Any stockbroker paying 4% on Deposits

C

cronley

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I would like to keep €50,000 in a euro denominated deposit A/C with a stockbroker & have it available to buy shares quickly thro an online share trading A/C, so that a buying opportunity would not be missed by delay in getting funds to stockbroker. I would like it to earn similar 4% interest as Northern Rock or Rabo Direct. Does anyone know if this is possible with an Irish or foreign stockbroker.
 
Certainly not with an Irish stockbroker.....they're more likely to rip you off with charges than thank you by means of an interest payment for your investment!

On a separate note, most brokers will action a trade for you and subsequently take the funds from your bank account if you've set up an account with them. There shouldn't be an issue with getting funds to your broker when trading.
 
If you are willing to take the hit on goodbodys commisson you can deal on-line thru your aib account.
 
Trent said:
Certainly not with an Irish stockbroker.....they're more likely to rip you off with charges than thank you by means of an interest payment for your investment!
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They won't rip you off if you check their charges first and only pay them if you're happy with them.
 
Interactive Brokers is generally regarded as being the most generous broker when it comes to interest payments (unless you are a small investor, as the first 8,000 earns no interest).
They pay 3.07% after that (ie, the benchmark rate minus 0.5%) on Euro-denominated accounts. Goes up to 3.32% for a/c's greater than 100,000. That's as good as you're likely to get with a stockbroker.
 
The entire reason to pay interest rates above the money market rates is to attract business. A brokerage wants trades not deposits so I can't really see any incentive to offer rates above the market rate.
If you want to make your 4% or more leave it in a bank and transfer in on the day of the trade. You can get three days to settle a trade so that should be more than enough time.
 
H2O
I wonder if you are right about the 3 days credit. I thought all online brokers needed funds in my online A/C before I could do a trade.

Charttrader
Very useful info, just what i was looking for. Thanks.
 
In my experience of an online account you have to have the money in the account before you can trade.
 
Initially - but many online brokers offer margin trading where you basically trade using credit that they offer you.
 
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