new customers must enter the code '20FREE90' on sign-up to obtain the offer.

Share trading platforms compared

NABTrade's fees are comparable with other online share trading platforms from the 'big four' banks, 

• CommSec (Commonwealth Bank share trading): $10 on the first $1,000; $19.95 up to $10,000; $29.95 up to $25,000 and 0.12% over $25,000.
• Westpac: $19.95 or 0.11% trade value (whichever is greater)
• ANZ: $19.95 up to $5,000; $24.95 up to $10,000; $29.95 up to $18,000; $29.95 up to $28,000; 0.11% over $28,000, with discounts on some brackets if you make more than one trade in a month.

Source: Providers' websites. Prices were correct at the time of writing, and may be subject to change.

Note that having a third party bank account as the settlement account for these platforms could see you attract a higher brokerage fee.

For example, not using Westpac's Cash Investment Account or Investment Loan Account as your settlement account could see you charged a higher brokerage of $29.95 or 0.29% (whichever is greater).  

Outside the Big 4, other share trading platforms' fees are:

• CMC Markets: $9.90 up to $5,000; $10 up to $10,000; $20 up to $20,000; $50 up to $50,000
• OpenMarkets: $13.95 up to $19,930 trade value, or 0.07% above $19,930.
• SelfWealth offers a $9.50 flat rate on trade sizes from $5,000 up to $1,000,000.

Source: Providers' websites. Prices were correct at the time of writing, and may be subject to change.

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