Comments on: RBC Direct Investing Simplifies Administration Fees

By: Howard Hare

Howard Hare — Wed, 04 Jul 2012 12:33:40 +0000

I have used the sites of most of the banks, RBC is by far my most favourite, easy to use,great to monitor, and BEST for Bonds.

By: T. Chasmar

T. Chasmar — Sun, 13 May 2012 14:21:54 +0000

It’s about time the banks did this for small investors. It has been a long time coming. Small investors are the ones who can least afford to pay yet often are charged the highest fees.

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Fri, 04 May 2012 11:31:31 +0000

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By: Don

Don — Thu, 03 May 2012 03:32:49 +0000

I’ve got the typical spilt you describe (his and hers RRSPs, his and hers TFSAs, joint or his and hers CAD and USD investment accounts and if you have kids, perhaps a few more RESP accounts) at TDW and after asking their rep during an in-person meeting to waive all admin fees, he did so without hesitation.

By: Canadian Capitalist

Canadian Capitalist — Wed, 02 May 2012 17:30:16 +0000

@CJOttawa: Yes, you can avoid some admin fees with TD (and looks like BMO as well) but like you say, you are going to be dinged with a RRSP or RESP. I just wish they’ll follow RBC’s lead and rationalize the patchwork of admin fees. Anything that gives a break to a small investor is very welcome.

By: CJOttawa

CJOttawa — Wed, 02 May 2012 17:01:35 +0000

TD Canada Trust offers a no-fee savings account.

Combine that with a TD Waterhouse no-fee TFSA and cash brokerage account (no fee if you have the TFSA) and you don’t pay a dime with TD.

The RRSP does have a charge below a certain threshold; I’ll max out the TFSA before I open the RRSP. (employer plan kills my RRSP contribution room anyway)

Sadly, Scotia iTRADE cancelled their “no fee, no minimum balance” RRSP in April, taking a step backward for investors just starting out.

By: Canadian Capitalist

Canadian Capitalist — Wed, 02 May 2012 16:02:05 +0000

@Michael James: BMO’s fee schedule appears to be similar to TDW. It is possible you can get the fees waived if you ask for it but it appears that the default charge for a RRSP account is an admin fee of $100 if the account value is less than $25K.

http://www.bmoinvestorline.com/Commissions/FeesBrochure.pdf

By: Canadian Capitalist

Canadian Capitalist — Wed, 02 May 2012 14:51:05 +0000

@James: I’m with TDW and I have had success waiving a variety of fees as well. The trouble is these waivers are completely discretionary. Of course, it is best to always request a waiver. The worst TDW can do is say no.

@David: RBC to its credit sort of offers a trailer fee rebate for its own mutual funds under the D-class. I agree that it is ridiculous to pay trailer fees for guaranteed zero advice.

By: Michael James

Michael James — Wed, 02 May 2012 14:30:56 +0000

I’m not too sure about the fee structure at BMO Investorline for small accounts, but they do allow investors to link accounts to get into 5 star silver/gold status.

By: James

James — Wed, 02 May 2012 13:16:10 +0000

Your statement about TD Waterhouse is not strictly true. The administrative fee is generally waived if your household assets are larger than $25,000 (at their discretion). I have many different accounts with TDW and have never paid an administration fee.

The key is that you have to actually talk to a representative and have them link your accounts under an umbrella reference.