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Email this6:57 pm
December 18, 2024
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Steve Leduc said
A sincere Thank You to all that have commented.
Intangible attributes of a platform are hard to discern in advance.
Thanks to mordko as well for mentioning WS and Q. I agree with his assessment.
My needs are very modest and (rightly or wrongly) I find the staff at my local small branch helpful and strongly believe we need to use them or loose them.
I have heard good things about TD e-series mutual funds, RBC does not appear to have a similar product, although I do not know. RBC seems simpler and I am still a little peeved with TD Bank, (allegedly unscrupulous conduct in the USA and even worse "rewarding" their previous CEO with a retirement package and very few upper heads rolled).
For what I want to do, both sites will do the job and I am leaning toward RBC, hopefully I wont be complaining about them 6 months from now. Thanks again, Steve
I have been following this thread somewhat.
Are you considering signing up with RBC direct? Is what you’re planning, a true online totally managed by you option? Is there a total minimum requirement? I realize some deposits for GICS may have a minimum of $5,000 or $10,000.
I have contacted some free standing RBC brokers (?) and most are asking for a minimum deposit of $250,000 and one asked for $500,000 and I have friend that went to one and is going to one with a $1,000,000 minimum.
Just wondering if there is more than one form of RBC direct?
7:42 pm
February 23, 2025
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I am definitely not looking at 7 or 8 figure investing. My needs are more in the mid 5 figures, some fixed income, possibly bonds and once the market stabilizes (and I do some research) some banking/utilities stock. As I understand it, the threshold to avoid quarterly maintenance fees are $15,000 Household (?) Assets.
Can anyone confirm, am I correct? Are there more limits or fees I should know about?
I appreciate the comments and or advice. Steve
8:25 pm
April 6, 2013
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There no minimum with RBC Direct Investing or TD Direct Investing. Both charge $25/quarter maintenance fee if combined accounts don't exceed $15,000. Client can decide whether or not that is worthwhile.
The $250,000, $500,000, and $1 million minimums sound like the minimums for brokers with RBC Dominion Securities. That is RBC's full-service wealth management division. One will be referred to a Royal Mutual Funds rep in an RBC Royal Bank branch if one is looking for advice and doesn't meet those minimums.
8:36 pm
December 7, 2023
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I find TD e-series mutual funds on RBC DI website, the difference is the minimum investment. MERs are same.
If you buy TD e-series mutual funds at TD DI, Initial Investment(s):$100
Subsequent Investment(s):$100.
I assume that you can buy TD e-series mutual funds at RBC DI, but the minimum investment: $1,000. It seems RBC DI charges commission fee on mutual funds.
8:45 pm
April 6, 2013
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RBC Direct Investing charges 1% (max. $50) commission on mutual fund buy orders and zero commission on mutual fund sell orders.
6:09 am
February 23, 2025
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Thanks Norman1 and usephrase, the picture is getting clearer every day but now I am reconsidering WS. (Thanks mordco)
7:57 am
April 6, 2013
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I looked at Wealthsimple Invest and passed.
Commissions may be zero. But, it wasn't a full brokerage account back then and it still isn't: Eligibility criteria for stocks and ETFs
Preferred shares not eligible. No bonds. No mutual funds. Not sure if LP units or units of a REIT are eligible. Not all common shares are eligible either: "Additionally, we [Wealthsimple Invest] have minimum price and volume constraints for stocks."
8:15 am
December 7, 2023
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Minimum investments on HISA and GICs at RBC DI/RBC banking
1. HISA
If you purchase RBF2010 at RBC DI: Minimum Initial: $500, Minimum Subsequent: $25
If you buy TDB8150 at TD DI, Initial Investment(s):$1,000; Subsequent Investment(s):$100.
2.
Non–Registered Account Minimum Purchase, Registered Account Minimum Purchase on GICs at RBC DI
RBC Direct Investing ... The following charts show a selection of our broad and diverse bond and GIC offerings...
3. It seems this web page is RBC Banking, not RBC DI.
Minimum Investment
$500 for RRSP, TFSA, RESP, RDSP
$1,000 RRIF, LIF, PRIF, and Non-Registered GICs of terms greater than 1 year
$5,000 (for terms between 30-364 days) or GICs with Monthly interest payment option
$100,000 (for terms less than 30 days)
4.
At TD DI, the Minimum Investments are $1,000 for almost all GICs ( Cashable or non-redeemable) in non-registered or registered account, if I remember correctly.
8:45 am
October 27, 2013
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What DIY discount brokerage firm one uses is often based on the primary uses of the account as already shown in differences per posts above. Each will have its strengths and weaknesses so a generic question like 'which is better' has no useful answers.
RBC DI is no longer competitive if one primarily buys mutual funds as they are one of just a few that have significant commissions for buying/selling mutual funds (other than MMFs, ISAs I think, or maybe even limited to in-house RBC ISAs/MMFs).
TDDI would be better for the purpose of buying/selling mutual funds as TDDI does not yet charge commissions for transacting mutual funds.
The big bank brokerages have the best selection for GICs albeit minimums can vary by brokerage and by type, i.e non-registered/registered, accounts.
Frequent traders will prefer zero commission brokerages, especially the likes of NBDB (National Bank discount brokerage) or maybe Questrade (free purchases I think for ETFs, but not sales). Perhaps others. Both BMO Investorline and Scotia iTrade have lists of circa 100 commission free ETFs to buy and sell IF a person is particularly fond of certain families of ETFs.
Spouse, ex-spouse and I want convenience of use (tied to our banking relationships with big banks) and since we have almost zero trades per year, commissions to buy and sell are totally meaningless to us. Ease of having everything on the same online banking page is primary.
Individuals need to look at the PDFs for 'fees and commissions' of each brokerage to determine what may be best for them.
9:13 am
April 27, 2017
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Questrade charges zero commission to buy and sell stocks and ETFs. Wealthsimple is another brokerage which does this.
Anyone making monthly contributions or withdrawals and reinvests dividends/interest benefits to the tune of hundreds of dollars per year. Not a large amount but surely better in my pocket than TDDI’s. Its not about “frequent trading”.
While my chequing account is with RBC, I saw zero advantage by using RBC DI vs Wealthsimple. Moving money from/to Wealthsimple is fast. Instantaneous for etransfers but same day for larger amounts to Tangerine/RBC/Simplii, etc.
Questrade has the advantage vs WS that it allows NG and generally offers a wider range of services. WS is more user friendly, faster and offers lots of perks (like lounges, free subscriptions to Strava/G&M, decent rate on cash, etc.)
Guess TDDI is good for mutual funds but I don’t know why anyone would use them these days. They are still more expensive than ETFs.
9:19 am
January 12, 2019
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Side Bar . . .
And speaking of 'Mutual Funds' ... I can't believe they even exist anymore !
In Disgust, I cashed in my last one about 20+ years ago.
To Each Their Own, I guess 
- Dean
" Live Long, Healthy ... And Prosper! "
10:09 am
October 27, 2013
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Dean said
Side Bar . . .And speaking of 'Mutual Funds' ... I can't believe they even exist anymore !
In Disgust, I cashed in my last one about 20+ years ago.
To Each Their Own, I guess
Dean
I do not have mutual funds either, but they are the only (or almost the only) way to hold investment accounts via brick and mortar bank branches where the sales folk only have mutual fund licenses, albeit that may be changing as brick and mortar branches are becoming more and more financial products/advisory based rather than CSR (teller) banking transaction based.
Additionally, there are some pretty decent mutual fund families out there with relatively low MERs. Think Mawer, Steadyhand, Beutal Goodman, TD index e-series, perhaps Tangerine even.
Until recently with the increasing advent of low cost, or no cost, trading commissions at DIY brokerages, or % of AUM third party advisors), it was also the most cost effective way to make purchases/sales in small dollar amounts, e.g. $100 or $1000 type transactions. That is changing though as the total AUM of outstanding mutual funds continues to decrease slowly despite increasing valuation in equity markets, while total AUM of equities (individual stocks and ETFs) is increasing rather significantly.
Another factor for the slow(er) reduction in AUM of mutual funds is due to huge unrealized gains that may have accrued over decades for mutual funds held in non-registered accounts. Until those are wound down through systemic annual withdrawals by retirees, or due to death and crystallization by estates, it can be prohibitive to crystallize capital gains prematurely.
All in good time over the next 10 years or so. The landscape will (should) look very different by then.
Please write your comments in the forum.