My practical take: If you specifically want a brokerage owned by a major Canadian bank, National Bank Direct Brokerage is the value leader because online Canadian and U.S. stock/ETF commissions are $0. RBC, TD, BMO, Scotia and CIBC can still make sense if you value bank integration, branch/phone support, research or already keep most of your financial life with that bank—but their standard full-service self-directed pricing is usually less attractive for frequent small trades.
Big-bank brokerage comparison
| Bank brokerage | Standard online stocks / ETFs | Options | Notable low-cost feature | Strengths | Weaknesses |
|---|---|---|---|---|---|
| National Bank Direct Brokerage (NBDB) | $0 Canadian & U.S. stocks and ETFs | $0 base + $1.25/contract; $6.25 minimum | Full $0 stock/ETF commission model | Research, Trading Central, Morningstar, OptionsPlay, bank-owned | Some admin/service fees; less mobile-first than fintech apps |
| RBC Direct Investing | $9.95/trade; $6.95 for 150+ trades/quarter | Base commission + contract fees | GoSmart: 50 commission-free stock/ETF trades per year + 50+ selected ETFs unlimited | Strong RBC integration, full account/product lineup, Trading Dashboard | Standard full-suite trading remains expensive vs $0 brokers |
| TD Direct Investing | $9.99/trade; $7 active trader; $0 selected ETFs | $9.99 + $1.25/contract standard | TD Easy Trade: first 100 stock/ETF trades per year commission-free | WebBroker, Advanced Dashboard, partial shares, broad research | Standard per-trade commission; quarterly maintenance fee can apply |
| BMO InvestorLine | $9.95/trade; $0 on selected ETFs | $9.95 + $1.25/contract | 100+ selected commission-free ETFs | Bank integration, research, GICs/bonds, established platform | Standard equity commission remains high for small/frequent trades |
| Scotia iTRADE | $9.99/trade; $4.99 for 150+ trades/quarter; commission-free ETF list | $9.99 + $1.25/contract standard | Selected commission-free ETFs and periodic mobile-trade promos | Scotiabank integration, research, broad investment lineup | Standard stock commissions higher than digital-first brokers |
| CIBC Investor's Edge | $6.95/trade; $4.95 active trader | Equity commission + $1.25/contract | Lower standard commission than most Big Five rivals | Simple CIBC integration, competitive bank-broker base commission | Still not $0 for standard stock/ETF trading |
Pros and cons of each major bank brokerage
National Bank Direct Brokerage
Pros: $0 online stock/ETF commissions, strong research tools, option strategy tools, traditional bank-backed brokerage. Cons: not every service is free, and users focused purely on app simplicity may still prefer a digital-first broker.
RBC Direct Investing
Pros: deep RBC integration, broad accounts and investment products, strong research and Trading Dashboard. Cons: full-suite $9.95 trades are difficult to justify for frequent small purchases. GoSmart improves the beginner proposition but is a more limited product.
TD Direct Investing
Pros: WebBroker is mature, Advanced Dashboard serves serious traders, partial shares are available, and TD Easy Trade gives up to 100 free trades per year. Cons: standard Direct Investing pricing is still $9.99 per trade and maintenance fees can apply.
BMO InvestorLine
Pros: good BMO integration, broad investment selection and selected $0 ETFs. Cons: most stock trades remain $9.95, so regular contributions into individual stocks can be costly compared with $0 brokers.
Scotia iTRADE
Pros: established research tools, selected commission-free ETFs, integration with Scotiabank and periodic promotions. Cons: standard stock/ETF commissions are $9.99 unless you use a commission-free ETF or qualify for active-trader pricing.
CIBC Investor's Edge
Pros: $6.95 standard stock commission is lower than RBC, TD, BMO and Scotia standard rates; straightforward CIBC integration. Cons: still materially more expensive than $0-commission digital brokers for frequent trading.
Why many Canadians are moving toward digital-first brokers
I would not say every investor is abandoning the banks—there is no single public dataset showing that “most” Canadians have already moved. But the direction of competition is clear: digital-first brokers have pushed trading costs down, simplified account opening and made investing much more app-driven. The banks themselves are responding with products such as RBC GoSmart, TD Easy Trade, selected commission-free ETF lists and, in National Bank's case, full $0 stock/ETF commissions.
Why someone might still prefer a bank-owned brokerage
Digital-first does not automatically mean better. A bank brokerage can still be the right choice when you value integrated banking, easier internal transfers, familiar support, specialized fixed-income or GIC access, mature research, estate/account services or simply prefer keeping fewer financial institutions.
For a buy-and-hold investor making only a handful of trades per year, a $6.95–$9.99 commission may be relatively unimportant. For someone making 50 or 100 small purchases per year, it becomes much more meaningful.
The major exception: National Bank Direct Brokerage
NBDB makes the old “banks are expensive, fintechs are cheap” distinction too simple. It charges $0 commission on online Canadian and U.S. stock and ETF trades and provides a traditional bank-owned brokerage experience with tools including Morningstar research, Trading Central and OptionsPlay. For someone who wants a bank-owned dealer but dislikes standard per-trade commissions, NBDB deserves to be compared directly with Wealthsimple, Questrade and Qtrade—not only with other banks.
My 2026 bank-brokerage choices by situation
| Situation | I would compare first | Reason |
|---|---|---|
| I want a major-bank brokerage with $0 stock/ETF commissions | NBDB | It is the clear pricing outlier among the major Canadian bank brokerages. |
| I bank with RBC and make fewer than 50 stock/ETF trades a year | RBC GoSmart | The simplified product offers 50 commission-free trades per year plus selected commission-free ETFs. |
| I bank with TD and want a beginner app | TD Easy Trade | Up to 100 commission-free stock/ETF trades annually, with a simpler mobile experience. |
| I want the lowest standard full-suite Big Five commission | CIBC Investor's Edge | $6.95 standard electronic equity trades are below the common $9.95/$9.99 rates at several peers. |
| I make 150+ trades per quarter at a bank brokerage | Compare TD, RBC, Scotia and CIBC active pricing | Active-trader tiers materially reduce the standard commission, but digital brokers may still be cheaper overall. |
Bottom line
If your priority is minimizing trading commissions, the old default of choosing the brokerage attached to your bank no longer makes much sense without comparing alternatives. Digital-first brokers have made $0 stock/ETF trading, fractional investing and mobile-first workflows normal. At the same time, bank brokerages are responding—and National Bank has already matched the $0-commission model.
So I would choose based on the full workflow: how often you trade, whether you invest in USD, what registered accounts you need, how much research/support you value, and how much bank integration matters to you.