Opening a share trading account with amscot is completely free and very easy. You have the choice of signing up using one of the following methods:
Our online account sign up wizard removes the need to send in certified documents to complete the opening process and should only take around 15 minutes to complete for a single applicant. Our online sign up can be used to open accounts for amscotOnline and amscotPhone accounts and is able to electronically verify IDs for single, joint, company and trust applicants.
For amscotOnline accounts, a Macquarie Cash Management Account (CMA) will also be opened for you during the online account opening process. (More information about these CMA accounts can be found in our FAQ section)
If you prefer, share trading account opening forms can be downloaded from our website or one of our desk staff would be happy to post them out to you. Upon completion, the forms will need to be posted back to us along with certified ID for all account applicants.
amscotOnline accounts are all operated on a cash vetting basis, with the available cash for stock purchases held in a Macquarie Bank Cash Management Account (CMA) in your name and accessible by amscot for settlement purposes. The Macquarie Bank CMA is a bank account, which is regulated by APRA (Australian Prudential Regulation Authority).
The rate of interest paid to the client is variable, and reasonably competitive. No minimum balance or initial investment is applied to amscot Phone Trading clients operating a Macquarie Bank CMA. However amscot Online Trading clients are required to maintain a minimum balance of $100 for access to the platform.