Update 8/26/18: Chase You Invest is now live. Everyone gets free 100 trades the first year. Premier checking accounts get free 100 trades every year. Sapphire Banking and Private Clients get free unlimited trades always.
CNBC is reporting that new week J.P. Morgan Chase will release a new digital investing service called ‘You Invest’ . Features of the new service include:
- 100 free trades in the first year for app and website users. Those with $15,000 held at the bank will receive 100 free trades annually (Chase Private Clients get unlimited free trades)
- Portfolio building tool
- Access to J.P. Morgan Chase’s stock research
After you hit your limit of free trades a fee of $2.95 per trade will be charged. Robinhood already offers free trades, so the value add seems to be that it’s connected to Chase banking and you get access to the other free tools. Chase Sapphire Banking is set to launch next week as well, if there is some sort of bonus for cashing out Chase Ultimate Rewards points to Chase’s investment arm then these free trades could become exceptionally useful to readers. J.P. Morgan Chase also plans to add a robo-advisor in January of 2019. Chase launched Finn by Chase in late 2017 in an attempt to get more millennial to sign up for an account.
FYI: looks like you can get 100 free trades on more than one account. From the fine print I just read “All customers receive up to 100 commission-free trades in each of two retirement and two non-retirement You Invest Trade accounts”.
Very important to note to you WILL eat the transfer fee if you transfer an account as per
untitled ‘s recent experience this will happen even if they tell you in branch they will reimburse the transfer fee. The T&Cs on the account do not do that.
I transferred my Schwab account over after being told in a branch that JPM reimburses for ACATS fees, but I was charged Schwab’s $50 fee and messaged JPM, who said they will not reimburse fees for You Invest accounts – so if you are doing this to get the 60k points it may end up being worth it, but be aware that they aren’t covering fees for these accounts.
They didn’t cover my $50 from Schwab either, the terms and conditions on the account don’t provide for coverage of transfer fees. They downright lied to get you to open the account though and I’m fairly certain you can find banking or securities regulations that banker violated there.
Personally I trade rather frequently so the free trades made up for the transfer fee.
After trying it for a little over a week. I must say that is has a needlessly complicated interface. It doesn’t update quickly at all with gain/loss information when you buy and sell. The timeout is too quick when you try to splitscreen to watch charts.
Great in concept, but no real reason or me to switch from Schwab.
They don’t seem quite ready to have launched. They’re working on getting real-time quotes, sometimes they’re accurate, sometimes not. The interface on the app SUCKS. Ugg. It was obviously not created by even a hobby trader. I’m working the system for free trades but fast to negotiate it is not. It even takes a bit to launch at all on my iPhone!
Someone that has this you invest account, can you tell me if you can see JP Morgan stock research? I am curious if this discount model includes access to JP Morgan stock research reports. Thank you.
I am new to investing and i have <$5K savings. If i open the you invest brokerage account, what is the fee? Are there any "minimums"? What are the transaction fees?
“After you hit your limit of free trades [at least 100 for everyone in the first year,] a fee of $2.95 per trade will be charged.”
Does Chase You Invest support OTC / penny stocks? Robinhood doesn’t.
It does not.
Will stocks held in this count toward the ‘eligible investments’ that waive the checking account fee?
I would assume so, they do at BoA, but I don’t see confirmation on the Chase site.
I believe so.
“An average beginning day balance of $15,000 or more in any combination of this account and linked qualifying deposits/investments
OR have a linked qualifying Chase first mortgage enrolled in automatic payments from your Chase account”
https://www.chase.com/personal/checking/premier-plus-checking
Key word there is ‘qualifying’ — it’s possible they would not consider this a ‘qualifying’ investment. i asked via Secure Message and they basically said the same thing as you lol. Just quoting the terms.
Haha yeah on the bottom of that page it clarifies a bit.
“Qualifying personal investments include the following: Prior end of month balances for investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies. Balances in certain retirement plan investment accounts, such as Money Purchase Pension and Profit Sharing Plans, do not qualify. Investment products and related services are only available in English.”
I’m sure stocks will count given the wording
Also, forgot to ask since I don’t see it mentioned in the fee schedule as to whether the account offers check writing capabilities, free checks, and an atm card like most other brokerage accounts?
This looks interesting. However, does anyone know what the core account options are for cash kept in the account and what the corresponding rates are? Also, a little disappointed that they charge $1.00 per fixed income purchase whereas Merrill Edge doesn’t charge a fee. Also, surprised they charge $75.00 for any partial transfers out of the account as most other firms only charge for full account transfers and partial account transfers are free.
Otherwise, I am highly considering this in combination with Merrill Edge if Chase Sapphire banking offers no transaction fees on international ATM transactions, rebates foreign ATM transactions, and doesn’t charge a FTF when taking money out of the ATM since Merrill Edge does. While I like Fidelity, I will probably transfer my assets from Fidelity to Chase Investing if the platform provides better profit/loss information similar to the Merrill Edge platform. Also, may transfer out some of Fidelity and Vanguard mutual funds from Merrill Edge which now charge a redemption fee since it would appear that Chase won’t charge a fee for these if the prior Mutual Fund NTF list was accurate.
Does anyone know what the fund requirement is for Merrill Edge unlimited free trade?
50K for 30 free trades/mo., 100K for 100 free trades/mo. combined balances in BoA and Merrill Edge.