Just received this. Changes things for me:
"
Dear Dr Ralph
We are replacing our inactivity fee on share trading accounts with a quarterly $50 subscription fee. Please note that this fee is not applicable to CFD accounts.
Your share trading account that holds shares or ETFs could be subject to a subscription fee from 30 November. However, you will be exempt from the charge if you:
•
Deal at least three times across either of your share trading or CFD accounts during the quarter,
OR
•
Hold no open positions in your share trading account at the end of the quarter.
When will the fee come into effect?
The first quarter will run from 30 August to 30 November. If you are holding shares or ETFs in your share trading account by 30 November
and you have traded less than three times across any of your accounts during the quarter, you will be charged a subscription fee.
For the avoidance of doubt, if you have no open positions on 30 November, you will
not be charged a subscription fee regardless of whether you hold a cash balance on the account.
Please note that the subscription fee will apply per client rather than per account, and share trading accounts (not applicable to CFD accounts) with assets may go into deficit as a result of the charge. Please see our
customer agreement for more information.
Why are we implementing a subscription fee?
Our share trading service provides active traders with an on-exchange trading platform, where they can buy and sell Australian and international shares at low commission rates and with low currency conversion fees. Offering these assets and providing protection for them comes at a cost. We believe that allowing clients to subscribe to the ongoing use of share trading accounts should be fairly met by clients who wish to continue using these services.
For more information about the subscription fee or to see our fees and charges in full, please click
here.
We're here to help
If you have any questions about this or need help with your account, our highly trained client services team is available 24 hours a day from 1pm Saturday to 7am Saturday (AEST).
Kind regards
IG"