Standard Bank is making strides in trying to ensure that investing in the stock market is accessible to average South Africans by reducing its fees for 2008.
Standard Bank online share trading has again reduced its fees for 2008. This is the fourth fee reduction since January 2005.
“The price cuts are part of our effort to grow the market. We want to make investing in shares affordable and accessible to the average South African private investor. We believe the reduced fees will give new clients an opportunity to enter the stock market,” says Tshwantsho Matsena, head of the bank’s online share trading.
The bank reduced its brokerage rates from 0,7% to 0,6% per transaction, with a minimum fee of R70. Single stock futures brokerage fees have been reduced to R60 from R70 and the monthly administration fee goes from R54,15 to R50. This fee is waived after three trades in a calendar month. On a R10 000 trade the savings in brokerage from 2004 to 2008 is just below 50%. – I-Net Bridge