Wealthsimple vs BMO InvestorLine: Fees, TFSA, US Dollars and Banking

Wealthsimple vs BMO InvestorLine used to be an easy call on price, because BMO charged a commission on every trade. That changed in 2026: BMO’s current fee schedule, dated September 2026, lists stock and ETF trades at $0, the same as Wealthsimple’s $0. This guide compares what still separates them (options, US dollars, idle cash, margin, managed portfolios, TFSAs and chequing) so you can pick the account that fits how you invest, or use both.

Wealthsimple vs BMO InvestorLine at a glance

YieldMaple checked Wealthsimple’s pricing page and BMO InvestorLine’s pricing page, its September 2026 Self-Directed Commission and Fee Schedule and its Interest Rates document on September 23, 2026; every figure below comes from those documents or the two companies’ account pages.

Wealthsimple vs BMO InvestorLine Self-Directed (September 2026)

	Wealthsimple	BMO InvestorLine
Commission on stocks and ETFs	$0	$0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted
Options	US$0 per contract	$0.90 per contract, no base commission
Minimum and account fees	Minimum: none; opening fee $0	Minimum: none; administration fees $0 (BMO says all brokerage account administration fees are now eliminated)
Fractional shares	yes — thousands of Canadian and US stocks and ETFs	Not mentioned on BMO's Self-Directed pages, FAQ or fee schedule
Holding US dollars	$10 a month for Core clients; free for Premium and Generation	In registered accounts (except RESPs), plus cash and margin accounts; no account fee in the fee schedule
CAD to USD conversion	1.5% from a CAD account; USD account: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000 (each fee is added to an exchange rate that includes a spread)	about 1.6% under US$25,000; 0.9% from US$25,000; 0.8% from US$75,000; 0.5% from US$100,000; no more than 0.4% from US$250,000
Interest on uninvested cash	Move it to Chequing, 1.25% on Core; or Savings, 2.5% (available to every client, no tiers)	0.00% on cash balances (CAD and USD), including TFSAs and RRSPs
Margin rate (Canadian dollars)	4.95% Core; 4.45% Premium; 3.95% Generation	6.00% outside the 5-Star Program
Account types	TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts	TFSA, FHSA, RRSP, RESP and RRIF; individual, joint, cash and margin accounts; locked-in accounts (LIRA, LRSP, RLSP, LRIF, LIF); and corporate, trust, estate and other non-personal accounts
Mutual funds, GICs, bonds	Not on Wealthsimple's list of trading products (stocks, ETFs, options, crypto, gold and more)	Mutual funds: no commission to buy, sell or switch; bonds and GICs: commissions, if any, built into the quoted price
Crypto	170+ cryptocurrencies	Not on BMO's list of Self-Directed investment types
Transfers	Other brokers' transfer fees reimbursed on transfers of $25,000 or more, up to $150 per account	Transfer-out fee $0 (was $150)
Investor protection	securities eligible for CIPF coverage up to $1M per defined account	CIPF member; a wholly owned subsidiary of Bank of Montreal

Is Wealthsimple better than BMO InvestorLine?

Usually, but not on commissions any more: Wealthsimple charges $0 and BMO InvestorLine $0 per stock or ETF trade, so options, US dollars and cash decide it.

BMO’s fee schedule applies that price to trades placed by phone with an agent as well as online ones. So the choice now turns on three questions:

1. Do you trade options? Wealthsimple charges US$0 per contract; BMO charges $0.90 per contract. Small per trade, but it adds up for anyone writing covered calls every month.
2. Do you hold US dollars for the long term? BMO holds them in registered accounts (except RESPs), plus cash and margin accounts without an account fee. Wealthsimple’s USD account costs $10 a month for Core clients; free for Premium and Generation.
3. Where does your spare cash sit? BMO InvestorLine pays 0.00% on cash balances (CAD and USD), including TFSAs and RRSPs. Wealthsimple pays 1.25% in Chequing on Core and 2.5% (available to every client, no tiers) in Savings, outside your investment accounts.

If none of those apply, neither will charge you a commission to buy and hold ETFs, and the decision comes down to the app you prefer and whether you want everything at your bank.

What changed in BMO InvestorLine’s fees in 2026?

BMO InvestorLine cut stock and ETF commissions to $0 during 2026 and has eliminated its account administration fees, including the $150 transfer-out fee.

• Commissions. BMO’s own summer 2026 promotion still defined a standard online trade at $9.95. The September 2026 fee schedule lists $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted.
• Options. The base commission is gone; the fee is $0.90 per contract.
• Account fees. Administration fees are now $0 (BMO says all brokerage account administration fees are now eliminated). The transfer-out fee is now $0, and the old small-account charges ($25 a quarter on non-registered accounts, $100 a year on RRSPs and LIRAs and $50 a year on RESPs) are all zero.
• What still applies. On currency, BMO earns about 1.6% on conversions under US$25,000. It also pays 0.00% on cash balances (CAD and USD), including TFSAs and RRSPs, and charges $2 a month per account if you ask for mailed statements.

Any comparison that still charges BMO a commission per trade, or counts a transfer-out fee against it, was written before this change. If an older review or forum thread ranks BMO last on cost, check its date.

Where does BMO InvestorLine beat Wealthsimple?

BMO wins if you hold US dollars long term, want mutual funds, GICs or bonds, want human advice at a flat price, or want your investing next to your BMO banking.

• US dollars in a TFSA or RRSP, with no account fee. Per BMO’s FAQ, you can hold US dollars in registered accounts (except RESPs), plus cash and margin accounts, and the fee schedule lists no charge for it. Wealthsimple’s USD account costs $10 a month for Core clients; free for Premium and Generation; on Core that is $120 a year.
• A cheaper rate on big conversions from a CAD account. BMO’s currency revenue falls with size: about 1.6% under US$25,000; 0.9% from US$25,000; 0.8% from US$75,000; 0.5% from US$100,000; no more than 0.4% from US$250,000. Wealthsimple’s CAD account charges 1.5% on every conversion, whatever the amount.
• A wider shelf. Mutual funds carry no commission to buy, sell or switch, although fund minimums apply and BMO charges 1% if you sell within 90 days (minimum $35 on online orders). Bonds, T-bills and GICs come with commissions, if any, built into the quoted price. None of those three appears on Wealthsimple’s list of trading products.
• Advice without a percentage fee. BMO’s adviceDirect costs $300 a year for $10,000 to $499,999.99 in billable assets ($3,000 a year from $500,000) with a $10,000 minimum. You still place the trades; BMO adds recommendations, portfolio monitoring and licensed advisors by phone.
• More account types. BMO’s Self-Directed list covers TFSA, FHSA, RRSP, RESP and RRIF; individual, joint, cash and margin accounts; locked-in accounts (LIRA, LRSP, RLSP, LRIF, LIF); and corporate, trust, estate and other non-personal accounts.
• Tools for active traders. BMO lists BMO Active Trader, multi-leg options, screeners, strategy builders, paper trading and an options analyzer. Its 5-Star Program, for clients with 15+ trades a quarter or more than $250,000 in investments, adds perks by tier: per BMO’s FAQ, real-time quotes, preferred rates and transfer-fee reimbursement from another institution at the Gold tier, and Level 2 quotes at Platinum and Diamond.
• People and branches. You can open an account in a BMO branch or over the phone, and non-registered InvestorLine accounts include AccountLink, a linked BMO chequing account for moving cash in and out.

One thing to check on quotes: BMO’s pricing page says every client gets real-time streaming market data, but its market-data table lists delayed Level 1 data for standard clients and real-time Level 1 and Level 2 for Active Trader and 5-Star clients. Wealthsimple’s pricing page lists real-time streaming quotes on every plan.

Where does Wealthsimple beat BMO InvestorLine?

Wealthsimple wins on options, fractional shares, margin rates, interest on spare cash, managed-portfolio fees, crypto and everyday banking costs.

• Options at US$0 per contract. BMO charges $0.90 per contract.
• Fractional shares. Available at Wealthsimple: yes — thousands of Canadian and US stocks and ETFs. BMO’s Self-Directed pages, FAQ and fee schedule don’t mention fractional-share trading, so a small deposit buys whole units and the remainder waits as cash.
• Automatic investing and dividend reinvestment. Wealthsimple’s pricing page includes recurring weekly, biweekly or monthly purchases and reinvests eligible dividends into the same stock or ETF within 24 hours, on every plan. BMO’s dividend reinvestment plan covers only a select number of Canadian securities that run their own treasury DRIP.
• Cash that earns something. BMO InvestorLine pays 0.00% on cash balances (CAD and USD), including TFSAs and RRSPs for Self-Directed clients outside its top 5-Star tier. At Wealthsimple, money waiting to be invested can sit in Chequing at 1.25% (Core) or Savings at 2.5% (available to every client, no tiers).
• Cheaper margin. Wealthsimple charges 4.95% on Core, 4.45% on Premium and 3.95% on Generation. BMO charges 6.00% outside the 5-Star Program: both start from the same 4.45% prime rate, so BMO’s standard rate sits 1.55 percentage points above prime. In US dollars it’s 7.5% at Wealthsimple (Core) against 9.00% at BMO. The Wealthsimple margin account guide covers how borrowing works there.
• Crypto in the same app. Wealthsimple offers 170+ cryptocurrencies; crypto isn’t on BMO’s list of Self-Directed investment types.
• Lower managed and banking fees. Wealthsimple’s managed portfolios cost 0.50% a year on Core against 0.70% a year at BMO SmartFolio, and Wealthsimple Chequing has a $0 monthly fee. Both are covered below.

How much would a year of investing cost at each?

Anywhere from nothing at both to several hundred dollars more at one, depending on whether you trade options, convert currency, borrow on margin or leave cash idle. Seven common cases, using each company’s published prices:

1. Monthly ETF purchases in a TFSA (12 trades a year). Wealthsimple: no commission. BMO InvestorLine: no commission. The only difference is precision: Wealthsimple’s fractional shares invest the whole contribution, while at BMO whatever is too small for another whole unit waits as cash.
2. An options trader buying or writing 200 contracts a year. Wealthsimple: no contract fees. BMO: $180 a year. On US-listed options, both also convert currency unless you trade from US dollars.
3. Converting $10,000 to US dollars once. Wealthsimple’s CAD account: about $150. BMO: about $160, and BMO then holds the US dollars at no account fee. A Wealthsimple USD account on Core converts at a lower tier but adds the monthly fee: about $220 in the first year, or about $100 on Premium.
4. Converting $50,000 to US dollars. Wealthsimple’s CAD account: about $750. At BMO that’s roughly US$35,800, which lands in BMO’s second tier: about $450. A Wealthsimple USD account: about $370 in the first year on Core, or about $250 on Premium.
5. Borrowing $20,000 on margin for a year. Wealthsimple: about $990 on Core or about $890 on Premium. BMO outside the 5-Star Program: about $1,200.
6. Leaving $10,000 in cash for a year. BMO InvestorLine: nothing. The same money in Wealthsimple Savings: about $250 before tax, if the rate holds.
7. Moving a $60,000 BMO account to Wealthsimple. BMO’s transfer-out fee is $0, and Wealthsimple’s transfer match, if you qualify, adds $600.

Four caveats. BMO’s currency percentages are its own illustrative rounding of the revenue it earns on conversions, benchmarked to the 2025 Bank of Canada average exchange rate, so treat cases 3 and 4 as close estimates. Wealthsimple’s figures in cases 3 and 4 count only its conversion fee: its pricing page says the fee is applied to Wealthsimple’s own exchange rate, which already includes a spread, so the real cost there is somewhat higher. Rates change, especially margin and savings rates. And the two brokers calculate margin interest differently: Wealthsimple interest is calculated daily and charged monthly, while BMO charges on your monthly average debit balance.

Wealthsimple vs BMO for a TFSA: which should you open?

Open the TFSA where your plan costs least: Wealthsimple for small regular ETF buys and options, BMO if you’ll hold US stocks in US dollars or want GICs inside the TFSA.

The 2026 TFSA limit is $7,000, and your room is shared across every TFSA you own, so holding one at each institution doesn’t give you more. What differs inside the account:

• Commissions. None on stocks and ETFs at either one.
• US dollars. A BMO InvestorLine TFSA can hold US dollars with no account fee, so US dividends don’t get converted back and forth. At Wealthsimple, that needs the USD account at $10 a month for Core clients; free for Premium and Generation.
• Idle cash. On cash waiting to be invested, BMO InvestorLine pays 0.00% on cash balances (CAD and USD), including TFSAs and RRSPs. If you contribute early in the year and invest later, buy a high-interest savings or money market ETF in the meantime.
• Small contributions. Wealthsimple’s fractional shares put every dollar of a small monthly deposit to work.
• GICs and mutual funds. Available inside a BMO InvestorLine TFSA; neither is on Wealthsimple’s list of trading products.

If a BMO branch opened your TFSA, check your statement before comparing: it may hold BMO mutual funds, GICs or savings rather than a self-directed InvestorLine account. The Wealthsimple TFSA guide covers contribution room and what you can hold there.

Which is cheaper for US stocks, Wealthsimple or BMO?

For a one-off purchase from Canadian dollars they’re close, 1.5% at Wealthsimple against about 1.6% on conversions under US$25,000 at BMO; for US dollars held long term, BMO usually costs less.

Neither charges a commission on the US trade itself. At BMO, you can settle a US trade in Canadian or US dollars on the order screen; if you pick Canadian dollars, BMO converts enough to cover the whole trade at its rate. The currency cost is built into that rate rather than shown as a separate fee. RESPs are the exception: BMO has no US-dollar side for RESPs, and trades there settle in Canadian dollars.

At Wealthsimple, the 1.5% fee applies each time you buy or sell a US stock from a Canadian-dollar account. The two figures aren’t quite like for like: BMO’s percentage is the revenue it earns on the conversion, while Wealthsimple’s pricing page says its fee is applied to Wealthsimple’s own exchange rate, which already includes a spread. So on a one-off conversion, Wealthsimple’s all-in cost is somewhat higher than its headline fee. Frequent US traders are better off with the USD account, which converts at 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000 and is free on Premium. Cases 3 and 4 above show the break-even: BMO wins for someone on Core who holds US dollars for years, and a Wealthsimple Premium client converting large amounts can come out ahead.

What about Wealthsimple managed investing vs BMO SmartFolio?

Wealthsimple’s managed portfolios cost less: 0.50% a year on Core against 0.70% a year for BMO SmartFolio’s first tier.

SmartFolio’s full schedule is 0.70% a year on the first $100,000, 0.60% on the next $150,000, 0.50% on the next $250,000 and 0.40% on the next $500,000, and BMO estimates the ETFs inside add a weighted average of about 0.20% to 0.35% a year. Wealthsimple’s fee drops to 0.40% a year once you reach $100,000 in assets. On advisory fees alone:

• A $50,000 portfolio: Wealthsimple about $250 a year; SmartFolio about $350 a year, plus roughly $100 to $175 in ETF costs by BMO’s estimate.
• A $150,000 portfolio: Wealthsimple on Premium about $600 a year; SmartFolio about $1,000 a year before ETF costs.

Wealthsimple’s portfolios hold ETFs with their own fees too; this guide doesn’t estimate them, so compare advisory fee with advisory fee. SmartFolio needs $1,000 to start and, unlike InvestorLine, still charges $135 per account to transfer out.

adviceDirect is a different animal: you trade yourself and BMO advises. The fee is $300 a year for $10,000 to $499,999.99 in billable assets ($3,000 a year from $500,000). On a larger self-managed portfolio that flat fee works out small, for example 0.15% of a $200,000 portfolio. If you’re deciding between hands-off and do-it-yourself in the first place, the managed vs self-directed comparison walks through that choice.

Wealthsimple vs BMO chequing: which costs less?

Wealthsimple Chequing costs less: a $0 monthly fee, against BMO’s main plans, which run from $4.00 a month to $30.95 a month, or $0 with a $6,000 minimum daily balance.

BMO’s main plans, per its chequing page:

• Practical: $4.00 a month
• Plus: $12.95 a month, or $0 with a $3,000 minimum daily balance
• Performance: $17.95 a month, or $0 with a $4,000 minimum daily balance
• Premium: $30.95 a month, or $0 with a $6,000 minimum daily balance

Over a year, that’s $48 for Practical, which lists no balance waiver, and $215.40 for Performance if you don’t keep the minimum balance. BMO’s FAQ says the balance is checked daily, so the waiver works only if it never dips below the minimum on any day of the month. BMO also offers chequing with no monthly plan fee to eligible students, newcomers, seniors, and kids and teens, so check those plans first if you qualify.

Wealthsimple Chequing pays 1.25% on Core, plus an extra 0.5% with at least $2,000 direct-deposited within 30 days, and comes with a Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account. On ATMs: no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. See Wealthsimple interest rates by plan for the current tiers.

BMO still wins for people who want branches, BMO’s own no-fee ATM network, cheques, and a mortgage, credit card and chequing account under one roof. Nothing stops you from keeping BMO for daily banking and investing at Wealthsimple: link your BMO account to Wealthsimple and move money between them.

Is Wealthsimple as safe as BMO?

For investments, yes: both carry CIPF protection if the dealer fails, although neither protects you from market losses.

BMO InvestorLine is a member of the Canadian Investor Protection Fund (CIPF) and a wholly owned subsidiary of Bank of Montreal; its FAQ says client accounts are covered up to $1,000,000. Wealthsimple’s investment accounts are CIPF-protected too: securities eligible for CIPF coverage up to $1M per defined account.

Cash is where they differ. BMO Bank of Montreal is a member of the Canada Deposit Insurance Corporation (CDIC), so eligible chequing and savings deposits are insured at the bank itself. 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). Wealthsimple isn’t part of BMO, and BMO InvestorLine isn’t connected to Wealthsimple.

How do you move from BMO InvestorLine to Wealthsimple?

Open the matching account at Wealthsimple and request the transfer from Wealthsimple’s side; BMO’s transfer-out fee is now $0, so BMO no longer charges you to leave.

1. Open the same account type at Wealthsimple (TFSA to TFSA, RRSP to RRSP, FHSA to FHSA).
2. In Wealthsimple, start a transfer from another institution and enter your BMO InvestorLine account number from a recent statement.
3. Choose to move holdings as they are (in kind) or as cash, where both are offered. Mutual funds may have to be sold, since they aren’t on Wealthsimple’s list of trading products; check before you start, and avoid selling a fund you have held at BMO InvestorLine for under 90 days, which triggers BMO’s early-redemption fee: 1% if you sell within 90 days (minimum $35 on online orders).
4. Wait: most transfers take 2–4 weeks.
5. Keep your last BMO statement until the transfer shows up in full.

Wealthsimple’s transfer match can add 1% of the net amount transferred on transfers of at least $25,000, paid over 24 months, up to $20,000; check the current terms, including the registration window, before you count on it. The step-by-step Wealthsimple transfer guide walks through each screen.

Going the other way? BMO lists transfer-fee reimbursement from another institution as a 5-Star Program perk, so ask BMO before you move if your balance qualifies.

Decision framework: Wealthsimple or BMO InvestorLine?

Pick by what you trade and where you bank, because stock and ETF commissions no longer separate them.

Pick Wealthsimple if:

• You trade options, even occasionally
• You make small, regular contributions and want fractional shares
• You borrow on margin
• You want spare cash earning interest, or a no-fee chequing account in the same app
• You want managed portfolios at a lower fee than SmartFolio, or crypto next to your investments

Pick BMO InvestorLine if:

• You hold US stocks in a TFSA or RRSP and want to keep US dollars without a monthly fee
• You want mutual funds, GICs or bonds in the same account as your ETFs
• You want advice at a flat price through adviceDirect, or phone trades at no commission
• You bank at BMO and value branches and a single relationship
• You trade actively enough to qualify for the 5-Star Program

Use both if:

• You want BMO for everyday banking and US-dollar holdings, and Wealthsimple for options, fractional investing or cash that earns interest

The verdict

For most self-directed investors, Wealthsimple is still the better all-round account: the same $0 stock and ETF commissions as BMO, plus US$0 per contract options, fractional shares, lower margin rates and cash that earns interest.

BMO InvestorLine is now a genuinely competitive brokerage rather than a costly one. If you already bank at BMO, hold US dollars long term or want GICs, mutual funds and advice under one roof, there’s little fee reason left to leave it unless you trade options or borrow on margin. And if you’re at BMO only because moving used to cost $150, that reason is gone too.

This page is general education, not financial advice. Fees and offers change, so check both providers’ current pricing before you move money.

For the same question at other banks, compare Wealthsimple vs RBC Direct Investing, Wealthsimple vs CIBC Investor’s Edge and Wealthsimple vs TD Direct Investing. Everything else about the platform is in our complete Wealthsimple guide.