Brokers and cash rate - Aussie Stock Forums

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  1. #1

    Default Brokers and cash rate

    I'm looking for a broker that gives a decent interest rate on your cash held in the account and that it is safe.
    Some of them seem to pool your money and not sure if its safe if they went under
    I'm with Comsec and the interest rate is poor. I can open a cash account but then I have to keep moving money across and back to another account which has a really low rate

  2. #2

    Default Re: Brokers and cash rate

    You'll find most brokers have your funds held in a segregated trust account which removes some of the risk should the company 'go under'. All normal banking rules apply to brokers here in Australia which endeavors to protect investors money held on deposit.

    Some brokers will suggest that all free equity is held in a trust account whereas money held in open positions may be challenging to get back should something bad happen to the company.

    Most of them pay a very average yearly return unless you are willing to put up say $100,000 or more on deposit.

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