Bank of Montreal becomes first Big Five bank to eliminate most online trading commissions
The Bank of Montreal (BMO) is eliminating commission fees for online trading on its InvestorLine platform to attract younger investors. This move makes BMO the first of Canada's 'Big Five' banks to adopt a zero-commission model in response to growing digital competition.
Why it matters
This shift signals a major change in the Canadian retail banking landscape, prioritizing digital accessibility and cost-competitiveness.
InvestorLine is launching unlimited commission-free trading on all stocks, ETFs and options. Spencer Colby/The Canadian Press
Bank of Montreal BMO-T is eliminating commission fees on stocks, exchange-traded funds and options on its direct investing platform in a bid to attract younger customers as competition mounts in online trading.
The bank said BMO InvestorLine will be the first direct investing brokerage owned by one of Canada’s five largest lenders to implement zero-commission trading on stock and ETF trades. Digital competitors have been growing alongside interest in no-fee trading products, and BMO is looking to attract younger clients, who are demanding lower costs.
“Someone opening their first account with us as of this month now pays nothing to trade, nothing to hold the account, and nothing to leave if they’re not happy with the service,” BMO InvestorLine chief executive officer Silvio Stroescu said in an interview.
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