National Bank eliminates transaction fees for ETFs

By Andrew Rickard | September 07 2016 01:27PM

National Bank Direct Brokerage has done away with transaction fees for all Exchange Traded Funds (ETFs) listed in Canada.

Last week National Bank announced that, regardless of account size or the number of transactions, its direct brokerage will not charge a fee for conducting online trades of Canadian-listed ETFs provided that a minimum of 100 shares are bought or sold.

The bank points out that it is the first in the country to offer commission-free trading for ETFs listed in Canada, and says the change is intended to make online investing more accessible to a greater number of people.

Laurent Blanchard, President of National Bank Direct Brokerage, believes the move will alter the online brokerage landscape.

"With this announcement, National Bank Direct Brokerage is adapting to the needs of today's independent investor," says Blanchard. "The savings on trading fees that our clients will realize will help them build their portfolios and grow their wealth. This is a milestone for the Canadian self-directed investment community and one which will benefit all clients."