JPMorgan Chase offers 100 free trades to attract new investors

JPMorgan Chase offers 100 free trades to attract new investors

JPMorgan Chase & Co.is boosting its digital investing service with free trades for customers in a move that sent the world of online brokerages into disarray Tuesday.

In comparison, Schwab now charges $4.95 on stock trades while TD Ameritrade charges $6.95 per trade.

JPMorgan already has some 47 million digital customers which it can reach with the new app. The idea is to attract clients to more profitable businesses such as financial advice and higher-priced investments. It believes it will benefit from having stronger relationships with its customers.

The service will be part of a new suite of investment products called "You Invest" through which customers will get at least 100 free trades of stocks and exchange-traded funds in their first year, a bank spokeswoman said on Tuesday.

Free trading could lock in customers who do their primary banking, have a vehicle loan or mortgage with the bank or a branded credit card provided by Chase, such as the Amazon Visa. "We're very focused on delivering more service". "We're thinking about what's right for our customers, helping them get invested and stay invested and diversified".

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The bank denied this is a direct response to free offerings like Robinhood. RobinHood, the app that has built a huge user base by offering free trades, closed a funding round in May that valued it at $5.6 billion.

"If you're a good account, it's no different than Jeff Bezos doing the $99 Prime and adding services to it", said Dimon at that time.

Fidelity Investments cut fees to zero on two new index funds this month and Vanguard Group said in July it would offer nearly 1,800 exchange-traded funds commission-free to online customers.

E*Trade and Schwab's stock prices fell on the news of JPMorgan's new offering.

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