JPMorgan Chase is the the first major bank to directly go after Robinhood with their own investing app. Robinhood has been extremely successful with acquiring new investors and the highly coveted millennial investors. With JPMorgan Chase launching their own free investing app soon, it’s clear they’re taking notice of Robinhood’s success and want a piece of the pie.
Entitled “You Invest,” this new service by JPMorgan will allow users 100 free stock or ETF trades in the first year. Every trade over will be charged a very reasonable $2.95. Compared to TD Ameritrade and E-Trade who charge $6.95 per trade and Charles Schawb and Fidelity who charge $4.95 a trade, that’s a pretty significant savings.
JPMorgan shares rose 0.6% after their announcement, while TD Ameritrade and Charles Schawb fell 7.1% and 2.45% respectively.
You can be assured that competitors will be watching the success of the JPMorgan App very closely and don’t be surprised to see other major banks make announcements of their own shortly.
