Photo: Ken Lund from Reno, Nevada, USA / Wikimedia Commons, CC BY-SA 2.0, cropped
Bank Brokerages Compared (2026): TD vs RBC vs CIBC vs National Bank — Is Your Bank Overcharging You?
- National Bank Direct Brokerage is the cheapest big-bank option: $0 commissions on Canadian and US stocks and ETFs.
- CIBC Investor's Edge charges $6.95 a trade ($0 for clients under 25 on CIBC Smart Start).
- RBC Direct Investing charges $9.95 (about 50 iShares ETFs are $0, and RBC dropped its quarterly maintenance fee in August 2025). TD Direct Investing charges about $9.99, with a ~$25 quarterly fee on small non-registered accounts unless waived.
- If you buy ETFs every month at TD or RBC outside their commission-free lists, you're likely paying $120+ a year in commissions that a $0 broker wouldn't charge.
The four bank brokerages side by side
| TD Direct Investing | RBC Direct Investing | CIBC Investor's Edge | National Bank Direct Brokerage | |
|---|---|---|---|---|
| Stock commission (online) | ~$9.99 | $9.95 ($6.95 for 150+ trades/quarter) | $6.95 ($4.95 for 150+ trades/quarter) | $0 |
| ETF trades | ~$9.99; select ETFs $0 when traded online or in the app | $9.95; about 50 iShares ETFs $0 | $6.95 | $0 |
| Under-25 / student deal | — | — | $0 under 25 (Smart Start); $5.95 students | Already $0 |
| Small-account fee | ~$25/quarter under ~$15,000 non-registered, unless waived | None (eliminated August 1, 2025) | $100/year under $10,000 | $100/year per account root, waived with $20,000+ in eligible assets, if you're 30 or younger, and other waivers |
| USD accounts | Yes | Yes | Yes | Yes |
| Options | Commission + per contract | Commission + per contract | $6.95 + $1.25/contract | $0 + $1.25/contract (minimum $6.25 per trade) |
| Protection | CIRO / CIPF | CIRO / CIPF | CIRO / CIPF | CIRO / CIPF |
Bank pricing changes and often has relationship discounts. Confirm on each bank's pricing page.
What the gap costs you
Say you invest $200 a month in one ETF: 12 purchases a year.
| Broker | Commissions per year | As a % of $2,400 invested |
|---|---|---|
| TD (~$9.99) | ~$120 | 5.0% |
| RBC ($9.95) | ~$119 | 5.0% |
| CIBC ($6.95) | ~$83 | 3.5% |
| National Bank ($0) | $0 | 0% |
For comparison, a broad all-in-one ETF charges around 0.2% a year. A 5% commission drag on each deposit wipes out decades of fee savings from choosing a cheap fund. Add TD's $25 quarterly small-account fee and a new investor at TD could pay $200+ a year on a balance under $15,000. (Buying an ETF from TD's or RBC's commission-free list avoids the commission part.)
When staying with your bank makes sense
- You trade a few times a year in large amounts. $9.99 on a $20,000 trade is 0.05%.
- You value one login and in-branch help.
- Your banking relationship waives the account fees and gives you discounted trades.
- You're under 25 at CIBC ($0) or already at National Bank.
Cheaper options at the same bank
- TD: TD Easy Trade, a simpler app with a set number of free trades.
- RBC: GoSmart, a mobile app for new investors with commission-free trading and recurring investments (launched February 2026), or RBC InvestEase, a robo-advisor.
- CIBC: the Smart Start $0 plan for under-25s.
How to switch without losing money
- Open the new account (for example, National Bank Direct Brokerage or a $0 broker like Questrade or Wealthsimple).
- Request a transfer in-kind from the new broker's side. Never withdraw a TFSA or RRSP yourself. Our guide on transferring a TFSA or RRSP to another broker explains the steps.
- Ask whether the new broker reimburses the transfer-out fee (usually $125–$150 per account at the big banks).
The bottom line
If you're paying $9.95 or $9.99 a trade to buy ETFs every month, your bank may be overcharging you by more than your fund costs. National Bank shows a big bank can do $0. CIBC is reasonable and free for under-25s. TD and RBC make the most sense for large, infrequent trades or clients whose fees are waived. Also see our detailed TD vs RBC comparison.
Frequently asked questions
Which Canadian bank brokerage is the cheapest?
National Bank Direct Brokerage, with $0 commissions on online Canadian and US stock and ETF trades. CIBC Investor's Edge is next at $6.95 per trade, then RBC Direct Investing at $9.95 and TD Direct Investing at about $9.99.
Do TD and RBC charge account fees?
RBC Direct Investing no longer does: it eliminated its quarterly maintenance fee for all accounts on August 1, 2025. TD Direct Investing typically charges about $25 a quarter on non-registered accounts under roughly $15,000 unless you meet a waiver, such as a minimum number of trades or a linked banking package. Check TD's current fee schedule.
Do bank brokerages offer US-dollar accounts?
Yes. All four offer US-dollar accounts, including inside registered plans like the RRSP and TFSA, which lets you hold US dollars instead of converting on every trade.
Is it worth leaving my bank's brokerage?
If you trade rarely and like having everything in one place, maybe not. If you buy ETFs monthly, paying $9.99 per trade adds up quickly. Many $0-commission brokers will reimburse transfer-out fees above a minimum balance.
Are bank brokerages safer than Wealthsimple or Questrade?
Not in terms of investor protection. All CIRO member firms, bank-owned or not, are covered by CIPF up to $1 million per account category if the firm becomes insolvent.
Primary sources
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Nov 11, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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