National Bank of Canada (TSX:NA) has become the first large Canadian lender to end trading fees related to its direct investing platform.
The Montreal-based bank has unveiled a new fee structure for its National Bank Direct Brokerage service, which includes zero-commission online stock and exchange traded funds (ETF) trades, with no minimum required.
“We’re looking for new ways to equip and support Canadian investors, and this new $0 pricing is another step in our efforts,” said National Bank in a news release.
The news from Canada’s sixth largest commercial bank comes as the no-fee structure sweeps across the online brokerage industry, particularly in the U.S. led by Robinhood Markets, the preferred trading platform of young retail investors.
In Canada, brokerage Wealthsimple offers zero-commission trading, while the largest online trading platform not affiliated with a bank, Questrade, charges a commission of $4.95 per trade.
National Bank of Canada reports financial results for its fiscal third quarter before the opening bell this Wednesday (August 25). The lender’s shares have risen 40% year-to-date.