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BMO eliminates trading fees to compete with discount brokerages
– moneysense.ca
BMO InvestorLine will be the first direct investing brokerage owned by one of Canada’s five big banks to eliminate commissions on stock and ETF trades.
It is also eliminating brokerage account administration fees and lowering option trading costs by reducing contract fees and scrapping commissions.
The changes are effective Sept. 14.
The bank said the announcement reflects its commitment to expanding access to digital investing for all Canadians, especially with more people managing their finances digitally. BMO said the move would lower the cost of self-directed investing without compromising access to the tools, research and supports it offers, including AI-generated news and market summaries that investors can read.
Fees and commissions a barrier for young investors
While seasoned investors may not have felt that fees and commissions were necessarily an impediment, younger clients have often viewed them as a barrier, said Silvio Stroescu, president and CEO of BMO InvestorLine, in an interview…
