How To Add a RESP Account to Your BMO InvestorLine User ID

You can sign in to each of your InvestorLine accounts separately but you don’t have to. You can group all of your accounts, such as a TFSA, RRSP, LIRA and RESP, under a single User ID. Then you can sign in to all of your accounts using one id and one password. When you go to execute trades for the accounts, you use the account specific trading password. I recently opened a RESP account at BMO InvestorLine. Here’s how I added the RESP account to my BMO InvestorLine User ID.


Grouping accounts under a single User ID can also help an account qualify for lower trading costs and other benefits more quickly. In February 2014, InvestorLine removed the requirement to have a minimum account balance to qualify for $9.95 trades but there are still some other benefits to grouping account balances.

Adding an InvestorLine Account to your User ID

  1. Sign in to your InvestorLine accounts using your User ID.
  2. From the Account Services tab, select User ID Profile.
  3. Click on the Add Accounts to User ID link.
  4. Next
    1. In the Account Number field, type the number for the InvestorLine RESP account.
    2. In the Account Password field, type the login password for the RESP account.
    3. In the Account Nickname field, add an optional name for the account, if desired.
      For example I used: Queens vs McGill
    4. Under the 5 Star Program benefits’ column, ensure the Yes box is selected if you want to qualify to reduce the trading fees and commissions on this new account.
  5. Click on the Submit button.
  6. If you are finished with the account, click on the Sign out link.
  7. For increased security, clear your browser cache and close your browser session.

What Will I Pay for a Trade for my New BMO InvestorLine RESP Account?

When you first look at the cost on the Equity and Option Order Entry screen, trades will now cost $9.95 each as of February 2014. Before this they cost $29.

If you will qualify for a reduced rate due to a large balance or by combining your account with other accounts at InvestorLine, make sure you see the reduced rate on screen before placing an order. It may be difficult or impossible to get a refund if you over-pay for a trade before you qualify for the reduced cost.

Does Adding a New RESP InvestorLine Account to a User ID Automatically Update the Account to Flat Fee Pricing and Other Perks?

I have enough $$ in my RRSP and TFSA account to qualify for Flat Fee Pricing. That’s the name InvestorLine uses for $9.95 trades.

When I added my RESP account to my User ID, I checked whether it immediately updated the account to receive the lower trading price. (This was before InvestorLine began offering lower trading prices to all customers.)

Nope.

Time to check into how this works with InvestorLine. I’ll send them a message via their MyLink secure email system.

OK, I’ve got it sorted out now. Please see: How Do I Get My Account Evaluated for the 5 Star Program and $9.95 Trades at BMO InvestorLine for the details.


Related Reading

Join In
Does your brokerage allow you to easily group accounts to qualify for trading discounts and to make checking on your portfolios easy? Or do you bank with RBC Direct Investing which has just started offering low cost trades to all accounts regardless of their balance? Please share your experiences with a comment.

Leave a Reply

Your email address will not be published. Required fields are marked *