Thread: Without naming and shaming most of SA’s stockbrokers, let’s just consider how much is being charged on excess cash that is just simply based on deposit with the JSE in JSET (JSE trustees). At present from little research it appears charges range from .25% to .60% excl VAT

At the top end that would be approximately a 15% charge on interest earned by merely placing it on call with the JSE, where the JSE themselves are actively managing the cash and charging about a third of the rate to manage the funds. The JSE rate has decreased to 4.62%.

As that deposit rate has halved over the last few years, stockbrokers have continued to take the same fixed amount, and in some cases have actually increased the amount taken. A real shame when an already Net rate of 4.62 comes back to you at 3.9 and maybe less. Ask your broker !