Scotiabank has introduced loyalty commission pricing for clients who have a certain amount of business with the bank.
On July 28, Scotia iTrade announced that clients with a combined minimum balance of $50,000 across their eligible accounts (including credit cards, lines of credit, chequing and savings accounts, mortgages, and investment accounts such as TFSAs and RRSPs) will pay a flat fee of $9.99 per equity trade.
"Our new loyalty commission pricing positions Scotia iTRADE as the first choice for Canadian direct investors and will complement the leadership position established with the $4.99 pricing for highly active investors launched in April," says Bob Grant, managing director and head of the global online brokerage at Scotia iTRADE.
Scotia notes that iTRADE clients will be able to access all of their accounts through one sign-on, allowing them to pay bills, transfer money, trade, and review their order status on a single screen. The bank also says that clients will have access to research, articles, and videos on the web site to keep them informed of what is happening in the stock markets.