Charles Schwab Corp. announced Thursday that it plans to reduce its online equity trade commissions and add new products in an effort to gather customers and assets.

Effective Jan. 19, the San Francisco-based investment management company said its retail investors will pay $8.95 per online trade in stocks or non-Schwab exchange traded funds. Schwab’s proprietary ETFs feature commission-free online trading through Schwab accounts. Currently, investors with less than $1 million in household assets at Schwab or those that trade fewer than 120 times annually paid $12.95 per trade plus charges for trades larger than 1,000 shares.

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