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The war is on in the mobile investing app business.
Brokers are aiming to do whatever it takes to lower fees and incentivize new investors with commision-free trading opportunities. Well, JPMorgan Chase, the biggest bank in the United States, won’t be left behind. This megabank is trying to be ahead of the game.
Next week, JPMorgan Chase plans to launch ‘You Invest’ trading service to its’ 47 million digital users. When major news publications reported the benefits of the new app this week, the stock price of online brokers like TD Ameritrade and Schwab declined.
Why would investors want to ditch their current investing app and start a new relationship with You Invest? JPMorgan is offering 100+ commission-free online stock and ETF trades in the first year, access to the bank’s stock research, a professional portfolio-building tool, and no minimum account balance.
“There are customers out there who may not want to trust their credentials or their money to an app of the month,” said Jed Laskowitz, CEO of Intelligent Digital Solutions at JPMorgan in a statement released by CNBC.
What competitive advantage does JPMorgan have over popular investing apps like Robinhood? Many sources have noted the bank’s relationship with half of the American households. If you already love the firm’s services, you’ll gain an additional benefit by adding You Invest to your account listing. You can sign up for the You Invest app in minutes and move money between Chase accounts instantly.
“We’re thinking about what’s right for our customers, helping them get invested, and stay invested and diversified,” says Laskowitz.
Do you have a Chase account? What factors do you look at before putting your money in an online brokerage account? Let us know! Leave a comment below.
Best Time in History for Women to Invest
This is the best in history for women to learn how to invest. The markets are volatile, mergers and acquisitions are frequent, and political friction is increasing uncertainty. It’s the best time for women to dive in and explore the markets because we’re not looking at a straight investment path. You have to think more strategically in this environment. And when you can learn how to navigate a period of turbulence, you unlock another level of possibilities that you can tap into as an investor.
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