• expired

NABTrade $1,000 Free Brokerage for 90 Days (New Users Only)


Open a nabtrade account before 5pm AEST on Thursday 30 April 2020 and receive:

$1,000 free brokerage (valid for 90 days)

Simply use the promo code 1000FREE when completing your application form to receive the offer.

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closed Comments

  • +1

    Is it easy to transfer your holdings out of NABTrade once your free trades are up?

    • +6


      • +1

        The free trades are "up" after 90 days.
        I transfer holdings out.

        Not much more to it

  • Must be an existing be customer

    • +1

      Do you become an existing customer by opening a NABTrade account?

    • Is uBank customer included as existing customer?

      • +1

        No. You have to open nab bank account.

  • +1

    Is this confirmed working? Last time this was posted one ozb said nab were not honouring it: https://www.ozbargain.com.au/node/510402#comment-8232291

    • It applied the code for me automatically so I assume it's a current promotion

    • +1

      Yep concerned with this comment as well

    • Better to screenshot the page, its clearly on their front page how can they denied it

      • +5

        how can they denied it

        You can make a page say anything you want and then screenshot it.

    • I fall for that deal, closing my account.
      Called up but they said this deal is only for new customer and last code was 3rd party which they don't support.

    • +1

      I think it should work this time since it's listed on their website. This was the message I got from their support team when I argued that their website accepted the code but they didn't honour it:

      Thank you for your email.

      The promotional code was not advertised by nabtrade and found on internet forums.

      This offer cannot be enabled, this is not something we have the ability to do. The site will accept the promo code, however the promo code expired in 2017, therefore we will not be honoring an expired code.

      I am sorry to hear that you feel this is the only reason you picked nabtrade, I can assure you we have a fantastic platform and you will find it more than sufficient for your trading needs.

      If you have any other questions, give us a call us on 13 13 80 (8am to 7pm, Monday to Friday AEST/AEDT or + 61 3 8872 2316 if you're calling from overseas) or simply reply to this email.

      All the best,

      Digital & Social
      GPO BOX 4545, Melbourne VIC. 3001
      t: 13 13 80 | f: 1300 368 758 | e: [email protected]
      w: nabtrade.com.au*

      • +1

        Wow that's poor of them. I don't care if you have a fantastic platform. Clearly I'm interested in the promotion.

        • The platform is crap. Not worth the pain if no free trade

    • When I made my trades the brokerage fees came up as $0.00.

  • -3

    You have to tie up your funds at the time of placing a buy order with a petty 0.10% p.a. ($0 - $99,999.99). It is an opportunity cost as you can otherwise put these funds in a high-interest saving account till settlement with Commsec.

    • +2

      There are high interest saving accounts?

    • NABTrade have a high interest account more info here

    • +3

      Interesting point. I’m not aware of the current brokerage charges for CommSec, but wouldn’t the lack of fees for the NAB transactions easily cover a day or two’s lost interest (at least within the offer period)?

      • Yeah, agreed. See my rough calculation below. $1.644 AUD for 2 days worth of interest if your principal is $10,000 AUD and I've been nice and assumed you can get 3% interest.
        Obviously, if you are doing million dollars worth of trade, then it could be different.

    • Let's just pretend the high-interest saving account is 3% per year, for 2 days, we are looking at 0.0164% interest.
      Let's say you make a trade worth $10,000 AUD, you are saving $1.644 AUD by putting it in the "high-interest" saving account. Honestly, the brokerage difference would have covered it.

      Putting money in a high interest saving account for 2 days generally won't earn you much interest. Percentage (/100) and interest rate per year (/365) mean you need a large sum of money for you to really make a difference in the interest.

  • I'm not an existing NAB customer but have been looking to start a trading account. Is it worth starting a NAB account and then sign up for this?

    • Yes. It'll save you on the initial brokerage of your buy. It won't eat into your returns.

      If you purchased $1,000 of XYZ and brokerage was $14.95, your purchase would have to make an extra 1.5% to cover the brokerage cost. It's better to buy in larger amounts to lessen the impact of brokerage.

  • When the time is right, just transfer your CHESS holding(s) from your current broker to NABtrade and make $1k worth of trade(s). Selling with NABTrade doesn’t require deposited funds like Buy orders.

  • +1

    How long does it take for the NABTrade account to be fully functional, ready to trade for an existing NAB customer?

  • +2

    Quick question - do they allow short selling?

    • +2


      • Okay thanks!

  • I assume you can transfer holdings from other brokers to take advantage of the free brokerage?

  • +13

    Free is always good, but in their comparison panel they don't mention SelfWealth - the true OzBargain broker. $9.50 flat rate, same whether you trade $1000 or $10 million, none of this 0.11% business.

    • +1

      The only risk with Self Wealth is with the company itself. I don’t have an opinion on their shares however the company keeps losing money.

      Sure you are CHESS Sponsored, but if the company went bust there would be some delay in having your holdings transferred to another broker which would impede on your liquidity.

      Also with Self Wealth like most discount brokers you must fund your trades via their cash account which they hold in an ANZ trust. This account won’t pay interest and in the event of a default I doubt it would be covered by the federal Government $250K guarantee on deposits as it is not a consumer bank account.

      Use Self Wealth as you like however personally I would only be keeping a minimal amount in their cash account which also means you may not have the ability to take advantage of sudden market dips.

      • I use them and have asked them about the security of the account if they fold. Very hard to get a proper answer out of them, but they insist as it’s in the customers name it is secure regardless of what happens to them.

        I would really like that confirmed by the ANZ though.

      • +2

        With SelfWealth, your broker account is with OpenMarkets. I don't know if OpenMarkets is losing money. Agree with not too much money in the cash account, but you can just buy a CHESS sponsored cash ETF ASX:AAA, and sell that on market to buy something else the same day. When you sell the money appears straight away. The cash ETF pays way more than most savings accounts anyway. If you had $20000, you'd make enough interest to cover the $9.50 brokerage in a couple of weeks.

        • Mind blown!
          I did not know this existed, thank u!

        • Isn’t there still a T+2 settlement date if you traded ASX:AAA? You are still not in the government guaranteed safety of consumer bank accounts like when using a cash account provided with a bank owned broker.

          • @abc: T plus 2 settlement,yes, but you can buy stocks right away after selling.
            I presume its because when you buy its also T+2.

        • Thanks, never heard of cash ETF. So looking at the chart, it looks like start of every month it pays out ( is it a dividend?)

        • cool idea. thanks for sharing.

          i dont quite get the following statement though (mind you i dont have experience in trading).

          If you had $20000, you'd make enough interest to cover the $9.50 brokerage in a couple of weeks.

          I google this share in google and it seems quite stable/flat so not sure where the gain (to cover the brokerage and "pays way more than most savings account") comes from ?

          • +3

            @OzFrugie: My fault for not being clear. My point was that if you normally have $20,000 cash in your trading account, earning no interest (Commsec CDIA pays a paltry 0.05%), you're better off putting that cash in a cash ETF like ASX:AAA (there are others).
            Sure, you'd lose $9.50 brokerage when you buy, but provided you don't buy and sell every 2 weeks, you'd make up that cost easily in interest. These ETFs pay interest every month. When they pay interest the price of the ETF drops a tiny bit, then it goes back up over a month.
            For $20,000 you should get over $20 interest in a month, which covers the brokerage costs easily.
            Also, if you regularly do trades $20,000 and above, the other brokers are a plain rip-off. For a $50,000 trade, NAB would be 0.11% = $55 versus $9.50 for Selfwealth (83% off). For a $100,000 trade (I wish!) it would be 91% off!

            • @Slugs: I assume the interest (of 1% based on what you said) this etf pays monthly is considered a dividend, and can be reinvested (?).
              Like via DRP?

              • +1

                @OzFrugie: The dividend/interest is paid monthly into your bank account. I am not aware of any "automatic" DRP. Once in your bank account you can do whatever you want with it. ASX:AAA is cash, safest, but lowest interest rate (1.7%). ASX:QPON is bank bonds, more risk, return was (3.7%). ASX:CRED is corporate bonds, higher risk, return (11.7%) last year. It all depends on your risk profile, these are all alternatives to putting your money as cash in a trading account earning 0%

                • @Slugs: Thanks Slugs, all these are very useful for newbie like me.
                  Just wondering when you said "paid to bank account", did you mean the trading account or your normal transaction account?
                  I assume the trading account, i.e. the one that you use to buy shares with (?)

                  If dividend / interest got paid to your trading account (assuming this is the case), do you get taxed (marginal income tax)?
                  Or only get taxed if the money transferred from trading account to personal bank account?

  • +2

    Brokers always offer deals when retail order volumes dry up. Esp those with few Options trading capabilities, as you cannot short the market with any assets you tie up with them to cover your buy orders. Now is not exactly the time- upsides are short-lived and slimming down, whilst downsides are reasonable to large.

    Trying to make something of free brokerage at a time like this needs to be carefully weighed. Some of your funds or portfolio has to be with the said broker to count as cover, thus not working for you through any options strategies. Right now the tide is pulling the value of your holdings out of the market so any approach like this that effectively makes your trading capital long in the market…

    At the same time, if you do plan on trading and the offer gives you a lot of time to use up the brokerage credit, having yet another account might not be such a bad thing. But there are usually time-limits and other conditions that reduce the attainable value of their offer to zero before too long (eg 90 days), so balancing that in it will help you evaluate whether you can get a positive return. After all, they get another customer, another account or two, and another management bonus for doing very little for their customers

  • +2

    For what it's worth, this is the reply I got from NAB when I applied this code the last time this offer was running:

    I can view that the promo code was successfully applied. It expires on the 2nd April 2020. The brokerage fee will show up on the Order Pad however, when the order actually executes, the confirmation note will show that the fee is $0.00.

    I hope this helps some of you!

  • +2

    I opened a NAB trade account and closed it 3 years ago. Would I still qualify as a new customer? Is there an exclusion period?

    • +1

      For the avoidance of doubt a new nabtrade account means an account opened by a legal entity which does not already have an existing nabtrade account.

      • Sooo…. Would he/she qualify?
        I currently have an account, I'm wondering if I can just close and reopen with this deal

        • I have an account that's a few years old and never used. I just asked support about this and they will apply the promotion to my account. I am pleasantly surprised as I'd thought they'd tell me to piss off.

          • @watwatwat: Hey mate, how did you go about asking support? Was that over phone / online chat / email?
            And what did you say to them?

            • +1
              • @watwatwat: Hey mate they didn't go for it. Any tips in help persuading them?

                • @supbah: Wow! I just happened to get a really helpful dude and I was impressed with their service. If what you're saying is true, then that's just shitty on their behalf. Especially since I was about to close my account and now have already invested a decent amount.

                  I will PM you the name of the guy I worked with.

  • I jumped on this last time it was posted - can confirm it all works perfectly and I have my $1000 free trades. Trading every day - made a feew grand in 2 weeks (hard not to in this market)

    • Oh? Any examples, for a newbie?

  • Worth it for buying low amounts of penny stocks? $10 here, $10 there?

    • +1

      Only if you sell them before the free brokerage expires (90 days)
      Otherwise you'd be paying $15 to sell your $10 shares

      • Assuming they're $10. The point was to take a gamble on some and sell if they made a profit and forget the rest

    • I believe there's a $500 minimum on share purchases.

  • I signed up just last friday evening, and it told me the free brokerage deal code had expired. I have since funded the account but havent traded yet. Is there any way I can still get this deal?

    • +1

      Forget the big banks, try SelfWealth. If you look around OzBargain, you can find a referral code that gives you 5 free trades. Then if you refer you both get 5 free trades. SelfWealth has fixed price brokerage, instead of a percentage of your trade like that others.

      • Hi Slugs,

        I am going to join selfwealth, can you PM a referral code? Thanks.

      • Hi Slugs, can I get the referral code for SelfWealth please? I'll join

        • +1

          Just google Ozbargain SelfWealth referral code.

          This gives you a random referral code from a random Ozbargainer - fairest system.

          • @Slugs: Thanks mate, I've joined and got the referral code. Bought some shares already. Appreciate your help

  • Any good stock picks for the next 90 days?

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