Photo: Ken Lund from Reno, Nevada, USA / Wikimedia Commons, CC BY-SA 2.0, cropped
TD Direct Investing vs RBC Direct Investing (2026): Commissions, Fees, Free ETFs and Which Bank Broker Is Better
TD Direct Investing and RBC Direct Investing cost almost the same: about $9.99 (TD) and $9.95 (RBC) per online stock or ETF trade, with lower rates for active traders and a $25 quarterly fee on small non-registered accounts (typically under $15,000) unless waived. Pick RBC if you buy ETFs regularly and can use its list of commission-free iShares ETFs, or want its practice account. Pick TD if you want the TD Active Trader platform, strong research, or TD's separate low-cost TD Easy Trade app. Either makes sense mainly if you value having banking and investing at one institution. If cost is your priority, $0-commission brokers like Wealthsimple, Questrade or National Bank are cheaper.
TD vs RBC at a glance
| Feature | TD Direct Investing | RBC Direct Investing |
|---|---|---|
| Stock/ETF commission (online) | ~$9.99 | ~$9.95 |
| Active trader rate | Lower rate for frequent traders | ~$6.95 for qualifying active traders |
| Commission-free ETFs | Through TD's separate offerings | Selected iShares ETFs |
| Mutual funds | Generally no commission to buy/sell (short-term fees apply) | Commission on some purchases |
| Small-account quarterly fee | ~$25 on non-registered under ~$15,000, unless waived | ~$25 on non-registered under ~$15,000, unless waived |
| Platforms | WebBroker, TD app, TD Active Trader | Online platform, RBC mobile app, practice account |
| Low-cost alternative at same bank | TD Easy Trade | RBC InvestEase (robo) |
| Registered accounts | TFSA, RRSP, FHSA, RESP, RRIF, LIRA, more | TFSA, RRSP, FHSA, RESP, RRIF, LIRA, more |
| Protection | CIRO / CIPF | CIRO / CIPF |
Bank brokerage pricing changes. Check TD's and RBC's current commission schedules.
Price: practically a tie
At roughly $10 per trade, TD and RBC cost the same for most people. The fee that actually catches investors is the quarterly maintenance fee on small non-registered accounts. Both banks waive it under certain conditions, such as a minimum balance, a minimum number of trades, or holding other products with the bank. Ask before you open.
What $10 a trade costs you: buying an ETF every two weeks is 26 trades a year, or about $260. At a $0-commission broker, that's $0. On a $10,000 portfolio, $260 is 2.6% of your money every year, which is more than most ETFs charge in fees.
Where RBC wins
- Commission-free iShares ETFs. If your portfolio uses ETFs on RBC's list, regular purchases cost nothing.
- Practice account. RBC lets you practice trading with virtual money, useful for beginners.
- Integrated RBC banking. Fast transfers from RBC chequing and Avion rewards integration for RBC clients.
See how to open RBC Direct Investing.
Where TD wins
- TD Active Trader. A more advanced platform for frequent traders, with streaming data and options tools.
- Research. Strong third-party and in-house research inside WebBroker.
- TD Easy Trade. TD's separate app offers lower-cost trading for simple investors, if you don't need the full brokerage.
- Mutual fund trading. Generally no commission to buy or sell most funds.
See how to open TD Direct Investing.
Should you use a bank brokerage at all?
Reasons to choose TD or RBC:
- You want one login for banking and investing.
- You like branch access and bank-level support.
- You have a large balance and qualify for fee waivers or active trader pricing.
Reasons to look elsewhere:
- You buy ETFs regularly. Wealthsimple, Questrade, National Bank Direct Brokerage, Qtrade and Desjardins Disnat charge $0 on stocks and ETFs. Compare them in our best online brokers in Canada.
- Your account is small and would trigger quarterly fees.
Moving from a bank brokerage
If you decide to switch, never withdraw from a TFSA or RRSP to move it. Request a direct transfer from the new broker, which keeps your contribution room intact. Many brokers reimburse the transfer-out fee (often $135–$150) above a minimum balance. Our guide on transferring a TFSA or RRSP explains the process.
Which is better for...
| You are... | Pick |
|---|---|
| An RBC banking client buying iShares ETFs | RBC |
| An active trader wanting advanced tools | TD (Active Trader) |
| A beginner who wants to practice first | RBC (practice account) |
| A TD banking client who wants simple, cheaper trades | TD Easy Trade |
| Cost-focused ETF investor | Neither: consider a $0-commission broker |
The bottom line
TD Direct Investing and RBC Direct Investing are both solid, safe, full-featured bank brokerages that cost about $10 a trade. Choose RBC for its commission-free iShares ETFs and practice account; choose TD for TD Active Trader, research and TD Easy Trade. The bigger question is whether you need a bank brokerage: for regular ETF investing, a $0-commission broker will usually save you hundreds of dollars a year.
This comparison is educational and not a recommendation. Commissions, fee waivers and free-ETF lists change; confirm with each bank before opening an account.
Frequently asked questions
Which is cheaper, TD Direct Investing or RBC Direct Investing?
They are nearly identical. TD charges about $9.99 and RBC about $9.95 per online stock or ETF trade, and both offer lower rates to active traders. RBC's list of commission-free iShares ETFs can make it cheaper for regular ETF buyers.
Do TD and RBC charge account fees?
Both typically charge a quarterly maintenance fee, about $25, on non-registered accounts with small balances, often under $15,000, unless you meet waiver conditions such as a minimum number of trades or holding other accounts with the bank. Check each broker's current fee schedule.
Are bank brokerages worth it in 2026?
They can be if you value having your banking and investing in one place, instant transfers between accounts, and in-branch help. If you mainly buy ETFs and want the lowest cost, $0-commission brokers are cheaper.
Does RBC Direct Investing have commission-free ETFs?
Yes. RBC Direct Investing offers commission-free trades on a selected list of iShares ETFs. The list and conditions can change, so check RBC's current eligible ETF list.
Can I transfer my TFSA from TD to RBC, or to another broker?
Yes. Start the transfer at the receiving broker and request a direct transfer, never a withdrawal, so your TFSA or RRSP room isn't affected. The sending broker usually charges a transfer-out fee, which some receiving brokers reimburse.
Are TD Direct Investing and RBC Direct Investing safe?
Both are owned by Canada's two largest banks, are CIRO members, and eligible accounts are protected by CIPF up to $1 million per account category if the broker 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 4, 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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