BMO SmartFolio, a part of BMO Wealth Management, has reduced its account minimum by 80%, from $5,000 to $1,000.

After two years in market with BMO SmartFolio, the bank has seen Canadians become more comfortable with digital investing, said Silvio Stroescu, head of digital investing at BMO Wealth Management, in a release. Demand for the service is age agnostic, he added.

Here are some additional changes.

  • Eliminating minimum account fee: clients no longer have to pay the minimum account fee of $60 per year.
  • Refer-a-friend: existing clients will receive $50 when they refer a friend or family member.

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