200 Bay Street, North Tower
P.O. Box 75
Phone: 1-800-769-2560, option 4
Customer Service Hours: Mon to Fri 7am to 8pm ET
RBC Direct Investing Review
RBC Direct Investing has been working towards improving the functionality, pricing and features of their online trading platform. Early in 2014, they caused a major pricing shift among Canadian discount brokerages by lowering their standard commission pricing to $9.95 per trade.
As a bank-owned brokerage, RBC Direct Investing offers the convenience of being able to manage multiple financial products via the RBC online platform. The integration with holders of certain RBC banking plans may enable certain client to be exempt from paying certain account fees at RBC Direct Investing.
Another feature about RBC Direct Investing that makes it stand out from its bank-owned online brokerage peers is the community feature. The community section allows comparison with other investors, provides educational support and it contains a moderated forum for asking questions to the community or RBC Direct Investing.
|Standard Equity Commission||$9.95|
|Best Commission Price||$6.95|
|Minimum to Open Account||Not Required|
|Commission Free ETFs||No|
Account Types Offered
Funding Requirements and Fees
Registered Account Types and Fees
|TFSA||Minimum Opening Balance||Not Required||TFSA||Annual Charge||$0|
|RRSP||Minimum Account Balance||Not Required||Transfer Out||$135|
|RESP||Minimum Balance for Best or Discounted Commission||Not Required||Withdrawals||$0|
|Cash||Minimum Commission per Equity Trade||$6.95||US Dollar Account|
|Margin Short||Maximum Commission per Equity Trade||$9.95||RRSP||Annual Charge||$100 (if total of all RBC Direct Investing Accounts <$15 000) ($25 per quarter)|
|Margin Options||Minimum Trades per Quarter for Best Commission Rate||150||Transfer Out||$135|
|CIPF Member||Inactivity or Maintenance Fees||$25/quarter||US Dollar Account|
|Conditions for Inactivity/Maintenance Fees||if account balance is <$15 000;|
if total assets in all RBC Direct Investing accounts is
< $15 000;
if < 3 trades made in quarter across all RBC Direct Investing accounts.
For more details click here:
|RESP||Annual Charge||$100 (if total of all RBC Direct Investing Accounts <$15 000) ($25 per quarter)|
|US Dollar Account|
Pricing & Fees
One of the important points to note is that there is a quarterly fee (called an “Inactivity Fee”) charged to those with balances under $15,000 and there are also several ways to have this fee waived. Clients who deposit at least $100 per month in their RBC Direct Investing account as part of a pre-authorized contribution plan, those who make at least 3 commission-generating trades per quarter, those who have a group RRSP with RBC Direct Investing, those who qualify for the RBC Direct Investing Royal Circle program as well as those who are current student banking package holders (or have been in the past 5 years) and clients who have an RBC VIP banking package can all have their quarterly inactivity fee waived.
Although it is not a ‘live’ account, RBC Direct Investing also offers practice accounts to RBC (as well as RBC Direct Investing) clients. The accounts are funded with $100,000 in practice money and individuals can use a cash, margin or RSP configuration to practice with.
Reviews & Ratings
|Review||What Review Measures||Score||Date of Ranking|
|Dalbar Canada Review||Client Service||Top Rating
|Globe and Mail Review||Overall Impression||Letter Grade “B”
5th out of 12
Letter Grade “B”
|JD Power Review||Investor Satisfaction||4th out of 10
3rd out of 7
8th out of 11