Bankinter cuts in half its trading free for small-amount transactions
Bankinter Broker will charge a fixed rate of 3.95 euros on equity transactions in Spain amounting to less than 2,000 euros.
The bank is implementing a new policy on fees and commissions, with which it seeks to continue to lead the equities market among retail customers.
Bankinter has revamped its policy on fees and commissions for equity trades by implementing a new fixed rate of 3.95 euros for online transactions carried out in Spain for less than 2,000 euros.
This new rate substitutes the former rate of 8 euros per transaction and will become effective on 2 October for sales transactions involving stocks, rights and ETFs in the continuous trading market.
For stock trades for between 2,000 and 60,000 euros, the fee will continue to be 8 euros. Trades amounting to over 60,000 euros will be subject to a 0.07% fee on market value, capped at 200 euros.
For other markets, sales commissions have not been changed. For the major markets in the Eurozone, the United States and the United Kingdom, a fixed 20-euro fee will apply on all trades amounting to less than 40,000 euros, 40,000 dollars and 30,000 pounds, respectively. For transactions exceeding these amounts, the fee will be 0.20% on market value, with a minimum fee of 20 euros.
The new fees in Bankinter Broker (available online, via tablet and via mobile device) will take effect in October. With this strategy, the bank seeks to promote a business with a high potential for growth in a generally low interest-rate environment on an upward market trend. The availability, easy use and good prices of Bankinter Broker enhance private investors’ access to products and markets that were until recently limited to experienced or high net-worth traders.
To facilitate such access, Bankinter recently launched its ‘Cuenta Broker’, the only current account in the market in which balances bear interest based on customers’ trading activity. Account holders may earn returns of 1% AER if they carry out at least ten trading transactions each quarter, with the products available on the Bankinter Broker (not including foreign exchange transactions). The most interest an account balance can receive is 5,000 euros.
Bankinter Broker also has free graphic tools to help customers take investment-related decisions.
Bankinter’s equities business has performed well during the first half of the year. At the end of the first half of 2017, it earned 40.5 million euros in fees on equities, up 24.7% from last year.
In 1999, Bankinter was the first company to launch a real-time broker service online. Furthermore, in 2004, it made this service accessible on mobile devices.