iTnews

CommSec follows fintechs into micro-investing

By Ry Crozier on Jul 24, 2019 11:39AM
CommSec follows fintechs into micro-investing

Launches 'Pocket' app to trade ETFs.

CBA’s digital broker CommSec is moving into the micro-investing space with a new app that aims to get people investing in exchange traded funds (ETFs).

The bank today launched iOS and Android versions of a new app called CommSec Pocket, which allows investors to put $50 or more into seven ETFs.

ETFs are a basket of securities created by issuers or fund managers that are traded on the stock exchange and usually require a minimum investment of $500.

“Currently just four percent of Australian adults place a trade online in the sharemarket each year,” CommSec said.

“Many more would like to, but feel the barriers to getting started are too high.”

CommSec Pocket will be offered at $2 brokerage for trades up to $1000. “Investors pay only when they trade with zero ongoing account keeping fees,” CommSec said.

CommSec said the Pocket app “is secure, built-on and using CommBank and CommSec’s security frameworks and infrastructure.” 

To use CommSec Pocket, customers must have a CBA transaction account and a CommSec ID or NetBank ID.

Micro-investing was pioneered by fintechs like Acorns, which has since changed its name to Raiz Invest. FirstStep is another example of a micro-investing app available in Australia.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.
Tags:
appcbacommsecetfsfinancefinanceitmicroinvestingsoftware

Partner Content

Avoiding CAPEX by making on-premise IT more cloud-like
Promoted Content Avoiding CAPEX by making on-premise IT more cloud-like
Matt Tett to lead essential primer session on security by design
Partner Content Matt Tett to lead essential primer session on security by design
Alienated from your own data? You’re not alone
Promoted Content Alienated from your own data? You’re not alone
5 essential digital transformation ideas
Promoted Content 5 essential digital transformation ideas

Sponsored Whitepapers

Planning before the breach: You can’t protect what you can’t see
Planning before the breach: You can’t protect what you can’t see
Beyond FTP: Securing and Managing File Transfers
Beyond FTP: Securing and Managing File Transfers
NextGen Security Operations: A Roadmap for the Future
NextGen Security Operations: A Roadmap for the Future
Video: Watch Juniper talk about its Aston Martin partnership
Video: Watch Juniper talk about its Aston Martin partnership
Don’t pay the ransom: A three-step guide to ransomware protection
Don’t pay the ransom: A three-step guide to ransomware protection

Events

  • 11th Annual Fraud Prevention Summit 2022
  • iTnews Benchmark Awards 2022 - Finalist Showcase
  • IoT Impact Conference
  • Cyber Security for Government Summit
By Ry Crozier
Jul 24 2019
11:39AM
0 Comments

Related Articles

  • CBA avoids court-ordered notifications in its banking app
  • CBA eyes Amazon Braket for quantum computing ambitions
  • ANZ pushes for hyper personalisation
  • CBA targets DocuSign for all its commercial loans
Share on Twitter Share on Facebook Share on LinkedIn Share on Whatsapp Email A Friend

Most Read Articles

NBN Co's 250Mbps and gigabit growth is finally clear

NBN Co's 250Mbps and gigabit growth is finally clear

NBN Co sizes up six-figure customer exodus a year to fixed wireless

NBN Co sizes up six-figure customer exodus a year to fixed wireless

NBN Co to cut 160 applications under $200m IT simplification

NBN Co to cut 160 applications under $200m IT simplification

What to expect from the incoming Labor government

What to expect from the incoming Labor government

Digital Nation

COVER STORY: A Year in the Metaverse
COVER STORY: A Year in the Metaverse
Lendlease launches its own metaverse in Milan
Lendlease launches its own metaverse in Milan
CTO Juergen Mueller offers a glimpse into SAP's metaverse play
CTO Juergen Mueller offers a glimpse into SAP's metaverse play
COVER STORY: Data and IoT set digital agriculture on a sustainable future
COVER STORY: Data and IoT set digital agriculture on a sustainable future
Why do DeFi and DAOs matter to business?
Why do DeFi and DAOs matter to business?
All rights reserved. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation.
Your use of this website constitutes acceptance of nextmedia's Privacy Policy and Terms & Conditions.