JP Morgan Chase unveils its new investing app, You Invest. The move by the country’s biggest bank includes at least 100 free trades in the first year, instantly intensifying the price war that is occurring throughout the investing landscape.
Next week, Chase plans to offer a new stock-trading investment program offering 100 free trades per year to all Chase customers, and unlimited free trades to its customers who maintain larger balances in their accounts (Chase Private Client).
Previously Chase has charged $24.95 for online trades.
In addition to free trades, J.P. Morgan’s new digital brokerage service features a portfolio building tool and access to equity research.
JPMorgan Chase already has about 60 million American customers, which is about half of US households. About 47 million of those customers use mobile or online banking services. Customers told Chase they wanted the same ease of use with investing and trading. The new digital brokerage service will be available to those 47 million customers.
Speculators have been forecasting that Amazon (AMZN) may be offering banking or wealth management as a new sector of its business.
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