• Cheaponana Travel - Navigating The Tokyo Subway
  • Cheaponana Travel - Where to stay in Seoul?
  • 8 of the best hotel booking sites with credit card discounts

Since I first wrote the article on “The cheapest stock brokers in Singapore” in 2012, there haven’t been much changes in the market till end 2014, when news broke that SGX would reduce the minimum lot size from 1000 to 100 (Version 2 here). Subsequently, various stock brokers (POEMS & DBS Vickers) had promotions for a $10 commission fee when you buy less than $3500 worth of stocks with <1000 units. The POEMS promotion has now been extended to 31 Dec 2016.

Standard Chartered used to be my favourite when it comes to small purchases like 1-2 lots so that I can average down on my stocks. However, they have released news that come 1 Aug 2016, there will be a minimum commission of $10 for local trades for Personal Banking Clients, with the rate unchanged at 0.2% for Personal Banking Clients and 0.18% for Priority Banking Clients (see below).

SCbrokingfees 

So what should Personal Banking customers do?

  1. Come 1 Aug 16, purchase at least $5000 worth in stocks to avoid paying more for commission fees.
  2. Whatever stocks you have inside your Standard Chartered custodian account should be topped up to $5000 (before 1 Aug 2016) if you want to avoid paying more for commission fees when you sell after 1 Aug 16.
  3. If not, sell off the stocks that you have small quantities or low cost (e.g. penny stocks) before 1 August 16
  4. Open a Priority Banking account with Standard Chartered to enjoy a lower rate and no minimum brokerage commission
Share
Share →

Leave a Reply

Your email address will not be published. Required fields are marked *