The other day I received a cold call from my bank (Bank of Georgia) offering to become a prime customer at their SOLO banking. I listened to what they have to offer, was not very interested in access to 1,200 airport business lounges, but instead decided to give it a look on their investment banking account.
For the first time in Georgia, with Bank of Georgia Investments, you can buy full or fractional shares on NASDAQ and New York Stock Exchange, available directly in the mobile banking application.
As I'm already a bank customer I was able to apply, open and fund my new brokerage account in less than 5 minutes - all online. Wow.
I opened a brokerage account with less than $25.. wow.. all online, with a $1 commission on stock buys..though no options, but still awesome. If there is a reason to relocate to Georgia, then the Bank of Georgia will help and even save huge on commissions. JP Morgan owns a stake in BOG.. bought 0.85 fractional shares of NIO. Awesome.
Here are just a few benefits:
- With BoG investments, you have affordable access to thousands of securities listed on NASDAQ and NYSE
- For the first time in Georgia, you can buy fractional shares and start investing with just 1$
- Only 2 commissions: $1.0* on each transaction and monthly commission fee of $2.0*$ 0.02 per share sold / minimum, $ 1.0 and 0.01% of the monthly service fee portfolio value, at least $ 2.0
- Your investment account is insured up to $500,000 by Securities Investor Protection Corporation (SIPC)
- For Georgian citizens, capital gains on purchased securities are not taxed.
How to Open an Investment account in Georgia
- Become either customer of SOLO bank or just open a regular bank account at Bank of Georgia (need to visit the branch in Georgia). See my guide here: Opening Bank Account in Georgia - Bank of Georgia
- Once you have a bank account, download its mobile app and apply for the investment account
Strange but the investment account works only as an app on iPhone's or Android. I would prefer a standalone desktop version or at least access from the web. Well, better than nothing.
I don't have huge plans on BoG Investments account (at least yet), but I'm looking to invest say $25 every week to buy some growth stock.