I was about to re-invest some dividends and distributions in my TFSA when I read that I can get up to 5 free (actually reimbursed) trades if I download and use the BMO InvestorLine App on my device before January 2015. Well, technically I don’t have a device but my husband does. So I decided to save the $9.95 and use the app to put in my Buy order. First, I had to download the BMO Banking and InvestorLine App.
Downloading the BMO Banking and InvestorLine App
- Go to the Apple App store.
- Search for BMO.
- Click on the Get button beside the App.
- Click on the Install button to install the App.
In the Password text box type your iTunes account password and then click on OK.
- When it says so, click on the Open button to use the App.
- To use your InvestorLine account click on the InvestorLine button.
Ta da! That was easy. Now to test it out by making a trade.
Are the InvestorLine App Trades Free? Can You Use One In Each Account You Have?
Sort of. InvestorLine will actually reverse the trading commission on up to 5 trades, all in the same account, after you’ve paid for them. So you’ll need to have $1009.95 in your account to execute a $1000 trade. Eventually, you’ll get paid back your $9.95 fee. UPDATE: In fact, InvestorLine doesn’t have to pay you back for the trades until within 30 days after the 30 days you get to make your free trades. So you’d better have the $50 to pay for the trades because you could have to wait a long time to get it back.
From what I can tell from the Terms and Conditions, all 5 “free” trades have to be made in the same account. You can’t use one in your TFSA, one in your RRSP and one in your non-registered account.
The Terms also say you have only 30 days to execute the trades after you execute the first one. There’s also a calendar date by which all trades have to be made.
All “free” trades have to be made using the App. You can’t do one from the App and 4 from your desktop computer.
You’re welcome to read the Terms and Conditions yourself to see if you disagree with my interpretation.
You can also read through some detailed questions and answers about the App on the InvestorLine site.
What’s One Interesting Advantage of the BMO InvestorLine App? (Real Time Quotes)
According to the InvestorLine site, “Real-time quotes are available on all pages and to all clients on the Tablet App once they log-in successfully.” and “Yes, non-5-Star clients will receive real-time quotes throughout the App once they log-in successfully.”
That sounds like the quotes you will see on all of the pages are NOT 20-minute delayed. An interesting improvement!
- [How to Buy Shares or ETFs at BMO InvestorLine Using an iPad or Tablet]
- How to Buy Shares or ETFs at BMO InvestorLine Using a Computer
Have you tried the new InvestorLine App? Any bugs you’d like to mention? (Bear in mind I don’t work for BMO so I can’t get them fixed for you.) Please share your views with a comment.