'Zero is zero here': Surviscor on National Bank's full-scale zero-commission trading move
National Bank of Canada is set to become the first large Canadian lender to do away with trading fees for 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 ETF trades, with no minimum required.
“The self-directed investing sector is constantly evolving,” said Claude-Frédéric Robert, president of National Bank Direct Brokerage, in a news release.
“It’s important for us to keep innovating and not rely on the status quo…That's why we're looking for new ways to equip and support Canadian investors, and this new $0 pricing is another step in our efforts.”
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. headlined by Robinhood Markets Inc., the preferred trading platform of so-called retail investors.
In Canada, Wealthsimple Inc. offers zero-commission trading, while the largest online trading platform not affiliated with a bank, Questrade, charges a commission starting at $4.95 a trade.
National Bank will report financial results for its fiscal third quarter before the opening bell Wednesday.
The lender’s shares are up nearly 40 per cent year-to-date.