RBC Direct Investing Review (2026): Fees, GoSmart and Who It Suits

This review covers RBC Direct Investing, Royal Bank of Canada’s self-directed brokerage, including its GoSmart account for new investors: commissions and commission-free ETFs, accounts, research and who it suits. For the rest of the market, see the online broker comparison.

RBC Direct Investing is the self-directed brokerage of Royal Bank of Canada. It offers a full range of account types, research that includes reports from RBC Capital Markets and RBC Economics, and instant transfers from RBC bank accounts. Its pricing, effective August 1, 2025, has three tiers and includes commission-free trading on a selection of 50+ ETFs in every account. That narrows the gap with discount competitors for some investors, though the standard commission of $9.95 per trade still applies to stocks and to ETFs outside the free list.

The key question for most Canadians is whether the convenience of keeping investments at the same bank as their chequing account justifies the higher per-trade cost for assets outside the free ETF list.

Quick Overview

Fees effective August 1, 2025.

How RBC Direct Investing’s Three-Tier Structure Works

RBC’s pricing has three tiers with different feature sets. Knowing which tier you would fall into is the first step in judging whether RBC Direct Investing makes sense for you.

GoSmart is the entry-level product aimed at new investors. It is mobile-first, simplified, and limited to registered accounts (TFSA, FHSA, and RRSP). GoSmart investors get 50 commission-free stock and ETF trades per year across all their GoSmart accounts combined, plus unlimited free trades on the 50+ select ETFs available to all tiers. The trade-off is a restricted feature set: no options, no mutual funds, no GICs, no bonds, and no access to non-registered or business accounts.

Established Investors is the standard full-suite RBC Direct Investing account. It supports all registered, non-registered, and business account types. Stock and ETF trades cost $9.95 each for investors placing fewer than 150 trades per quarter. Mutual fund trades are commission-free, and you get the full research platform across all three trading platforms RBC offers.

Active Traders is the same full-suite platform as Established Investors, but with a reduced commission of $6.95 per stock or ETF trade for clients who place 150 or more trades per quarter. Several brokers, including NBDB, Qtrade and BMO InvestorLine, now charge $0 on stock and ETF trades, which matters most to the frequent traders this tier is aimed at.

All three tiers share one feature: unlimited commission-free trading on a curated list of 50+ ETFs.

The GoSmart Account: RBC’s Entry-Level Offering

GoSmart is RBC’s answer to commission-free brokerages like Wealthsimple Trade. It is mobile-first, stripped down to the essentials, and designed so that a new investor can open a TFSA or RRSP and start investing without navigating a complex full-service platform.

The 50 free trades per year work out to 4.2 trades per month, which is enough to cover most beginner buy-and-hold strategies on individual stocks or ETFs outside the free ETF list. Combined with unlimited free trades on the 50+ select ETFs, a new investor following a simple index ETF strategy could realistically pay nothing in commissions for years.

The limitations matter, though. GoSmart only works as a TFSA, FHSA, or RRSP. If you want a non-registered (taxable) account, a margin account, a RESP for a child, or a RRIF at retirement, you will need to transition to the full Established Investor account. GoSmart also does not support options trading or direct bond purchases, so investors who anticipate growing into those products should factor in the eventual upgrade.

For an RBC banking customer in their 20s or 30s who wants a simple registered account without moving their banking elsewhere, GoSmart could be a good option. For anyone who needs a broader account range or plans to invest in products outside stocks and select ETFs, the full-suite account or a competing discount broker could be more appropriate.

Fees and Pricing

Trading Commissions

Commissions effective August 1, 2025. Stock and ETF commissions are charged in the currency of the security (CAD or USD).

The 50 free trades for GoSmart accounts apply across all GoSmart accounts combined, which means if you hold both a TFSA and an RRSP under GoSmart, the free trades are shared, not doubled per account.

Account and Transfer Fees

Selected fees from the RBC Direct Investing Commissions and Fees Schedule, effective August 1, 2025.

There is no quarterly or annual maintenance fee and no minimum balance to keep an account open. RBC notes that older articles still mention a $25 quarterly maintenance fee that no longer exists.

Commission-Free ETFs: What’s Actually Free

The 50+ ETF program applies to all accounts with no limit on trade frequency or account size. For an investor following a passive index strategy using ETFs from RBC’s approved list, the effective commission cost is zero regardless of which tier they use.

The practical limitation is that the free list is curated, not the full ETF universe. When checked in September 2026 it was made up of iShares ETFs, Canadian- and US-listed, across equity, fixed income, multi-asset, commodity and digital-asset funds; ETFs from other providers pay the standard commission. RBC publishes the list on its website and may change it, so check whether your preferred ETFs qualify before placing a trade.

Contrast this with Questrade, which as of September 2026 charges $0 to buy and sell any ETF, or NBDB, which also charges $0 in both directions on all ETFs. For investors who hold a small, consistent set of broad-market index ETFs, RBC’s program may cover everything they need. For those who trade a wide variety of ETFs, it may not. See best all-in-one ETFs in Canada and how to buy ETFs in Canada for context on what a typical passive portfolio looks like.

ETF Cost Comparison

For ETFs within the 50+ free list (all accounts):

For ETFs outside the free list (Established Investor tier):

Whether you pay commissions depends entirely on whether your ETFs are on the free list. Before deciding RBC Direct Investing is cost-competitive for your portfolio, verify your specific ETF holdings against RBC’s list. The second table uses the Established Investor commission of $9.95 per trade; in a GoSmart account the first 50 stock and ETF trades each year are free.

Account Types

RBC Direct Investing supports a comprehensive range of account types through the full-suite tiers. GoSmart is limited to TFSA, FHSA, and RRSP.

Research and Platform

RBC Direct Investing’s research offering is one of its genuine strengths. The full-suite platform includes research by RBC Capital Markets, RBC’s investment banking arm, and RBC Economics, alongside third-party research and consensus ratings. For an investor who reads analyst reports before buying Canadian stocks, this has concrete value.

Beyond proprietary research, the full platform includes real-time market data, analyst ratings, technical charting tools, stock and ETF screeners, and financial news. Options analytics are available for accounts that support options trading. The full suite runs across three trading platforms: the standard online platform, RBC Mobile, and a dedicated application for more active investors.

GoSmart clients have access to mobile tools and basic research which is a more limited experience than the full-suite accounts, appropriate for investors who are starting out rather than managing complex portfolios.

RBC Banking Integration

For existing RBC customers, the link between Direct Investing and RBC banking is the platform’s most practical advantage. RBC lists instant transfers from RBC bank accounts, so money can move from chequing into an investment account without waiting for an external transfer.

This matters in situations where timing is relevant: acting on a market move, moving a payroll deposit into a TFSA the same day, or simply wanting one place to see your complete financial picture. At a broker outside your bank, an electronic transfer can take a few business days, although some offer instant deposits up to a limit.

RBC Direct Investing also offers phone and chat support for GoSmart and full-suite clients.

Whether that convenience justifies a premium on stock commissions depends on how often you trade and whether your ETFs fall within the free list. For a passive buy-and-hold investor using RBC’s approved ETF list, the integration benefit is real and the commission premium is effectively zero.

When It May Make Sense to Stay at RBC Direct Investing

Criticism of bank-owned brokers has long centred on per-trade commissions, and that picture is more mixed under RBC’s current pricing. There is a legitimate case for RBC Direct Investing in the right circumstances.

Staying may make sense if:

• You bank primarily at RBC and value instant transfers from your RBC bank accounts
• Your investment strategy is built around ETFs that fall within the 50+ free list
• You are a new investor opening a TFSA, FHSA, or RRSP and want a simplified mobile-first experience via GoSmart
• You actively use RBC Capital Markets research for Canadian equities

When to Consider Switching

Switching may make sense if:

• Your preferred ETFs are not on the free list and you trade them regularly
• You trade individual stocks frequently
• You are on GoSmart but need a non-registered, margin, or RESP account and that upgrade is the natural point to compare competitors
• You want commission-free ETF access across the full ETF universe rather than a curated list of 50+

The transfer-out fee is $150 per account. Some competing brokers reimburse transfer fees when you bring over enough assets; you start the transfer at the receiving broker, so ask about its reimbursement policy first.

Bottom Line

Under its current pricing, RBC Direct Investing is more competitive than its old per-trade reputation suggests. The GoSmart tier gives new investors an entry point with 50 free trades a year and access to the 50+ commission-free ETF list, and there is no account maintenance fee at any tier. And for passive ETF investors whose portfolios are built around the approved free list, the per-trade commission gap with competitors effectively disappears.

That said, $9.95 per stock trade and a limited commission-free ETF selection remain real drawbacks for active investors, stock pickers, or anyone who wants unrestricted ETF access. Questrade charges $0 to buy and sell any stock or ETF, and NBDB charges $0 in both directions on all stocks and ETFs, so both undercut RBC on commissions.

Related Reading

• Qtrade Direct Investing review
• Questrade review
• Wealthsimple review
• How to Buy ETFs in Canada