FAQs

Have a question? Read our FAQs to find the answer you’re looking for.

Fees and other costs

There are no fees to open (or close) a BT Invest account. You'll pay administration fees once you make your first deposit. Transaction and management fees are payable for particular investment types. There are no additional fees and costs.

How much does it cost?

Administration fees

Once you have made your first deposit, you'll then pay an Account based fee of $60 p.a.

An Asset based fee of 0.50% p.a. applies on the value of holdings in the Antares Dividend Builder Portfolio, DNR Capital Australian Equities High Conviction Portfolio, listed securities and managed funds. It does not apply to holdings in the five diversified managed portfolio options, BT Cash and term deposits.

The Asset based fee is capped at $1,500,000 (meaning it will not apply to the portion of balance in those applicable investments that is over $1,500,000).

Transaction fees (share trades only)

There are no fees for managed fund or term deposit transactions.

Transaction fees on share trades are:

  • for individual share trades, 0.11% of the value of each transaction (with a minimum of $12.50) for individual share purchases.
  • where occurring as part of an investment in a managed portfolio option which includes shares, generally between 0.11% and 0.18% of the transaction amount.

Where a share trade needs to be managed by the broker (for example, due to insufficient liquidity in the market), that fee may be up to 0.20%. If your trade is transacted over more than one day, the minimum charge applies for each day a transaction occurs.

Investment management fees (managed portfolio options only)

Where you’re investing in a managed portfolio option, an investment management fee is payable. This fee varies between the selected managed portfolio options. You can view these amounts within the BT Managed Portfolio Product Disclosure Statement. This, and all the disclosure documents, can be found here.

Investment costs (for managed funds or exchange-traded funds (‘ETFs’) only)

An investment cost may be payable for the management of a managed fund or an exchange-traded fund you’re invested in.

That cost – generally referred to as an Indirect Cost Ratio (for managed funds) or management cost/fee (for ETFs) - varies by investment and is included in that investment’s unit price and is not deducted from your BT Cash Hub. That amount is shown in the applicable fund’s disclosure document, available online in the Products section in your BT Invest account or, for ETFs, from the issuer.

Are there any additional fees?

There are no additional fees and costs.

That means no establishment, no contribution, no withdrawal and no exit fees.

How are fees calculated and when are they deducted?

How fees are calculated

Administration fees

The 0.50% p.a. Asset level fee is calculated monthly, based on the average daily balance of any applicable investments (it does not apply to amounts in the five diversified managed portfolio options, BT Cash or term deposits).

The $60 p.a. Account level fee is charged monthly.

Investment management fees

Investment management fee is calculated based on the average daily value of the applicable managed portfolio option and deducted monthly from the cash allocation of your managed portfolio option.

Investment costs

The calculation of investment costs and timing of payment will vary and are generally reflected in the unit prices or, for BT Cash, in the income earned on your portfolio’s cash allocation.

When and how fees are debited

Administration fees are deducted monthly or upon closure of your BT Invest account from your BT Cash Hub.

Transaction fees are reflected in the total cost of the share transactions.

The investment management fees are deducted monthly from the cash allocation of your managed portfolio holding, not your BT Cash Hub.

The calculation of investment costs and timing of payment will vary and are generally reflected in the unit prices or, for BT Cash, in the income earned on your portfolio’s cash allocation.

What's an example for fees in real dollar amounts?

Here is an example of the fees you might incur over a two year period.

1) Opening your BT Invest account

You set up your account and deposit $50,000 into your BT Cash Hub by transferring the amount from your linked account. This amount is automatically invested in your BT Cash Hub.

2) Selecting your investments in year 1

You select one of the diversified managed portfolio options and invest $49,900 into BT Managed Portfolios (a $100 minimum balance must remain in your BT Cash Hub).

BT Managed Portfolios = $49,900
BT Cash Hub = $100
Total = $50,000

 

Your fees are therefore:

Administration fees

Account based administration fee1 = $60

Investment management fees and costs

BT Managed Portfolios – investment management fee2 = $49,900 x 0.70% = $350 (rounded up)

Total fees - Year 1 = $410

So, after fees, the year 1 account balance is $49,590 ($50,000 - $410).

3) Selecting your investments in year 2

In year 2, you make one additional deposit of $15,000 into your BT Cash Hub at the beginning of year 2, so your account balance is $64,590.

You the invest $5,000 in a term deposit, $5,000 in a managed fund, and $5,000 into your existing investment in BT Managed Portfolios (while maintaining the minimum $100 in your BT Cash Hub).

BT Managed Portfolios = $54,490
Managed fund = $5,000
Term deposit = $5,000
BT Cash Hub = $100
Total = $64,590

 

Your fees are therefore:

Administration fees

Account based administration fee1 = $60

Asset based administration fee (for the managed fund) = 0.50% x $5,000 = $25

Investment management fees and costs

BT Managed Portfolios – investment management fee2 = $54,490 x 0.70% = $382 (rounded up)

Managed fund investment management fee3 = $5,000 x 0.90% = $45

Total fees - Year 2 = $512

So, after fees, the year 2 account balance is $64,078 ($64,590 - $512).

4) Summary: Cost of managing your BT Invest account

Fees: Year 1 = $410 of $50,000 = 0.82% of your BT Invest account

Fees: Year 2 = $512 of $64,590 = 0.79% of your BT Invest account

Please note that these fees are representative only. The fees will vary depending on the type and value of your investments held in your account and any fees for advice and related services that you may negotiate and direct us to pay on your behalf. This example assumes the value of the investment is constant over the year (so excludes increases/decreases in the investment’s value or income paid).

1 The $60 Administration Fee is deducted from your BT Cash Hub.

2 The 0.70% investment management fee is based on the BT Balanced Portfolio, and is the total of the 0.42% Investment management fee (for the managed portfolio option) and the weighted maximum of 0.28% for the Investment cost (for the underlying funds in the managed portfolio option).

3 The managed fund cost is the Investment cost for the managed fund, assumed to be 0.90%.

Reporting and tax

By investing in BT Invest, you are entitled to all income (e.g. dividends, distributions) and any tax benefits that you qualify for (e.g. franking credits).

How does tax work in BT Invest?

Taxation, as it applies to investing, is a complex area, and you should obtain independent tax advice before investing.

Tax on income

As the beneficial owner of all assets held in your portfolio, income from those assets will be treated as having accrued directly to you. Accordingly, each financial year you are taxed directly on any interest, distributions or other income from your assets.

Tax on capital gains

Transactions and withdrawals on your portfolio may result in gains or losses that may be taxable to you.

If an asset has been held for more than 12 months, it may be eligible for the capital gains tax (CGT) discount. Any realised capital losses you may have are generally offset against your taxable capital gains, and any unused capital losses may be carried forward to subsequent years or may be able to be used to offset other realised capital gains you may have.

For further information, please refer to the BT Invest Investor Guide. This, and all the disclosure documents, can be found here.

What reporting is available to me?

Investment reporting

You receive comprehensive consolidated reporting on your investment. We will provide you with annual reporting within three months of the end of each financial year end. You can also access up-to-date investment information online.

Tax reporting

You will receive information regarding your annual tax position for your investments after the end of the financial year (once we have the necessary information from third parties). You will receive an email when these are available online.

What is in the annual tax report?

You will receive your annual tax statement (consolidating all your underlying investments into a single tax statement), and a tax guide (to assist in completing your tax return and understanding the tax policies and assumptions made).

What information is available for my accountant?

In addition to your annual tax statement, we will provide a tax guide, to assist you and your accountant in completing your tax return and understanding the tax policies and assumptions made.

Establishing your account

BT Invest is currently available to individuals who are Westpac customers - you can open your account entirely online.

What types of account does BT Invest support?

Currently, BT Invest is available to individuals only (and not minors) who are Westpac customers via Westpac Live.

What do I need to set up my account?

You can set up your account online by logging into Westpac Live.

You will need to confirm the mobile and email you want to use for your new account. We use your mobile to help keep your account secure by sending you SMS security codes when you request certain transactions. We’ll use your email to keep you up to date with how your investments are going.

You can also choose to provide your Tax File Number (TFN) or TFN Exemption reason. It’s not mandatory but if you don’t provide one we may be required to deduct withholding tax from your account at the highest marginal tax rate plus Medicare levy.

You will also need to provide a Linked Account to be used for investments and withdrawals. You can select one of your Westpac transaction accounts or provide an alternative account.

How long will it take to open my account?

Assuming you've read the disclosure documents and have your TFN on hand, as a Westpac live customer, account opening will take only minutes to complete and you can use your account straight away.

If I live outside Australia or am an overseas citizen, can I still have an account?

You need to reside in Australia before investing in or transacting through BT Invest.

Adding and accessing money

You can open your BT Invest account without making any initial deposit. When you are ready to invest, you can invest into a diversified managed portfolio option from as little as $1,000. If you choose to build your own portfolio some investments may have an initial investment minimum. 

What is auto-invest?

Auto-invest is enabled if you choose to start investing using the Ready-made option, and allows you to elect a deposit and investment amount at the same time, rather than waiting for the deposit to clear before purchasing the investment.

With auto-invest enabled, your elected deposits into your BT Invest account are invested - according to your selected diversified managed portfolio option - into BT Managed Portfolios*. From there, investments are managed and rebalanced in accordance with the investment strategy and objectives of your selected managed portfolio option.

With auto-invest enabled, payments from your BT Invest account can only be made to your nominated linked account. If you wish to buy other investments, or make using payment to other accounts (including via BPAY®) you simply remove auto-invest online.

*Subject to the $100 minimum in BT Cash and $900 minimums in the diversified managed portfolio options.

® Registered to BPAY Pty Limited ABN 69 079 137 518

What are the minimum amounts?

Minimum initial deposits and investments

You can open your account without making a deposit.

After making a deposit, a minimum of $100 is required to be held in BT Cash at all times.

Minimum investments depend on your selected investment options, as below:

  • BT Cash: $100
  • Any diversified managed portfolio option: $900
  • Any specialised managed portfolio option: $25,000
  • Managed funds: No minimum
  • Shares: 1 share
  • Term deposits: $5,000

There is no minimum for regular investments.

Example 1) If you are beginning with the Ready-made option you can begin investing using the Ready-made option from $1,000 as below:

  • BT Cash: $100
  • Any one of the five diversified managed portfolio options: $900
  • Total: $1000

Example 2) If you are beginning with the Build your own option you’ll need to keep the minimum $100 in BT Cash. The minimums then depend on which of the above investments you choose (for example, if you wanted to invest in managed fund there are no minimums).

Minimum withdrawals

There is no minimum withdrawal amount except:

  • for any managed portfolio investment, if the withdrawal amount is over 90% of your portfolio value, or
  • if your account would go below the BT Cash minimum of $100.

In this case, it may be treated as a full withdrawal request for that investment.

To make a withdrawal or close your account you must call us and we will help you with this request.

How do I deposit into my BT Invest account?

When you open your account, you can choose how much you want to initially deposit, and you can do this any time after opening your account.

How long does it take to transfer money in?

Deposit prior to 5pm AEST (business day) funds will credit Cash Hub overnight but may be subject to a clearance period.

With auto-invest enabled

Deposits requested from a linked account and cheque generally clear within 3 business days.
BPAY® and Electronic Transfers generally clear overnight.
Once your deposits clear they are automatically invested in your chosen managed portfolio option.

Without auto-invest enabled

Deposits requested from a linked account and cheque generally clear within 3 business days.
BPAY® and Electronic Transfer generally clear overnight.

® Registered to BPAY Pty Limited ABN 69 079 137 518

How do I top-up my investments?

You can send money to your BT Invest account using BPAY® or Electronic Transfer from your bank account. Alternatively, you can request a direct debit deposit from your Linked Account online.

® Registered to BPAY Pty Limited ABN 69 079 137 518

How easily can I get my money out (i.e. make a withdrawal)?

With auto-invest enabled

You place your withdrawals online. The sale of your investments usually takes 3 days to settle but can take longer in unusual circumstances. Once the sale has settled, we will pay the proceeds to your linked bank account.

Don’t forget that you need to keep the minimum investment amount of $900 in the managed portfolio for it to operate effectively.

Without auto-invest enabled

You can sell some of your investments online at anytime to fund your withdrawal (excluding any Term Deposits you hold). This usually takes 5 days to settle but can takes longer in unusual circumstances. Once the sale has settled, the proceeds are available in your BT Cash account to transfer/withdraw where you require.

You can then transfer the cash to your Linked Account or to another account using Pay Anyone or BPAY®.

® Registered to BPAY Pty Limited ABN 69 079 137 518

Operating your account

You'll have online access to view your portfolio, including details of the individual investments and any income paid from those investments.

How do I see my portfolio and where my money is invested?

You can view your portfolio, including the underlying managed funds, online, 24 hours a day, 7 days a week. Simply log into Westpac Live and click on your BT Invest account.

How and when is income (dividends or distributions) paid?

Income may be paid monthly, quarterly, semi–annually or annually, depending on the investment.

Investments not in a managed portfolio option

The income is paid into your BT Cash Hub.

Investments in a managed portfolio option

This income is paid to the cash allocation of your managed portfolio option and reinvested as part of the rebalance process (more about rebalancing in The managed portfolio options section).

BT Cash

BT Cash income is accrued daily and paid to your BT Cash account balance monthly.

What is the interest/income rate on BT Cash?

BT Cash distributes net income to you based on your BT Cash Hub’s daily account balance and the declared distribution rate applicable to your BT Cash Hub, divided by 365 or 366 days in a leap year. Distribution rates can be found in the BT Cash Factsheet. This, and all the disclosure documents, can be found here

Are my personal details secure?

Your online and transaction security is important to us, so we’ve taken steps to help keep your account secure.

To help us you must:

  • Keep your online password secure and not disclose it to another person.
  • Keep your mobile phone number up-to-date with us. You may not be able to place some transactions without it.
  • You may need to enter an SMS security code when performing some online transactions as the transaction will not proceed until this verification has occurred.

Your account has daily payment limits which you can adjust online if you need to make a larger payment.

For further information, refer to the BT Invest Investor Guide's 'Additional Information and Terms Booklet', under 'Online and transaction security' in the 'Features' section. This, and all the disclosure documents, can be found here.

Who or what is an 'investor directed portfolio service'?

BT Invest is an investor direct portfolio service (IDPS) or ‘wrap service’ that ‘wraps around’ or consolidate your various investments.

That service is provided by us, BT Portfolio Services Ltd. We operate and administer BT Invest, maintaining the underlying systems and working with you to deliver associated services. We act as custodian of your BT Invest account, holding your investments on trust for you.

This BT Invest Investor Guide gives you further details of how BT Invest works prior to investing. This, and all the disclosure documents, can be found here.

The managed portfolio options

BT Managed Portfolios are professionally managed by our appointed Investment adviser - they set the target investment allocations and we ensure your portfolio remains aligned as closely as possible to the targets.

What are managed portfolios?

You can view your portfolio, including the underlying managed funds, online, 24 hours a day, 7 days a week. Simply log into Westpac Live and click on your BT Invest account.

Managed portfolio options are a portfolio of investments made up of managed funds, shares and/or exchange traded funds. The strategies are monitored by an appointed Investment Adviser to ensure the right investments in the right proportions are in place.

With BT Invest, when you choose a managed portfolio option, the related investments are made into BT Managed Portfolios, where these are invested, managed and rebalanced in accordance with the investment strategy and objectives of your selected managed portfolio option.

Further details are available in the BT Managed Portfolio Product Disclosure Statement. This, and all the disclosure documents, can be found here.

What does 'rebalance' mean?

Each managed portfolio option has a target percentage holding in underlying investments (managed funds and/or shares), which the appointed investment adviser sets (within agreed asset allocation ranges).

Your portfolio is aligned as closely as possible to reflect those asset target holdings, by buying and selling managed funds – this process is called 'rebalancing'.

More information on the rebalance process is available in the BT Managed Portfolio Product Disclosure Statement, under ‘How BT Managed Portfolios works’. This, and all the disclosure documents, can be found here.

Do I directly own the underlying investments?

You retain beneficial ownership of your investments. We (BT Portfolio Services Ltd) as the custodian, have legal ownership of the investments to hold them in trust. Holding the assets in custody allows us to administer your account, consolidate your reporting and keep your investments secure.

Where can I see the underlying investment?

You can see your underlying investments within BT Managed Portfolios in your online reporting.

About investment risks

You must consider the risks associated with BT Invest to assess whether the potential returns justify those risks, in light of your investment objectives and goals.

What are investment risks generally?

All investments carry risks. Risk can be managed but can't be completely eliminated. It's important to understand that:

  • The value of investments will vary
  • Investment returns will vary and future returns may be different from past returns
  • Returns are not guaranteed and there is always the chance you may lose money on an investment
  • Laws affecting your investment in a managed investment scheme may change over time.

The level of risk that suits you will depend on a range of factors including your age, investment time frame, where other parts of your wealth are invested and your risk tolerance (how comfortable you are with the possibility of losing some of your money in some years).

If you would like to know more about the risks of investing, or to discuss your personal risk tolerance, you should consult a licensed financial adviser.

This is a summary of investment risk generally - it is important you understand the particular investment risks in investing with BT Invest.

Where can I find out more about the particular risks in using BT Invest?

You will find this information in the respective risk sections in the BT Invest Investor Guide, and Managed Portfolios Product Disclosure Statement. These, and all the disclosure documents, can be found here.

Westpac customers

Simply log into Westpac Online Banking to open an account in minutes. No fees or costs are incurred in opening an account, allowing you to explore the available investment options. Fees only apply once you make your first deposit into your BT Invest Cash Management Account.

New customers

If you don't have a Westpac bank account, you can open an everyday banking account in 3 minutes. You can then complete your pre-filled BT Invest application via Westpac Online Banking.

Things you should know

BT Portfolio Services Ltd ABN 73 095 055 208 AFSL 233715 (BTPS) operates BT Invest. Throughout this website, BTPS is referred to as 'the Administrator', 'us' or 'we'. BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (BTFM) is the responsible entity and issuer of interests in BT Cash and Westpac Financial Services Ltd ABN 20 000 241 127 AFSL 233716 is the responsible entity and issuer of interests in BT Managed Portfolios (the Panorama products). Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac) is the issuer of the BT Invest Cash Management Account (BT CMA). Together, these products are referred to as the BT Invest products. A Product Disclosure Statement or other disclosure document (PDS) for the BT Invest products can be obtained by contacting BT on 1300 881 716 or by clicking here. You should obtain and consider the disclosure documents before deciding whether to acquire, continue to hold or dispose of interests in the BT Invest products. Unless otherwise stated, capitalised terms used in this website have the meaning given in the BT Invest Investor Guide. Any tax position described in this website is a general statement and for guidance only; it does not constitute tax advice and is based on current tax laws and our interpretation. You should seek independent professional tax advice.

BTPS, BTFM and WFSL are subsidiaries of Westpac. Apart from any interest investors may have in Westpac term deposits, Westpac securities or the BT CMA acquired through the BT Invest products, an investment in, or acquired using, the BT Invest products is not an investment in, deposit with or any other liability of Westpac or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Westpac and its related entities do not stand behind or otherwise guarantee the capital value or investment performance of any investments in, or acquired through, the BT Invest products.