Wealthsimple vs Banks: Is Wealthsimple Better Than the Big 5 for Investing and Banking?

Wealthsimple vs banks is really two questions: where you invest, and where you keep your everyday money. On investing, Wealthsimple’s $0 commissions still undercut RBC, TD, CIBC and Scotiabank’s brokerages, but BMO InvestorLine has cut its stock and ETF commission to $0 and every big bank now offers commission-free ETFs. On banking, Wealthsimple Chequing has a $0 monthly fee, while the banks keep branches, US dollars in registered accounts at no extra cost (at RBC and CIBC) and the convenience of one relationship. YieldMaple checked Wealthsimple’s pricing page and fee schedule and the fee pages of RBC Direct Investing, TD Direct Investing, BMO InvestorLine, CIBC Investor’s Edge and Scotia iTRADE on September 23 and 24, 2026. This guide shows where each side wins so you can decide what to move and what to keep.

Wealthsimple vs the Big 5 banks at a glance

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Self-directed investing: Wealthsimple vs the Big 5 bank brokerages (September 2026)

Feature	Stock or ETF commission	Commission-free ETF list	Small-account fee	Transfer-out fee
Wealthsimple	$0 (better on this row)	Not needed: every listed stock and ETF	No inactive-account fee (trade fee schedule)	No fee (trade fee schedule)
RBC Direct Investing	$9.95	50+: iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS	$0 (no quarterly or annual maintenance fee and no minimum balance)	$150
TD Direct Investing	$9.99	108, including VFV, VEQT, VGRO, VBAL, SPY, QQQ and TD's own ETFs such as TEQT, but not XEQT	$25 a quarter under $15,000 (waivers apply)	$150
BMO InvestorLine	$0 (better on this row)	Not needed: stocks and ETFs are commission-free	$0 (BMO says all brokerage account administration fees are now eliminated)	$0 (better on this row)
CIBC Investor's Edge	$6.95	200+, including VFV, VEQT, XGRO and XBAL, but not XEQT	$100 a year under $10,000	$150
Scotia iTRADE	$9.99	200+ ETFs	$100 a year per RRSP-type account under $25,000	$150

Standard online pricing for clients below each bank's active-trader tier. Sources: wealthsimple.com pricing page and trade fee schedule; rbcdirectinvesting.com, td.com, bmo.com and bmoinvestorline.com, investorsedge.cibc.com and scotiaitrade.com pricing pages, checked September 23 and 24, 2026.

The first column is the one most people ask about. Wealthsimple charges $0 on listed Canadian and US stocks and ETFs, and BMO InvestorLine’s September 2026 schedule now lists $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted. CIBC Investor’s Edge charges $6.95 per online stock or ETF trade, RBC Direct Investing charges $9.95 per online or mobile trade, TD Direct Investing charges $9.99 at standard pricing, and Scotia iTRADE charges $9.99 per online stock or ETF trade (fewer than 150 trades a quarter).

The other columns are where the real differences hide. RBC’s commission-free list covers 50+ ETFs, including XEQT. TD’s list has 108 ETFs, CIBC’s 200+, and Scotia iTRADE’s 200+; TD and CIBC include VEQT and VFV but not XEQT. RBC and BMO charge no account maintenance fees ($0 (no quarterly or annual maintenance fee and no minimum balance) at RBC; $0 (BMO says all brokerage account administration fees are now eliminated) at BMO), while TD, CIBC and Scotia iTRADE still charge small accounts. Four of the five banks charge $150 to move an account elsewhere; BMO’s transfer-out fee is $0. Wealthsimple’s own trade fee schedule shows no fee for an inactive account or an outgoing transfer.

Is Wealthsimple better than the big banks for investing?

On commissions, yes: Wealthsimple is cheaper than RBC, TD, CIBC and Scotia iTRADE for stocks and for ETFs outside their free lists, and ties BMO InvestorLine at $0.

The gap is smaller than it was a year ago. BMO’s move to $0 means one of the Big 5 now matches Wealthsimple on price, and National Bank Direct Brokerage, owned by National Bank of Canada, also charges $0 per online stock or ETF trade. The other four banks still charge per trade, but each offers a way to trade for free:

• TD Easy Trade gives you 100 free trades a year, then charges $9.99 a trade ($1.99 for partial-share orders of less than one share). It’s a phone or tablet app only — you can't use it in a desktop browser.
• RBC GoSmart is for existing RBC clients using the RBC Mobile app and gives 50 commission-free stock and ETF trades per year. Account types: TFSA, FHSA and RRSP accounts only, in Canadian dollars.
• CIBC’s Young Investor pricing is $0 per online stock or ETF trade and no annual account fee, for clients aged 18 to 24 with a CIBC Smart Start chequing account.
• Scotiabank’s chequing packages include free Scotia iTRADE trades: up to 50 commission-free online trades a year with the Preferred Package and up to 100 commission-free online trades a year with its top-tier package.

So the honest answer depends on how you invest. If you buy one ETF that sits on your bank’s free list, you may already pay nothing. If you buy individual stocks, several different ETFs, or trade options, Wealthsimple’s flat $0 is simpler and usually cheaper. Options cost US$0 per contract at Wealthsimple, against $9.99 plus $1.25 per contract ($4.99 plus $1.25 per contract with 150+ trades a quarter) at Scotia iTRADE and $0.90 per contract at BMO InvestorLine.

What would a year of investing cost at each bank?

A monthly XEQT buyer pays nothing at Wealthsimple, RBC or BMO, but $83.40 a year at CIBC and $119.88 at TD, whose free lists leave out XEQT.

The table below prices three common investors using each company’s standard online pricing. It counts commissions and account fees only; currency conversion is covered further down.

• Monthly ETF buyer: 12 purchases of XEQT a year in a TFSA holding $20,000.
• Stock picker: 24 trades of Canadian stocks a year in a non-registered account holding $50,000.
• Small RRSP: $5,000, 4 purchases a year of an ETF that isn’t on the bank’s free list, no automatic contributions, an investor aged 27 or older, after the first year.

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Two things decide the result: whether your ETF is on your bank’s free list, and whether your balance is big enough to avoid admin fees. Pick VEQT instead of XEQT and the monthly buyer pays nothing at TD or CIBC either. The small-RRSP column is where the banks look worst, and it’s also where the waivers matter: TD waives its fee with household assets over $15,000, a pre-authorized contribution or systematic plan of at least $100 a month, three or more commission trades in the previous quarter, an RDSP in the household, the first six months after your first account opens, or a household that holds only an FHSA, CIBC exempts FHSAs, new clients for their first 180 days, CIBC Smart Start (under 25) and Smart for Students clients, and Premium Edge clients, and at Scotia iTRADE, low-activity and RRSP admin fees are waived until and including the year you turn 26. For your own numbers, the Canadian brokerage fee calculator prices commissions and currency conversion together.

Where do the big banks still beat Wealthsimple?

Banks still win on in-person help, US dollars in registered accounts, one-roof relationships and, at TD, a cheaper currency conversion on small amounts.

• Branches and phone help. Wealthsimple has no branches, and every Big 5 bank does. Bank brokerages also take orders by phone, at a price: Scotia iTRADE adds $65 on top of the commission, and TD’s minimum phone commission is $43.
• US dollars in a TFSA or RRSP. RBC Direct Investing’s full-suite accounts are multi-currency, included at no extra fee (CAD, USD and other currencies such as EUR, GBP and HKD), and the ones that can hold US dollars are TFSA, FHSA, RRSP, cash and margin accounts (not RESPs, and not GoSmart). At CIBC Investor’s Edge, all accounts except RESPs come with a US-dollar side at no additional cost. At Scotia iTRADE, registered plans such as RRSPs and RRIFs can be held in both Canadian and US dollars (RESPs are Canadian-dollar only). At Wealthsimple, the USD account costs $10 a month for Core clients; free for Premium and Generation, and buying US stocks from a CAD account costs 1.5% per conversion.
• Cheaper conversion at TD on small amounts. TD’s spread is 1.07% on conversions under $10,000, below Wealthsimple’s 1.5%. Wealthsimple’s trade fee schedule says its fee is applied to its own corporate exchange rate, which already includes a spread. RBC and BMO are close to Wealthsimple (about 1.6% on conversions up to US$24,999 at RBC; about 1.6% on conversions under US$25,000 at BMO), and Scotia iTRADE’s spread is not published (Scotia iTRADE's disclosure document says the firm converting your currency may earn a spread, and that the conversion rates it charges are available on request).
• A wide product shelf in one account. Bank brokerages list GICs, bonds and mutual funds next to stocks and ETFs. CIBC Investor’s Edge, for example, lists stocks, ETFs, mutual funds, options, bonds, GICs, CDRs, ADRs, structured notes, IPOs and precious metals. If you want a specific GIC, bond or fund in the same account, check that Wealthsimple offers it before you move.
• Everything at one bank. If your mortgage, credit card and chequing are already at one bank, moving cash into its brokerage can be immediate: RBC, for example, moves money from RBC bank accounts into RBC Direct Investing in real time, 4:30 a.m. to 6:55 p.m. ET, seven days a week.

If US stocks are a large part of your portfolio, read the Wealthsimple USD account guide before you move: the monthly cost on Core can outweigh the commission savings for a buy-and-hold US investor.

Where does Wealthsimple beat the banks?

Wealthsimple wins on trading costs, small accounts, options, idle cash and everyday banking fees.

• One price for everything. Every listed Canadian and US stock or ETF trades for $0, so you never check a free-ETF list. Fractional shares: yes — thousands of Canadian and US stocks and ETFs.
• Small and quiet accounts. TD charges $25 a quarter when your household's TD Direct Investing accounts total less than $15,000, unless you qualify for a waiver. CIBC charges $100 a year when the total market balance of all your Investor's Edge accounts is $10,000 or less. Scotia iTRADE charges $100 a year per RRSP, RRIF, LIRA or LIF when your combined Scotia iTRADE accounts total less than $25,000 and you make fewer than 12 commissionable trades a year, plus a low-activity fee of $25 a quarter per non-registered account, unless a waiver applies. Wealthsimple’s account minimum: none. Its trade fee schedule lists no charge for an inactive account.
• Idle cash that earns something. The bank brokerages pay nothing on uninvested cash: RBC Direct Investing pays 0% on cash balances (CAD and USD), including TFSA and RRSP accounts, TD Direct Investing 0% on cash balances (CAD and USD) at every balance tier, in trading accounts and RRSPs/RIFs, and Scotia iTRADE 0% — Scotia iTRADE pays no interest on cash except in its Cash Optimizer account, which new clients can't open. Cash you move to Wealthsimple Chequing earns 1.25% on Core, and Wealthsimple Savings pays 2.5% (available to every client, no tiers), though that money sits outside your TFSA or RRSP.
• Options. US$0 per contract at Wealthsimple, the lowest on this page. The Wealthsimple options trading guide covers approval levels and risks.
• Switching in is cheap. Wealthsimple’s transfer-fee policy: reimbursed on transfers of $25,000 or more, up to $150 per account.

Wealthsimple vs Scotiabank and Scotia iTRADE: which is cheaper?

Wealthsimple is cheaper for most investors: Scotia iTRADE charges $9.99 per stock or ETF trade outside its free-ETF list, against Wealthsimple’s $0.

Scotia iTRADE is Scotiabank’s online brokerage: it’s a division of Scotia Capital Inc., which is regulated by CIRO and is a member of CIPF. Its parent company is Scotia Capital Inc., a wholly owned subsidiary of The Bank of Nova Scotia (Scotiabank).

Wealthsimple Trade vs Scotia iTRADE

Wealthsimple vs Scotia iTRADE (September 2026)

Feature	Wealthsimple	Scotia iTRADE
Stock or ETF commission	$0 (better on this row)	$9.99 per online stock or ETF trade (fewer than 150 trades a quarter)
Commission-free ETFs	Every listed ETF	200+ (list can change; check your ETF)
Options	US$0 per contract (better on this row)	$9.99 plus $1.25 per contract ($4.99 plus $1.25 per contract with 150+ trades a quarter)
Free trades with banking	Not applicable	Preferred Package: up to 50 commission-free online trades a year; top-tier package: up to 100 commission-free online trades a year
RRSP admin fee	None listed in its fee schedule	$100 a year per RRSP, RRIF, LIRA or LIF when your combined Scotia iTRADE accounts total less than $25,000 and you make fewer than 12 commissionable trades a year
TFSA and FHSA admin fee	None listed in its fee schedule	none
Idle cash	1.25% if moved to Chequing (Core) (better on this row)	0% — Scotia iTRADE pays no interest on cash except in its Cash Optimizer account, which new clients can't open
US dollars	USD account: $10 a month for Core clients; free for Premium and Generation	registered plans such as RRSPs and RRIFs can be held in both Canadian and US dollars (RESPs are Canadian-dollar only)
Currency conversion	1.5% from a CAD account	not published (Scotia iTRADE's disclosure document says the firm converting your currency may earn a spread, and that the conversion rates it charges are available on request)
Transfer-out fee	No fee (trade fee schedule)	$150 per transfer (full or partial)

Sources: scotiaitrade.com pricing, ways-to-save, commission-free ETF and registered-account pages and the Scotia iTRADE Relationship Disclosure Document; wealthsimple.com pricing page and trade fee schedule. Checked September 23 and 24, 2026.

Scotia iTRADE’s standard commission is $9.99 per online stock or ETF trade (fewer than 150 trades a quarter), dropping to $4.99 per trade with 150 or more trades a quarter. Trades in its 200+ commission-free ETFs must be placed online (or through Teletrader); selling an eligible ETF you've held less than 1 business day costs the regular commission. Scotia says the list can change without notice, so check that your ETF is on it before you count on free trades.

Where Scotia iTRADE fits better: if you already hold a Scotiabank Preferred or top-tier package, the free trades cover most buy-and-hold investors, and registered plans hold US dollars. Where it costs more: small RRSPs pay $100 a year unless your combined accounts reach $25,000 or you make 12 commissionable trades a year, non-registered accounts can be charged a low-activity fee ($25 a quarter per non-registered account, unless a waiver applies; the main waivers are at least 1 commission-generating trade in the past 3 months, or more than $10,000 in total Scotia iTRADE equity (registered accounts are exempt)), idle cash earns nothing, and leaving costs $150 per transfer (full or partial).

Wealthsimple vs Scotiabank TFSA

Scotiabank says a Scotia TFSA opened through the bank, rather than through Scotia iTRADE, may hold Scotia GICs, mutual funds, cash and a Savings Accelerator Account. That suits money you want in GICs or savings. ETFs and individual stocks aren’t on that list; for those you’d use a Scotia iTRADE TFSA (admin fee: none) or a Wealthsimple TFSA. Between those two, the commission is the difference: $9.99 per trade at Scotia iTRADE outside its ETF list, and $0 at Wealthsimple, with fractional shares so every dollar of a small contribution gets invested. The Wealthsimple TFSA guide explains the account types and limits; the 2026 TFSA limit is $7,000, shared across all your TFSAs.

Wealthsimple vs Scotiabank chequing account

Scotiabank’s Basic Bank Account costs $3.95 a month (18 transactions). The Preferred Package costs $16.95 a month ($203.40 a year) unless you keep a $4,000 daily closing balance, and the top-tier package costs $30.95 a month unless you keep a $6,000 minimum daily closing balance all month, or a $100,000 Total Relationship Balance. The student and youth package costs $0 a month if you're under 25 or a full-time post-secondary student. Scotiabank chequing accounts are eligible for CDIC insurance, and Scotiabank debit cards can earn Scene+ points.

Wealthsimple Chequing costs $0 a month and pays 1.25% on Core. For savings, the Scotia High Interest Savings Account’s regular rates are 0.00% with a Total Relationship Balance under $10,000, 1.50% from $10,000, 1.75% from $100,000, 2.00% from $250,000 and 2.20% from $500,000 (effective June 9, 2026). The Total Relationship Balance is your combined Scotiabank chequing, savings, GIC and mutual fund balances (Scotia iTRADE accounts don't count). With $5,000 in savings and nothing else at Scotiabank, the Scotia HISA’s regular rate is 0.00%, so it earns nothing, while Wealthsimple Savings at 2.5% (available to every client, no tiers) earns $125 a year.

Bank mutual funds vs Wealthsimple: what does the MER cost you?

On a $50,000 balance, a fund with a 2% MER costs $1,000 a year, while XEQT’s 0.19% MER costs $95 a year.

That gap is bigger than any commission on this page. The Ontario Securities Commission says mutual fund MERs range from less than 1% to more than 3%, and Edward Jones Canada’s own fee disclosure puts the arithmetic plainly: a 2% MER costs $20 a year for every $1,000 invested. Many people who “switch from the bank to Wealthsimple” are really switching from bank mutual funds to low-cost ETFs.

To be fair to the banks, you don’t need Wealthsimple for that switch. RBC’s commission-free list covers iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS, and BMO InvestorLine charges $0 on every ETF. What Wealthsimple adds is the same $0 price on every ETF, fractional shares and no inactive-account fee in its fee schedule.

If you’d rather not pick ETFs yourself, compare managed options on fees. Wealthsimple’s managed portfolios cost 0.50% a year below $100,000. RBC InvestEase charges 0.50% + sales tax, BMO SmartFolio charges 0.70% a year on the first $100,000, and Tangerine, which Scotiabank owns, charges a 0.80% management fee on its Core Portfolios plus a 0.15% administration fee.

Can Wealthsimple replace your regular bank?

For everyday spending and saving it can, but a bank account still covers a few gaps: branches, US-dollar chequing and the few places that won’t take Wealthsimple’s prepaid Visa.

Chequing fees at Wealthsimple vs the Big 5

Monthly chequing fees (September 2026)

Feature	Entry-level chequing	Full-featured chequing
Wealthsimple Chequing	$0 (better on this row)	$0 (one account; interest rises with your plan) (better on this row)
RBC	Day to Day Banking: $4 a month	Signature No Limit: $16.95 a month
TD	Minimum Chequing: $3.95 a month	Unlimited Chequing: $17.95 a month, or $0 with a $4,000 minimum daily balance
BMO	Practical: $4.00 a month	Performance: $17.95 a month, or $0 with a $4,000 minimum daily balance
CIBC	Everyday Chequing: $4.00 a month	Smart Account: $16.95 a month
Scotiabank	Basic Bank Account: $3.95 a month (18 transactions)	Preferred Package: $16.95 a month, waived with a $4,000 daily closing balance

Standard monthly fees before student, youth, senior or newcomer discounts. Sources: each bank's chequing account page and Wealthsimple's pricing page, checked September 23 and 24, 2026.

At the entry level, RBC’s Day to Day Banking costs $4 a month, TD’s Minimum Chequing $3.95 a month, BMO’s Practical $4.00 a month, CIBC’s Everyday Chequing $4.00 a month (18 transactions a month included, then $1.25 for each one over 18) and Scotiabank’s Basic Bank Account $3.95 a month (18 transactions). The full-featured plans cost more: RBC’s Signature No Limit $16.95 a month, TD’s Unlimited Chequing $17.95 a month, or $0 with a $4,000 minimum daily balance, BMO’s Performance $17.95 a month, or $0 with a $4,000 minimum daily balance, CIBC’s Smart Account $16.95 a month and Scotiabank’s Preferred Package $16.95 a month. Each has a way out: RBC offers a monthly-fee rebate if you enrol in the Value Program, hold two or more other eligible RBC product categories and complete at least one qualifying account activity each month, CIBC gives a monthly fee rebate for any month you keep an end-of-day balance of $4,000 every day in one CIBC Smart Account, or automatically once your average monthly eligible balances reach $40,000, and the others waive the fee above a minimum balance. Young clients often pay nothing: CIBC Smart Start has no monthly fee until age 25.

A minimum balance isn’t free, though. Keeping $4,000 parked in chequing to avoid a fee gives up $50 a year of interest at Wealthsimple’s Core rate, and at TD the chequing accounts that pay interest are only the TD Student Chequing Account and the U.S. Daily Interest Chequing Account.

What Wealthsimple Chequing covers, and what it doesn’t

Wealthsimple Chequing comes with a Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account. ATM fees: no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. The card’s foreign transaction fee is 0% (Visa's conversion rate still applies). Core and Premium clients can add an extra 0.5% with at least $2,000 direct-deposited within 30 days. The NSF fee is none — Wealthsimple doesn't charge NSF fees (a biller can still charge its own fee if a pre-authorized debit bounces). For credit, the Wealthsimple Visa Infinite+ pays 2% on every purchase and costs $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit, and Wealthsimple’s Borrow menu includes a portfolio line of credit and mortgages. More detail is in the Wealthsimple debit card guide.

The gaps are real, though. There are no branches. The account works in Canadian dollars only (the chequing account can't hold USD). The Visa card is not accepted in Costco Canada warehouses (Costco takes only Mastercard in-warehouse); Wealthsimple suggests buying a Costco Shop Card on Costco.ca with the Visa card instead. Samsung Wallet support: not supported — Samsung Wallet takes only the old prepaid Mastercard, not Wealthsimple's Visa cards. And because the card is prepaid, its effect on your credit score is none — Wealthsimple says its prepaid cards won't impact your credit score, so it won’t help you build credit the way a credit card can. A low-cost bank account alongside Wealthsimple covers branches, US-dollar chequing and Costco, and a credit card covers credit building.

Is Wealthsimple as safe as a big bank?

Yes for investments, and comparable for cash: Wealthsimple and all five bank brokerages are CIPF members, and Wealthsimple Chequing cash sits at CDIC member institutions even though Wealthsimple isn’t one.

Wealthsimple’s investment dealer is Wealthsimple Investments Inc. (WSII), a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). The bank brokerages are CIPF members too; RBC Direct Investing, for example, is a wholly owned subsidiary of Royal Bank of Canada and a member of CIRO and CIPF, and Scotia iTRADE is a division of Scotia Capital Inc., which is regulated by CIRO and is a member of CIPF. CIPF limits are $1 million for all general accounts combined (such as cash, margin, TFSA and FHSA accounts), plus $1 million for all registered retirement accounts combined (such as RRSPs, RRIFs and LIFs), plus $1 million for RESPs where you are the subscriber, and CIPF doesn't protect you from a drop in the value of your investments, for any reason.

For cash, the banks are CDIC members themselves; at TD, for example, eligible deposits are insured up to $100,000 per depositor, per insured category (The Toronto-Dominion Bank and its Canadian deposit-taking subsidiaries are CDIC members). Wealthsimple Chequing deposits are covered up to $100,000 per beneficiary, per CDIC member institution, up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). Crypto held at Wealthsimple is not protected by CIPF, CDIC or any other investor protection insurance scheme.

Wealthsimple detected a data security incident on August 30, 2025 that affected less than 1% of Wealthsimple's clients; Wealthsimple says no funds were accessed or stolen, and all accounts remain secure. Bank clients weren’t immune that year either: a separate phishing attack on CIRO, the regulator of every brokerage in the tables above, affected approximately 750,000 Canadian investors. The full timeline is in the Wealthsimple data breach explainer, and is Wealthsimple safe? covers the protections in detail.

What about Desjardins, PC Financial and credit unions?

Desjardins, PC Financial and credit unions are mainly everyday-banking alternatives; for investing, Qtrade, owned through Aviso Wealth by Desjardins and the credit union system, charges $0 per online stock or ETF trade.

• Desjardins says every Desjardins caisse is a financial services cooperative that its members help run. For deposit protection, Desjardins says that in Quebec the Autorité des marchés financiers (AMF) insures eligible deposits up to a limit. Desjardins also has its own online brokerage, Desjardins Online Brokerage, sold under the Disnat name.
• Credit unions are also co-operatives owned by their members, per the Canadian Credit Union Association. In Ontario, for example, deposits at credit unions and caisses populaires are insured through the provincial regulator, FSRA, so check which insurer covers your credit union before moving savings. For self-directed investing, the brokerage tied to the credit union system is Qtrade: it’s owned by Aviso Wealth, which is owned 50% by Desjardins and 50% by a partnership of the five provincial credit union centrals and The CUMIS Group. The Wealthsimple vs Qtrade comparison covers the two brokerages line by line.
• PC Financial leads its own site with the PC Money Account and PC Mastercard, which earn PC Optimum points at stores such as Loblaw banner grocery stores and Shoppers Drug Mart. It competes with Wealthsimple Chequing and the Wealthsimple credit card more than with Wealthsimple’s investing accounts, so weigh PC Optimum points on your grocery spending against the 1.25% Wealthsimple Chequing pays on Core.

What do Reddit threads get wrong about Wealthsimple vs banks?

Mostly out-of-date prices: BMO InvestorLine now charges $0 per stock or ETF trade under its September 2026 fee schedule, so reviews quoting a per-trade commission are out of date.

Other common claims that have aged badly:

• “All five banks charge about ten dollars a trade.” BMO is at $0, CIBC at $6.95, and every bank has free ETFs or free-trade bundles.
• “Leaving the bank always costs a transfer fee.” BMO’s transfer-out fee is now $0, down from $150.
• “Wealthsimple is just a trading app.” Its self-directed accounts now include TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts, and options cost US$0 per contract.
• “The Wealthsimple prepaid card pays cash back.” The old prepaid Mastercard’s program has ended — the last day to earn 1% cash back was September 30, 2025, and the prepaid Mastercard has been a 0% cash back card since October 1, 2025.
• “Wealthsimple’s referral ladder pays thousands.” That tiered ladder is closed; the current personal-referral bonus is a flat $25, on terms effective June 8, 2026.

How do you move investments from a bank to Wealthsimple?

Open the matching account at Wealthsimple and request the transfer from the app; don’t withdraw and redeposit, which can cost TFSA room or make an RRSP withdrawal taxable.

1. Check the exit fee. RBC, TD, CIBC and Scotia iTRADE charge $150 per account; BMO charges $0. Wealthsimple’s policy: the fee is reimbursed on transfers of $25,000 or more, up to $150 per account.
2. Open the same account type at Wealthsimple. TFSA to TFSA, RRSP to RRSP, FHSA to FHSA.
3. Ask how your bank’s own mutual funds will move. If Wealthsimple can’t hold a fund you own, it has to be sold and moved as cash, so ask your bank before you start and decide when that sale happens.
4. Start the transfer from the Wealthsimple app, using the account details on a recent statement from your bank.
5. Wait. Most transfers take 2–4 weeks; RESPs take 6–8 weeks. If Wealthsimple reimburses your transfer fee, its reimbursement policy requires the account to stay funded for 90 days after the transfer.

Large transfers can also qualify for Wealthsimple’s transfer match: 1% of the net amount transferred when you transfer $25,000 or more within 30 days of registering, paid over 24 months. Check the current terms before counting on it. The step-by-step version is in how a transfer to Wealthsimple works, and if you’re leaving a bank entirely, the guide to switching from a Big 5 bank covers payroll and bill payments.

Decision framework: Wealthsimple or your bank?

Pick Wealthsimple if:

• You buy stocks or several different ETFs and don’t want to check a free-ETF list.
• Your accounts are small enough to trigger TD’s, CIBC’s or Scotia iTRADE’s admin fees (under $15,000, $10,000 or $25,000 respectively).
• You trade options, or want idle cash earning interest.
• You want a chequing account with a $0 monthly fee.

Stay with your bank’s brokerage if:

• You want branch or phone help with your investments.
• You hold a lot of US stocks in a TFSA or RRSP and want US dollars without a monthly charge (RBC and CIBC include it).
• A bank bundle already makes your trades free (Scotiabank’s Preferred or top-tier package, CIBC’s Young Investor pricing or TD Easy Trade), or the one ETF you buy is on your bank’s commission-free list.
• You bank at BMO: InvestorLine already charges $0, so compare the Wealthsimple vs BMO InvestorLine details before moving.

Use both if:

• You want branches, a mortgage or bank credit cards, but cheaper investing. Keep chequing at the bank and move your TFSA, RRSP or FHSA, after checking that the move won’t cost you a fee waiver.

The verdict

For most Canadians investing on their own, Wealthsimple is cheaper than RBC Direct Investing, TD Direct Investing, CIBC Investor’s Edge and Scotia iTRADE, and it matches BMO InvestorLine on stock and ETF commissions while beating it on options and idle cash. The banks are no longer uniformly expensive, though: an ETF on your bank’s free list, a banking bundle with free trades, or a large balance can bring your bank’s cost close to Wealthsimple’s.

The banks still win for people who value branches, hold US dollars long term in registered accounts, or want every product under one roof. For everyone else, the practical setup is simple: keep a basic bank account for what an app can’t do, and invest where every trade costs $0. This page is general education, not financial advice; check each company’s current fee page before you move money.

Compare Wealthsimple with each big bank

• Wealthsimple vs RBC Direct Investing: GoSmart, XEQT and RBC’s chequing plans
• Wealthsimple vs TD Direct Investing: TD Easy Trade and TD’s commission-free ETFs
• Wealthsimple vs BMO InvestorLine: now that BMO charges no commission on stocks and ETFs
• Wealthsimple vs CIBC Investor’s Edge: Young Investor pricing and the annual fee
• Wealthsimple vs National Bank Direct Brokerage: National Bank of Canada’s online brokerage
• Wealthsimple vs Tangerine: Scotiabank’s online bank
• Our complete Wealthsimple guide: every account, fee and review in one place