Wealthsimple vs the Big 5 Bank Brokerages (2026): Is Leaving Your Bank Worth It?

Many Canadians invest at the brokerage arm of the bank where they keep their chequing account. This page compares that choice with moving to Wealthsimple: what each charges, what a bank brokerage offers that an app-first broker may not, and what switching involves. For the full market, including Questrade and Interactive Brokers, see the online broker comparison.

Commissions compared

What each charges per standard online stock or ETF trade as of September 2026, and what 24 trades a year (two ETF purchases a month, outside any commission-free list) would add up to:

If the ETFs you want are on your bank’s commission-free list, the bank column drops to $0 too, so check the list before deciding the move is worth it.

Account fees

Some bank brokerages charge an annual fee on smaller accounts. CIBC Investor’s Edge charges $100 a year when combined balances are $10,000 or less (not on FHSAs, and not in a new client’s first year), BMO InvestorLine eliminated its administration fees along with commissions, and RBC Direct Investing lists no account maintenance fee. Wealthsimple lists no monthly account fee. Check the fee schedule at TD and Scotia for the balance you hold.

What a bank brokerage offers

• Instant transfers from your chequing account at the same bank, and one login for banking and investing.
• Research reports and more detailed trading platforms, which some active investors prefer.
• Branch and phone support, and a path to the bank’s advisory and wealth management services as needs grow.
• A wide range of accounts, including less common ones; confirm the one you need.

What Wealthsimple offers

• $0 stock and ETF trades on every security, not just a list, and $0 equity options contracts.
• Managed portfolios, a chequing account, crypto and tax filing alongside self-directed investing.
• Margin accounts, with a CAD rate from 4.95% at the Core tier.
• A USD account ($10/month at Core, included at Premium), with US trades from a CAD account converted at 1.5%.

Switching from a bank brokerage

1. Open the same account types at the new broker.
2. Request a transfer from the new broker, choosing “in kind” to move holdings without selling.
3. The bank processes the transfer and may charge a transfer-out fee per account.
4. Check that every holding and the book value arrived correctly.

The guide to transferring to Wealthsimple covers the steps and timelines. If commissions are the main reason for leaving, note that BMO InvestorLine now charges $0, and the other banks’ commission-free ETF lists may already cover a simple portfolio.

Which fits

Staying at your bank’s brokerage tends to suit investors who value instant transfers and one relationship, use the bank’s research or advisory services, or already buy ETFs on its free list.

Moving to Wealthsimple tends to suit investors who pay commissions on most trades, want managed and self-directed investing side by side, or want a simpler app.

For another independent alternative with a wider range of investments, see Wealthsimple vs Questrade.