Sounds like a pretty sweet deal.

Does anyone know of similar deals at Canadian insitutions? What is the best trading deal in Canada?

NG

It looks like ETF purchases will not have any transaction fees, which will be great for people who want to dollar cost average small amounts monthly. This might finally make ETF investing worthwhile for those of use using low cost passive mutual funds at the moment.

I don't see why anyone would do a 4.75% CD at Bank of America when HSBC and Citibank (among others) are offering over 5% interest on savings accounts.

http://catchagideon.blogspot.com

Has anyone looked into zecco.com, which advertises commission free stock trades?

No transcation fees will help them gain more customers. I think it's a fairly smart move. they'll avoid competition and still profit.

I had originally thought this was a smart move on the part of Bank of America when I first heard about it. It's a fantastic way to leverage their existing customer base and perhaps gain new clients in the process. The thing is - in the end WILL they benefit from this or not? See, from where I am, I see that this will seem attractive to those with savings built up who might have otherwise been reluctant to invest in the market directly. Some of these are likely to be banking customers that would have just left the funds in a low yield account or secure investment.... ie profitable areas for BofA. I don't know... I can only presume they did their homework to know that they'd come out on the positive side by attracting more new business than they are going to lose on savings deposits.

Of course they'll benefit -- if you put $25,000 into savings, BofA gets a higher balance on their reserves sheets, giving them more loaning power on the opposite end of the balance.

The FED isn't giving banks as much cheap liquidity as in the past, so this is the way that banks attract new liquidity from other banks. The more deposits you have, the higher you can stretch your reserve ratio.

I want to see execution stats on zecco.com