Interactive Brokers ( IBKR Quick Quote IBKR - Free Report) , the global electronic broker known for its cutting-edge technology and competitive pricing, has unveiled a game-changing feature for Hungarian investors – Tax-Beneficial Savings (TBSZ) accounts. This will empower investors to make the most of their wealth-building efforts. TBSZ accounts offer Hungarian tax residents an attractive opportunity to enjoy substantial tax reductions on their investments. These accounts are designed to foster wealth accumulation and savings, featuring low account minimums and access to a diverse array of global products, including ETFs, across 150 markets. One of the standout features of Interactive Brokers' TBSZ accounts is their flexibility. Eligible investors can actively trade, explore investment opportunities across various asset classes, and adjust their portfolios in response to evolving market conditions. With no limits on the amount that can be invested and the freedom to trade in any year the account is open, Hungarian investors have newfound flexibility to craft their financial strategies. Miklós Hanti, CEO of Interactive Brokers Hungary, emphasizes the appeal of TBSZ accounts, stating, "Hungarian investors looking to build their wealth savings should consider opening TBSZ accounts with Interactive Brokers." In a market where many financial institutions charge fixed platform fees for TBSZ accounts, Interactive Brokers stands out by offering no custody fees. Clients only need to generate a minimum monthly commission of 2,000 HUF to enjoy the benefits of TBSZ accounts. This fee structure is especially attractive compared with the industry standard, making the company an appealing choice for cost-conscious investors. By introducing TBSZ accounts tailored to the Hungarian market, Interactive Brokers has positioned itself as a leader in providing accessible, tax-efficient, and flexible investment solutions. This innovative offering will help capture a significant market share, attracting savvy investors looking for a competitive edge and long-term wealth growth. Over the years, the company has taken several measures to bolster its global presence. In July, the company launched a new platform – Securities Lending Dashboard. It aims to provide clients with enhanced tools for assessing short-selling activity and making informed trading decisions. It was one of the first brokers to introduce Overnight Trading on U.S. stocks and ETFs nearly 24 hours a day, five days a week. Additionally, the launches of IBKR GlobalTrader, IBKR Lite and Impact Dashboard have strengthened its foothold and boosted market share. So far this year, shares of IBKR have jumped 29% against the industry’s fall of 6.8%. Image Source: Zacks Investment Research
Currently, Interactive Brokers carries a Zacks Rank #3 (Hold). You can see
. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Of late, many finance firms like Robinhood Markets, Inc. ( HOOD Quick Quote HOOD - Free Report) and Bank of Montreal ( BMO Quick Quote BMO - Free Report) have been unveiling new services aimed at better serving their customers. Robinhood has added wallet support for Bitcoin and Dogecoin to expand its exposure toward cryptocurrencies. Earlier, the Robinhood wallet — a multi-chain, self-custody and Web3 wallet — was restricted to sending and receiving tokens built on the Ethereum blockchain only. Robinhood expanded its product offerings as customers asked for more assets on more chains. The company stated that all Robinhood wallet users can now send and receive Bitcoin and Dogecoin. Bank of Montreal continues demonstrating its commitment to innovation and customer-centric solutions by launching the Extend for BMO app. This empowers BMO Commercial Bank clients in the United States and Canada with enhanced payment management functionality, setting a new standard for convenience and efficiency in corporate banking. The Extend for BMO app introduces various features that empower cardholders to create and distribute virtual cards to their employees' mobile wallets. This innovation allows seamless spending wherever contactless payments are accepted, enabling businesses to manage expenses efficiently. Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.