Millions of Canadians have their investments at RBC Direct Investing simply because it is where they already bank. But in 2026, the fee difference between RBC and Wealthsimple is significant enough that it is worth taking a close look.
| Feature | Wealthsimple | RBC Direct Investing |
|---|---|---|
| Stock trades | $0 commission | $9.95 per trade |
| ETF trades | $0 commission | $9.95 per trade |
| Monthly account fee | $0 | $25/quarter if under $15,000 |
| Minimum balance | $0 | $15,000 to waive quarterly fee |
| TFSA / RRSP / FHSA | All supported, free | All supported |
| Managed portfolios | 0.4–0.5% annually | 1.5–2%+ via mutual funds |
| Signup bonus | $25 cash (code 7-MDUG) | None |
| App quality | Excellent | Good |
If you make 20 stock trades per year at RBC Direct Investing, that is $199 in trading commissions. At Wealthsimple that is $0. Over 10 years, assuming you keep trading at the same pace, the fee difference is nearly $2,000 — before accounting for the compounding effect of that money staying invested.
For investors holding mutual funds at RBC, the gap is even larger. Most RBC mutual funds carry management expense ratios (MERs) of 1.5–2.5% annually. A low-cost ETF on Wealthsimple might cost 0.2%. On a $100,000 portfolio, that 2% difference costs $2,000 every single year.
Options trading — RBC Direct Investing supports options. Wealthsimple does not.
GICs and bonds — RBC offers a wider range of fixed income products including GICs, which Wealthsimple currently does not support in registered accounts.
Banking integration — if you already bank with RBC, transfers between your chequing and investing account are instant. Wealthsimple transfers from an external bank typically take 1–3 business days.
Branch support — if you prefer in-person help, RBC has branches. Wealthsimple is app and chat only.
If you invest in stocks or ETFs and do not trade options, Wealthsimple almost certainly saves you money. The zero-commission structure and no account fees are hard to match. The $25 signup bonus and cleaner app experience make the switch even easier to justify.
If you rely heavily on GICs, options, or prefer in-person banking support, RBC may still be the right fit for part of your portfolio.
For most investors, yes. Zero commissions and no account fees versus $9.95 per trade and quarterly fees at RBC is a significant difference. Unless you need options or GICs, Wealthsimple saves most people money.
Yes. A direct transfer does not trigger taxes or affect your contribution room. Wealthsimple charges no transfer-in fee. RBC may charge a transfer-out fee of up to $150, which Wealthsimple may reimburse on transfers over $15,000.
Yes. Use referral code 7-MDUG when signing up and deposit $100 or more to get $25 cash within 24 hours.
Yes. Wealthsimple is regulated by IIROC and is a CIPF member protecting investments up to $1 million — the same protections that apply to RBC Direct Investing. Your money is equally protected at both institutions.
Related: Wealthsimple vs Questrade · How to transfer your RRSP · Get the $25 referral code
Use code 7-MDUG, deposit $100+, get $25 cash within 24 hours. Verified October 2026.