Most investors have some cash sitting idle in their ASX stock broking account, ready to pounce on the next attractive buy.
But instead of that money doing nothing, what if it could earn 7% per annum interest?
Incredibly, one broking platform is doing exactly that. It's paying out more interest than the banks are.
Tiger Brokers Australia, which is the local arm of Chinese broker UP Fintech Holding Ltd (NASDAQ: TIGR), is running a promotion to give back 7% interest on all deposits for a maximum of 150 days.
Both new and existing customers are eligible to receive this rate.
Image source: Getty Images
Why are they giving money away?
Tiger Brokers Australia vice president Jack Liang said this extraordinary rate is designed to assist punters during troubled times.
"As investors face tough economic conditions due to high inflation and reduced disposable income, we want to provide a strong incentive to boost their confidence in investing their hard-earned money."
Tiger offers trading in both US and ASX shares.
"While such offering on uninvested cash is not new in the industry, we're proud to be the forerunner in presenting this superior rate to the marketplace."
What's the catch?
There are, of course, some conditions to receiving this attractive interest rate.
The 7% rate applies to customers who make a deposit between 4 March to 9 April, for a maximum duration of 150 days.
The promo interest is applied to amounts up to $100,000, meaning the highest payout one can receive is $2,877.
After that period, the interest rate will revert to the normal rate, which varies between 0% and 2.25%, depending on the balance.
As a bonus, customers who deposit $2,000 or more cumulatively during the promo window will also receive US$30 worth of fractional shares in Tesla Inc (NASDAQ: TSLA).
While withdrawals can be made anytime for the 7% rate, the Tesla bonus requires that funds are not pulled out for 90 days.
