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BMO InvestorLine Eliminates Commissions on Stocks and ETFs to Compete with Digital Platforms
On September 9, 2026, the Bank of Montreal’s self‑directed brokerage, BMO InvestorLine, announced that it will wipe out commissions on every stock and exchange‑traded fund (ETF) trade, effective September 14. The move also removes the $5.00 monthly account‑administration fee and slashes option‑trading costs by cutting contract fees and eliminating commissions altogether.
The announcement comes after a March 2026 fee schedule that charged a flat 0.25 % commission on most trades and a $1.00 per‑contract fee for options. Under the new structure, all securities—including stocks, ETFs, bonds, mutual funds, guaranteed investment certificates (GICs) and options—will trade at zero commission, and the account‑administration fee is also waived.
According to the Canadian Press, BMO’s decision makes it the first direct‑investing brokerage owned by one of Canada’s Big Five banks to offer commission‑free trading on stocks and ETFs.
BMO InvestorLine has long been the bank’s flagship retail‑investment platform, letting customers buy and sell a wide range of securities through an online interface. The fee cut is a direct response to mounting pressure on Canada’s traditional banks to keep pace with nimble fintech rivals that lure price‑sensitive investors with lower costs.
Wealthsimple, for example, has been offering commission‑free trading on stocks, ETFs and equity options since its launch in 2014. Analysts point to BMO’s shift as part of a broader trend in which legacy banks are overhauling fee structures to retain and grow their self‑directed client base.
While the commission‑free model is expected to boost trade volume on BMO InvestorLine, it will also shrink the bank’s fee‑based revenue from brokerage services. BMO has not released projections on how the change will affect its earnings, but the adjustment aligns with the bank’s digital‑transformation strategy, which includes platform upgrades slated for release in September 2026.
BMO’s leadership has stressed that the new fee schedule will be offset by other revenue streams, such as advisory services and wealth‑management products.
Clients with BMO InvestorLine accounts will see the new pricing take effect on September 14 without any action on their part. Trades placed before that date will continue to incur the previous commission and fee schedule.
The Canadian Securities Administrators have not issued any regulatory guidance specific to BMO’s fee changes, and the bank says the adjustments comply with current disclosure requirements. The move also dovetails with an industry‑wide shift toward transparent, low‑cost trading models that have become the norm in many markets.
As BMO InvestorLine rolls out its commission‑free model, the bank will monitor trade activity and customer feedback to gauge the impact on its digital platform. The next quarterly earnings report, due in early October, will provide insight into how the fee changes affect BMO’s financial performance. Meanwhile, other Big Five banks are watching closely to determine whether similar adjustments will follow.
The Canadian investment landscape continues to evolve as traditional institutions adapt to the competitive pressures of fintech and digital brokerage services.
The announcement comes after a March 2026 fee schedule that charged a flat 0.25 % commission on most trades and a $1.00 per‑contract fee for options. Under the new structure, all securities—including stocks, ETFs, bonds, mutual funds, guaranteed investment certificates (GICs) and options—will trade at zero commission, and the account‑administration fee is also waived.
According to the Canadian Press, BMO’s decision makes it the first direct‑investing brokerage owned by one of Canada’s Big Five banks to offer commission‑free trading on stocks and ETFs.
BMO InvestorLine has long been the bank’s flagship retail‑investment platform, letting customers buy and sell a wide range of securities through an online interface. The fee cut is a direct response to mounting pressure on Canada’s traditional banks to keep pace with nimble fintech rivals that lure price‑sensitive investors with lower costs.
Wealthsimple, for example, has been offering commission‑free trading on stocks, ETFs and equity options since its launch in 2014. Analysts point to BMO’s shift as part of a broader trend in which legacy banks are overhauling fee structures to retain and grow their self‑directed client base.
While the commission‑free model is expected to boost trade volume on BMO InvestorLine, it will also shrink the bank’s fee‑based revenue from brokerage services. BMO has not released projections on how the change will affect its earnings, but the adjustment aligns with the bank’s digital‑transformation strategy, which includes platform upgrades slated for release in September 2026.
BMO’s leadership has stressed that the new fee schedule will be offset by other revenue streams, such as advisory services and wealth‑management products.
Clients with BMO InvestorLine accounts will see the new pricing take effect on September 14 without any action on their part. Trades placed before that date will continue to incur the previous commission and fee schedule.
The Canadian Securities Administrators have not issued any regulatory guidance specific to BMO’s fee changes, and the bank says the adjustments comply with current disclosure requirements. The move also dovetails with an industry‑wide shift toward transparent, low‑cost trading models that have become the norm in many markets.
As BMO InvestorLine rolls out its commission‑free model, the bank will monitor trade activity and customer feedback to gauge the impact on its digital platform. The next quarterly earnings report, due in early October, will provide insight into how the fee changes affect BMO’s financial performance. Meanwhile, other Big Five banks are watching closely to determine whether similar adjustments will follow.
The Canadian investment landscape continues to evolve as traditional institutions adapt to the competitive pressures of fintech and digital brokerage services.
