JP Morgan Offers Commission-Free Stock Trading
Next week, Chase customers will get a unique new benefit: at least 100 free trades per year on an investment platform that they can access from their bank accounts.
That’s below $ 24.95 per trade. Anyone who downloads the bank’s app or uses its website and You Invest platform will receive 100 free stock or ETF trades for the first year, while those with Premier bank accounts (which requires $ 15,000) will continue to receive free trades after the first year. After that, it will cost $ 2.95 per trade, which is lower than other brokerage firms such as Charles Schwab and TD Ameritrade.
This is another step in the investment price war, which has been accelerated by free investment services like Robinhood and brokerage companies like Fidelity offering free ETFs .
According to CNBC , users will be able to “create diversified portfolios using an automated tool called a portfolio builder by entering information about their risk tolerance and goals.” According to the Wall Street Journal, the move is for people who haven’t invested before and those who manage their money mostly on their own .
There are no minimum requirements to open an account and you will be able to transfer funds from your Chase bank account to an investment account. Chase Private Client members (those with at least $ 100,000 in the bank) will receive an unlimited number of deals.
Jaime Daimon, CEO of JP Morgan Chase, compared it to Amazon Prime adding free services to its core Prime product. CNBC reports that JP Morgan will also introduce a robotic advisor in the new year.