- April 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Investing Options for BMO Customer
I am a BMO customer exploring investment opportunities in TFSA, RRSP, FHSA, and non-registered accounts. I am particularly interested in ETFs such as XEQT or VFV, aiming for a buy-and-hold strategy without worrying about timing the market. I plan to make regular contributions of approximately $4-5k per month from my bi-weekly paycheck.
## Comparison of Investment Platforms
In my research, I have considered platforms like Questrade, Wealthsimple, and BMO Investorline. While I am aware of BMO’s minimum balance requirement for non-registered accounts, it currently does not pose a concern for me.
## Benefits of Using BMO Investorline
I have learned that BMO does not charge fees for buying and selling XEQT or VFV, and transferring money between accounts is seamless. However, I have also heard positive reviews about Wealthsimple. Given my investment strategy, is there any compelling reason to choose a different platform over BMO Investorline?
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Was in your same situation, if you bank with BMO already, I saw no compelling reason to use something else over the years. If you’re only doing ETF and already a BMO client, it makes it a lot easier and faster to transfer money to and from your chequing / savings accounts and investment accounts because it’s within the same bank. The free ETF trades for both buying and selling all the ETFs you listed and more are also a nice perk.
I found when I moved all my investments to BMO along with my banking it’s a great negotiation point and it helped me get better deals and terms on my line of credit, account plan, credit cards etc.
If your investing platform requirements change in the future, it’s a little annoying but you can always move it.
Under your TFSA it’s totally free. No min balance, no fees to buy or sell like 80 ETF’s (Vanguard and iShares in there). Easy to transfer money in from your BMO bank account, 1 day. I’m very happy with it and I recently switched to this platform.
Just check into what their annual fee may be for direct investing accounts. TD waves it if you have a total of $25K in all accounts. Not sure about BMO. For sure keeping all your investments with one institution is convenient. It should also give you access to their high interest investment saving fund, BMT104, which I believe is a currently paying about 4.74% interest. Good place to park funds between ETF investments.