BMO InvestorLine to Eliminate Commission Fees, Becoming First Big Five Bank to Offer Zero-Commission Trading
Bank of Montreal's direct investing platform, BMO InvestorLine, will remove commission fees on stocks, ETFs, and options starting September 14. This move makes BMO the first of Canada's Big Five banks to offer zero-commission trading, aiming to attract younger clients and compete with digital brokers.
Bank of Montreal (BMO) has announced that its direct investing platform, BMO InvestorLine, will eliminate commission fees on stocks, exchange-traded funds (ETFs), and options. The new pricing structure takes effect on Sept. 14, and existing clients will automatically receive these changes.
This decision makes BMO the first direct investing brokerage owned by one of Canada’s five largest lenders to implement zero-commission trading on stock and ETF trades. In addition to removing commissions, BMO InvestorLine is also eliminating all brokerage account administration fees and reducing options contract fees.
The strategy aims to attract younger customers who prioritize low-cost trading platforms and increases competition among Canadian online trading services. Digital brokers such as Wealthsimple Financial Corp. and Questrade Financial Group Inc. have already established a presence in this space. Notably, National Bank of Canada, the sixth largest lender, already offers zero-commission trading through its direct brokerage.
BMO positions InvestorLine as a 'front door' for clients to enter its broader wealth management services. Total assets under administration for BMO InvestorLine grew at a compound annual growth rate of 14 per cent from 2020 to 2025. In the third quarter, BMO InvestorLine accounted for 9 per cent of revenue in wealth management. Clients under the age of 35 are identified as the fastest growing segment.