Short Term Trading Week Starting : 15 Oct, page-20

I've contacted CMC Markets with regards to the 1% monthly Broker Service Fee a while back.

The 1% is charged by CMC to your Bankwest account and CMC leave you the remaining 0%-0.95% in interest paid to you by Bankwest. I have contacted CMC and also put in an ASIC complaint regarding the "fee for no service" with no success as yet.

https://www.cmcmarkets.com/en-au/stockbroking/brokerage-rates

CMC Markets Stockbroking will charge an Broker Service Fee (BSF) of 1% per annum however there are no fees charged by BankWest for this account. Interest rates shown are net of the 1% p.a. BSF. 

https://assets.cmcmarkets.com/pdfs/cmcsb_markets_cash_account.pdf

From Bankwest:

"Adviser/Broker Service Fee

If you have agreed to pay your Broker a fee from your account for the services they provide to you, we will pay that fee to yourBroker on your behalf. Note that, in some circumstances, we may choose not to pay amounts to your Broker (such as where wehave reason to believe that your Broker's payment details are not correct, or we have chosen not to deal with your Broker). Wewill notify you if we do not pay an amount on your behalf to your Broker.Fees paid to your Broker on your behalf are fees agreed between you and your Broker (they are not Bank fees). Contact yourBroker if you would like to discuss these fees."

Actual full interest paid on your Bankwest cash account (and reported to the ATO for you to pay tax on) is:

$0.00-$9,999 1.00%

$10,000-$19,999 1.75%

$20,000-$49,999 1.75%

$50,000-$199,999 1.85%

$200,000-$499,999 1.95%

$500,000 And over 2.00%

So if anyone else can get out of this unfair fee with CMC Markets, please let me know your secret.