Investing · Broker review
RBC Direct Investing review
The big bank that fixed its fee problem: maintenance fees eliminated entirely, free multi-currency registered accounts, and the most retiree-friendly RRIF terms of the Big Five.
Best for: RBC clients and retirees who want big-bank convenience without the fee traps
Pros
- No maintenance fees — any balance, any account, eliminated outright
- Free CAD/USD multi-currency registered accounts
- First two extra RRIF withdrawals each year are free
- 50+ commission-free ETFs and $0 mutual funds; GoSmart gives new investors 50 free trades/year
- Transfer-in reimbursement to $200 on $15,000+
Cons
- $9.95 a trade ($6.95 active) where five rivals charge $0
- GoSmart’s free tier is CAD-only and capped
- No fractional shares
Who RBC Direct Investing is
Canada’s biggest bank runs a brokerage that, until recently, was easy to mock: $9.95 trades plus quarterly fees. The fees part changed decisively — RBC eliminated maintenance fees outright, “no matter your balance or account type,” the cleanest fee story among the Big Five. CIRO dealer, CIPF member.
What you get for $9.95
The commission buys the full RBC integration: instant transfers from RBC banking, branches that can fix registered-account paperwork in person, and free multi-currency accounts that hold CAD and USD side by side in the same RRIF — ending the double-conversion drain on US dividends without monthly or quarterly charges.
The free-ETF list (50+) and $0 mutual funds blunt the commission for index investors; an all-ETF couch-potato portfolio can trade here nearly free. Frequent stock traders are still better off anywhere on the $0 list.
For retirees
RBC built the most drawdown-friendly terms of the Big Five: no account fees at any balance (so a shrinking RRIF never triggers penalties), two free extra RRIF withdrawals a year beyond the schedule, and TFSA/FHSA withdrawals at $0. Add the human branch network for the inevitable estate-and-paperwork years, and the $9.95 commissions start looking like an acceptable convenience tax on a buy-and-hold retirement portfolio.
Frequently asked questions
What does RBC Direct Investing charge to trade?
Stocks and ETFs: $9.95 ($6.95 at 150+ trades/quarter); 50+ commission-free ETFs; all mutual funds $0. Options: $9.95 + $1.25/contract. Account fees: $0 — RBC eliminated maintenance fees entirely, any balance, any account. Figures verified at RBC Direct Investing's own pricing pages on June 10, 2026 — compare the whole field on our Best online brokers ranking.
Which registered accounts does RBC Direct Investing offer? Can it hold a RRIF?
TFSA, RRSP, RRIF, FHSA, RESP — first 2 extra RRIF withdrawals each year are free. Yes — RRIF support means an RRSP here can convert at 71 and stay put, with no forced transfer at exactly the wrong moment. See the RRIF minimum calculator for what the drawdown schedule looks like.
Is my money safe at RBC Direct Investing?
CIRO dealer, CIPF member — $1M per account category if the firm fails. CIPF covers up to $1M for general accounts, plus $1M for registered retirement accounts combined, plus $1M for RESPs — against the firm failing, never against investments losing value. For cash deposits (a different regime), see the CDIC coverage planner.
The bottom line
You can pay less elsewhere — five brokers charge nothing — but among the Big Five, RBC has quietly built the most honest offering: no fee traps, real USD support, RRIF terms designed for actual retirees. For a low-trade-count retirement portfolio that values a branch, it’s defensible in a way big-bank brokerages usually aren’t.
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This review is for educational purposes only and is not investment advice. Commissions, FX rates, account fees and offers shown were verified at the broker's own published pricing on June 10, 2026 and change without notice. Our editorial rating reflects costs, account lineup, currency handling and service — it is never paid for. CIPF protects against member-firm insolvency, never market losses. Confirm current terms on the broker's site before opening an account. See our methodology.