Maybank Kim Eng Custody Fee Changes

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When you check your email, you will get an email from Maybank Kim Eng if you are their customers. It is not a pleasant email as there will be some changes to their fees and it’s going to take effect on 1st Aug 2019.

What are the changes

Corporate Action Charges

There will be handling charges for Singapore-listed Shares & Foreign-Listed Shares. For dividends received there are a 1% charges subject to minimum $5. In the event shall you dividend is lower than $5. You will not receive your dividend. Those that opt for scrip dividends or rights issue will have to pay $20.

Corporate Action Charges

Custody Services Charges

CDP Sub-Account Maintenance Fee

This fee used to be absorbed by Maybank for custody account and now they are charging back to end-users. The fee is minimum $2 and cap at $12,500 per quarter. This means that for every year you have to pay at least $8 to maintain your account with Maybank.

Custody Services Charges

Conclusion

The notice came and take effect in a week. I personally feel that it’s not worth to stay on with Maybank regardless on how much holdings you had with broker. It’s time to move on and switch to brokers with CDP account. 

DBS Vickers and CIMB will be what I will use moving forward. 

Author: The Financial Guy

4 thoughts on “Maybank Kim Eng Custody Fee Changes

  1. Sorry to trouble you, but I thought that DBS Vickers Share Financing is also charging the same Custodian fee at 0.25% PA as per based on their “Fees Schedule” online? Or is there another margin trading scheme offered under DBS Vickers that exempts such custody fees and also dividend corporate action? Can help share? I just recently applied for a margin trading account opening with Maybank Kim Eng as they seems to offer free dividend processing service and also waive off annual custody fees.

    1. This post is more on shares purchased and deposit into custody.
      0.0025% PA is a standard fee which SGX impose.

  2. The cash dividend handling charges are more expensive with DBS Vickers. MayBank charge 5 SGD whereas DBS charge 4 USD. What are the advantages of switching to DBS?

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