Wealthsimple vs RBC Direct Investing: Fees, GoSmart, TFSA and Chequing

Wealthsimple vs RBC Direct Investing comes down to what you buy and where you bank. Wealthsimple charges $0 commission on every Canadian and US stock and ETF. RBC charges $9.95 per online or mobile trade, but waives it on a list of iShares ETFs and, through GoSmart, its mobile platform for existing RBC clients, on a yearly allowance of trades. This guide compares commissions, GoSmart, TFSAs, US dollars, transfers and chequing so you can pick the account that matches how you actually invest.

Wealthsimple vs RBC Direct Investing at a glance

YieldMaple checked Wealthsimple’s pricing page and RBC Direct Investing’s Commissions, Fees and Rates page on September 23, 2026; every figure below comes from those pages or the two companies’ account pages.

Wealthsimple vs RBC Direct Investing — self-directed investing (September 2026)

	Wealthsimple	RBC Direct Investing
Commission on stocks and ETFs	$0	$9.95 per online or mobile trade (full-suite accounts)
Commission-free exceptions	Not needed: every Canadian and US stock and ETF	50+ listed ETFs in every account; GoSmart adds 50 commission-free stock and ETF trades per year
Frequent-trader rate	$0	$6.95 per trade with 150 or more trades a quarter
Options	US$0 per contract	$9.95 plus $1.25 per contract ($6.95 plus $1.25 per contract with 150+ trades a quarter)
Minimum and maintenance fee	Minimum: none; opening fee $0	$0 (no quarterly or annual maintenance fee and no minimum balance)
Fractional shares	yes — thousands of Canadian and US stocks and ETFs	Not listed on RBC's pricing or GoSmart pages; dividend reinvestment buys whole shares only
Holding US dollars	$10 a month for Core clients; free for Premium and Generation	No extra fee, in TFSA, FHSA, RRSP, cash and margin accounts (not RESPs, and not GoSmart)
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	Spread of about 1.6% on conversions up to US$24,999; about 1.0% on conversions of US$25,000 to US$99,999
Account types	TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts	TFSA, FHSA, RRSP, RESP, RRIF, cash, margin, business and trust accounts (GoSmart: TFSA, FHSA and RRSP only)
Mutual funds, GICs, bonds	Trading app built around stocks, ETFs, options and crypto	Mutual funds $0 commission (full-suite accounts; not available in GoSmart); bonds and GICs: commission built into the quoted price
Transfers	Reimburses other brokers' fees: reimbursed on transfers of $25,000 or more, up to $150 per account	Charges $150 to transfer out; reimburses up to $200 when you transfer $15,000 or more (up to $500 for Royal Circle and Royal Distinction members)
Bank relationship needed	No	Full-suite: no. GoSmart: existing RBC clients using the RBC Mobile app
Investor protection	securities eligible for CIPF coverage up to $1M per defined account	CIPF member, wholly owned by Royal Bank of Canada

Is Wealthsimple better than RBC Direct Investing?

For most people who buy stocks and ETFs on their own, yes: Wealthsimple charges $0 commission on every Canadian and US stock and ETF.

RBC Direct Investing’s standard price is $9.95 per online or mobile trade for a full-suite account, charged in US dollars on US-listed securities. The lower Active Trader price is $6.95 per trade with 150 or more trades a quarter, which works out to about 600 trades a year, so it only matters for very active traders. Neither brokerage charges a fee to open or keep a standard account: Wealthsimple’s opening fee is $0 with no minimum, and RBC lists an account maintenance fee of $0 (no quarterly or annual maintenance fee and no minimum balance).

The gap closes in two situations:

• You only buy ETFs on RBC’s free list. Every RBC account, full-suite or GoSmart, gets unlimited commission-free trades on 50+ ETFs: iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS. Someone buying XEQT every month pays no commission at either brokerage.
• You’re an RBC client using GoSmart. GoSmart includes 50 commission-free stock and ETF trades per year on any Canadian or US stock or ETF, inside a TFSA, FHSA or RRSP.

Outside those cases, RBC costs more on every trade. Options are the starkest example: Wealthsimple charges US$0 per contract, while RBC charges $9.95 plus $1.25 per contract ($6.95 plus $1.25 per contract with 150+ trades a quarter). A five-contract options trade costs $16.20 at RBC’s standard rate.

Where does RBC Direct Investing beat Wealthsimple?

RBC wins when you want investing tied to your RBC bank account, US dollars at no monthly cost, or products beyond stocks and ETFs.

• Instant transfers from RBC banking. Transfers from an RBC bank account into RBC Direct Investing are processed in real time, 4:30 a.m. to 6:55 p.m. ET, seven days a week, and RBC shows your banking and investing under one login.
• US dollars in registered accounts at no extra fee. Full-suite RBC accounts include multi-currency accounts at no extra charge, and you can hold US dollars in TFSA, FHSA, RRSP, cash and margin accounts (not RESPs, and not GoSmart). At Wealthsimple, the USD account costs $10 a month for Core clients; free for Premium and Generation.
• A wider shelf. Mutual funds trade with $0 commission (full-suite accounts; not available in GoSmart); bonds and GICs are sold with the commission built into the quoted price; and full-suite accounts can trade in USD, plus other currencies such as GBP, HKD and EUR. Full-suite account types include TFSA, FHSA, RRSP, RESP, RRIF, cash, margin, business and trust accounts. Wealthsimple’s trading app is built around stocks, ETFs, options and crypto.
• Moving to RBC is subsidized too. If your current brokerage charges a transfer-out fee, RBC reimburses up to $200 when you transfer $15,000 or more (up to $500 for Royal Circle and Royal Distinction members).
• People and branches. RBC says you can call, email, visit a branch or one of its Investor Centres about opening an account, and RBC Online Banking clients get free practice accounts to try the platform first.
• Avion points. RBC Avion Rewards members can use points to pay trade commissions in eligible RBC Direct Investing accounts.
• A bigger welcome offer, if you qualify. RBC’s current GoSmart offer pays $100 when you deposit $2,000 into your first GoSmart account (accounts opened between August 4 and November 2, 2026, through RBC’s promotional link or QR code, with the deposit made by February 2, 2027). Wealthsimple’s affiliate-link bonus is $25 with a $1 minimum deposit, paid in up to 60 business days.

Where does Wealthsimple beat RBC Direct Investing?

Wealthsimple wins on price for anything outside RBC’s free list, on fractional shares and options, and on flexibility: no bank relationship or trade allowance to track.

• Every stock and ETF at $0 commission. That includes Vanguard ETFs like VFV and VEQT, which aren’t on RBC’s list, and any individual Canadian or US stock.
• Fractional shares. Available at Wealthsimple: yes — thousands of Canadian and US stocks and ETFs. A small monthly contribution is fully invested even when one share costs more. RBC’s pricing and GoSmart pages don’t list fractional-share trading, and its dividend reinvestment plan reinvests into whole shares only.
• One app for more account types. Wealthsimple’s self-directed accounts cover TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts. GoSmart holds only a TFSA, FHSA or RRSP, and full-suite RBC accounts come without GoSmart’s free trades.
• Transfers in, compared with GoSmart. Wealthsimple covers other institutions’ transfer fees on moves of $25,000 or more, while GoSmart can’t take an existing account at all: transfers are not accepted from other investment accounts, at RBC or elsewhere. RBC’s full-suite accounts do accept transfers, and their reimbursement starts at a lower balance (up to $200 when you transfer $15,000 or more (up to $500 for Royal Circle and Royal Distinction members)).
• Cash earns something. Uninvested cash inside RBC Direct Investing earns 0% on cash balances (CAD and USD), including TFSA and RRSP accounts. At Wealthsimple you can keep cash in Chequing at 1.25% (Core) or Savings at 2.5% (available to every client, no tiers) while you decide what to buy.

Wealthsimple vs RBC GoSmart: what’s the difference?

GoSmart is RBC’s closest answer to Wealthsimple: a mobile platform in the RBC Mobile app with 50 commission-free stock and ETF trades per year, but only for RBC clients and only in registered accounts.

RBC GoSmart vs Wealthsimple (September 2026)

	RBC GoSmart	Wealthsimple
Who can open	Only existing RBC clients using the RBC Mobile app	No bank relationship needed
Accounts	TFSA, FHSA and RRSP accounts only, in Canadian dollars	TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts
Stock and ETF commission	50 commission-free stock and ETF trades per year, plus unlimited trades on 50+ listed ETFs	$0
After the allowance	$9.95 per trade	$0
Recurring investing	Yes; recurring investments into one of four all-in-one ETFs don't count toward the 50 free trades	Yes, with fractional shares
Transfers in	No: not accepted from other investment accounts, at RBC or elsewhere	Yes; other brokers' fees reimbursed on transfers of $25,000 or more, up to $150 per account
Options, margin and other products	no mutual funds, fixed income, options, margin or securities listed outside Canada and the U.S.	Options at US$0 per contract; margin by application
New-client offer	$100 when you deposit $2,000 into your first GoSmart account (accounts opened between August 4 and November 2, 2026)	$25 with a $1 minimum deposit

The 50 free trades are counted per client, not per account, reset every January and don’t carry over. Recurring buys into one of GoSmart’s four all-in-one ETFs don’t use them up, and RBC’s GoSmart comparison page says trades in its free-list ETFs don’t count toward the 50 either. After the allowance, RBC’s standard $9.95 commission applies to each trade.

The limits matter more than the price. GoSmart holds TFSA, FHSA and RRSP accounts only, in Canadian dollars, so a US stock purchase converts your Canadian dollars automatically and dividends convert back. It has no mutual funds, fixed income, options, margin or securities listed outside Canada and the U.S.. And it cannot take an existing account: transfers are not accepted from other investment accounts, at RBC or elsewhere. If your needs grow, RBC lets you move from GoSmart to a full-suite account at no charge.

GoSmart makes sense if you already bank at RBC, invest only through a TFSA, FHSA or RRSP, and place fewer than 50 trades a year outside RBC’s free ETF list. It’s the wrong tool if you want to consolidate an old account, hold US dollars, trade options or open an RESP or non-registered account. Wealthsimple covers all of those, with margin available by application, and without an allowance to track.

How much would a year of investing cost at each?

Anywhere from nothing at either brokerage to $1,194 a year at RBC, depending on which ETFs you buy and how often you trade. Five common cases:

1. Monthly XEQT purchases in a TFSA (12 trades a year). Wealthsimple: no commission. RBC full-suite or GoSmart: no commission, because XEQT is on RBC’s free list. There’s no cost reason to switch; decide on the other features.
2. Monthly VFV purchases (12 trades a year). Wealthsimple: no commission. RBC full-suite: $119.40 a year. GoSmart: no commission, since 12 trades fit inside the 50-trade allowance.
3. An active stock picker placing 10 trades a month (120 a year). Wealthsimple: no commission. RBC full-suite: $1,194 a year, because the Active Trader rate needs 150 trades per quarter. GoSmart: $696.50 a year, and only inside a TFSA, FHSA or RRSP.
4. Converting Canadian dollars once to buy US stocks. On a $10,000 conversion, Wealthsimple’s CAD account costs about $150, and RBC’s spread costs about $160. A Wealthsimple USD account on Core converts that amount at the lower tier but adds the monthly fee: about $220 in the first year, or about $100 on Premium. RBC’s full-suite account then holds the US dollars at no extra fee.
5. Moving an RBC TFSA worth at least $25,000 to Wealthsimple. RBC’s $150 transfer-out fee is reimbursed by Wealthsimple up to $150 per account, so the fee itself nets to nothing. RBC’s fee schedule adds GST/HST where applicable, and the reimbursement stops at $150, so any tax on top may be yours to pay. Below the threshold, you pay RBC’s fee yourself.

Two caveats on case 4. RBC’s percentage is its own rounded estimate of a spread measured in basis points, and Wealthsimple’s fee schedule says its fee is applied to Wealthsimple’s own corporate exchange rate, so treat the two as roughly equal for small conversions. Both get cheaper as amounts grow: Wealthsimple’s USD account converts at 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000, and RBC’s spread falls to about 1.0% on conversions of US$25,000 to US$99,999 and about 0.6% on conversions of US$100,000 to US$499,999. For larger amounts, Norbert’s gambit is a cheaper route at brokerages that support it. To model your own mix of trades, use the Canadian brokerage fee calculator.

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

Open the TFSA where your regular purchases are commission-free: that’s every Canadian and US-listed ETF at Wealthsimple, or RBC’s listed iShares ETFs if you already bank there.

The 2026 TFSA limit is $7,000, and your contribution room is shared across every TFSA you own, so holding one at each institution doesn’t give you more room. A few TFSA-specific differences:

• Withdrawals. RBC charges $0 to withdraw from a TFSA or FHSA, but $50 per RRSP withdrawal and $25 for a Home Buyers’ Plan withdrawal.
• US dollars inside the TFSA. A full-suite RBC TFSA can hold US dollars at no extra fee, which avoids converting back and forth on US holdings. A GoSmart TFSA is Canadian dollars only.
• Idle cash. Uninvested cash in an RBC TFSA earns 0% on cash balances (CAD and USD), including TFSA and RRSP accounts.
• Small, regular contributions. Wealthsimple’s fractional shares let every dollar of a small TFSA deposit go to work.
• Consolidating old TFSAs. GoSmart can’t accept transfers, so use a full-suite RBC account or Wealthsimple if you want to bring TFSAs together.

Wealthsimple vs RBC chequing account: which costs less?

Wealthsimple Chequing costs less: it has a $0 monthly fee, while RBC’s standard chequing fees range from $4 a month to $30 a month.

RBC’s four main chequing accounts have standard monthly fees of $4 a month (Day to Day Banking), $12.95 a month (Advantage Banking), $16.95 a month (Signature No Limit Banking) and $30 a month (VIP Banking). Over a year that’s $48 for the cheapest and $203.40 for Signature No Limit before rebates. RBC’s Value Program can cut the fee: you get 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.

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. Its Savings account pays 2.5% (available to every client, no tiers), against 0.55% posted for RBC High Interest eSavings on September 23, 2026. On a $10,000 balance, that’s about $195 more interest a year at Wealthsimple if rates stay put, which they rarely do. See Wealthsimple interest rates by plan for the current tiers.

RBC still wins for some people: branches and in-person service, a full bank relationship with your mortgage and credit card, and deposit insurance directly at the bank (RBC says its chequing accounts are CDIC-insured for up to $100,000). 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).

Is Wealthsimple owned by RBC?

No: Wealthsimple is a separate company and not part of RBC, while RBC Direct Investing is owned by Royal Bank of Canada.

Per RBC’s own disclosures, RBC Direct Investing is a wholly owned subsidiary of Royal Bank of Canada and a member of CIRO and CIPF. Wealthsimple’s investment accounts are also CIPF-protected: securities eligible for CIPF coverage up to $1M per defined account. So a stock or ETF held at either brokerage has the same kind of protection if the dealer fails; it doesn’t protect against market losses at either one.

Nothing stops you from using both. A common setup is to keep your everyday banking at RBC, link that account to Wealthsimple, and invest there. Just remember the TFSA, RRSP and FHSA limits are yours, not per institution.

What about Wealthsimple managed investing vs RBC InvestEase?

They start at the same headline fee: Wealthsimple’s managed portfolios cost 0.50% a year on Core, and RBC InvestEase charges 0.50% a year plus applicable sales taxes (the ETFs' own fees are extra).

Wealthsimple’s managed fee falls to 0.40% a year once you have $100,000 in assets. On a $50,000 portfolio, either service costs about $250 a year before sales tax, which both add to their fees, and the ETFs’ own fees. InvestEase begins investing once your balance reaches $100. If you’re weighing robo-advice against doing it yourself, the managed vs self-directed comparison covers that choice.

Wealthsimple vs RBC on Reddit: which old claims are out of date?

Before trusting an older thread or review, re-check three points: RBC’s quarterly fee is gone, Royal Circle doesn’t make trades free, and Wealthsimple does offer RESPs.

1. The quarterly fee. RBC’s pricing FAQ says older articles and third-party sites still reference a $25 quarterly maintenance fee, which RBC says no longer exists. The current account maintenance fee is $0 (no quarterly or annual maintenance fee and no minimum balance).
2. Royal Circle. RBC’s Royal Circle page states that all clients pay $9.95 flat per equity trade, with no minimum balance or trading activity required. Membership requires $250,000+ in month-end balances for four consecutive months, or more than $5,000 a year in trading commissions, and the perks are service, research, margin rates and transfer-fee reimbursement, not free trades.
3. Wealthsimple’s account list. Wealthsimple’s self-directed accounts cover TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts, so an RBC RESP, RRIF or corporate account doesn’t have to stay at RBC for lack of an alternative.

Threads are useful for how an app feels day to day. For fees, go to the provider’s pricing page: both companies change theirs, and RBC still labels GoSmart as new, so older posts won’t cover it.

How do you move from RBC Direct Investing to Wealthsimple?

Open the matching account at Wealthsimple, then request the transfer from Wealthsimple’s side; RBC’s $150 fee is reimbursed on moves of $25,000 or more.

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 RBC Direct Investing account number from a recent statement.
3. Choose whether to move your holdings as they are or as cash, where both are offered.
4. Wait: most transfers take 2–4 weeks.
5. Keep the RBC statement that shows the transfer-out fee.

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

Decision framework: Wealthsimple or RBC?

Pick Wealthsimple if:

• You regularly buy ETFs that aren’t on RBC’s free list, such as VFV or VEQT, or individual stocks
• You want fractional shares or small, frequent purchases
• You trade options
• You don’t bank at RBC, or you want an RESP, non-registered or corporate account alongside your TFSA in one app
• You’re moving an account worth at least $25,000 and want the transfer fee covered

Pick RBC Direct Investing (full-suite) if:

• You bank at RBC and value instant transfers and one login
• You hold US dollars long term in a TFSA or RRSP and aren’t on Wealthsimple Premium
• You want mutual funds, GICs, bonds or trading on exchanges outside North America
• Your whole portfolio is iShares ETFs on RBC’s free list, like XEQT
• You want branch or phone help from your bank

Pick RBC GoSmart if:

• You’re already an RBC client, invest only in a TFSA, FHSA or RRSP, place fewer than 50 trades a year outside RBC’s free ETF list, and don’t need to transfer an old account in

Use both if:

• You want RBC for everyday banking and Wealthsimple for the investing RBC would charge you for

The verdict

For most self-directed investors, Wealthsimple is the cheaper and simpler choice: $0 commission on every Canadian and US stock and ETF, fractional shares, and no bank relationship or trade allowance to manage.

RBC Direct Investing isn’t a bad brokerage. Its free iShares list and GoSmart cover the classic buy-XEQT-every-month plan at no commission, and it beats Wealthsimple on US-dollar accounts, product range and in-person service. But at $9.95 per online or mobile trade for everything else, it costs more the moment you step outside that list.

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

For the same question at other banks, compare Wealthsimple vs TD Direct Investing, Wealthsimple vs BMO InvestorLine and how Wealthsimple stacks up against all five big banks. Everything else about the platform is in our complete Wealthsimple guide.