Buzz
Chase customers will receive a unique benefit starting next week: at least 100 free trades annually on a new investment platform accessible from their bank accounts.
This is a significant reduction from the previous $24.95 per trade. Those who download the bank's app or use its website and You Invest platform will receive 100 free stock or ETF trades in their first year. Premier account holders, who maintain a $15,000 balance at the bank, will continue to enjoy free trades after the first year. After that, the cost will drop to $2.95 per trade, which is more affordable than other brokerages like Charles Schwab and TD Ameritrade.
This move is part of the ongoing battle over investment fees, intensified by free services like Robinhood and brokerages such as Fidelity offering fee-free ETFs.
According to CNBC, users will be able to “create diversified portfolios using an automated tool called portfolio builder, based on their risk tolerance and goals.” This initiative is designed to attract new investors as well as individuals who manage their finances independently, as noted by the Wall Street Journal.
There is no minimum deposit required to open an account, and you can easily transfer funds from your Chase bank account to your investment account. Chase Private Client members, who maintain at least $100,000 in the bank, will enjoy unlimited trades.
Jaime Dimon, CEO of JP Morgan Chase, likened it to Amazon Prime expanding its basic service by adding free features. According to CNBC, JP Morgan will also roll out a roboadvisor in the coming year.
