Most of the Big 5 Canadian banks offer special accounts for high networth individuals. All of the accounts have similar and really marginal benefits and is just for bragging rights really. However, I’ve taken all of their benefits and compared it side by side.
*Note that not all fees are reflected in the tables below. They are simply for comparing the special account with a regular account.
| RBC Direct Investing | ||
|---|---|---|
| Features | Regular Account | Royal Circle |
| Minimum Requirement | N/A | $250,000 or $5,000+ commissions |
| Trading Commissions | $9.95 or $6.95 if over 150 trades/quarter (plus $1.25 per contract) | |
| Account Fees | $25/quarter if under $15,000; Free if over $15,000 | Free |
| Transfer-in Fee Reimbursement | $135 if over $15,000 | $500 if over $15,000 |
| CDN Margin Loan Rate | 4.25% | 4.25% if < $25,000; 3.75% from $25,000-$100,000; 3.00% over $100,000 |
| USD Margin Loan Rate | 4.75% | 4.75% if < $25,000; 4.25% from $25,000-$100,000; 3.75% over $100,000 |
| RRSP Account Fee | $25/quarter if under $15,000 | Free |
| RSP Withdrawls | $50 | Free |
| Cheque Request | $10 | Free |
| Equity Swap/Substitutions | $35 | Free |
| Dishonoured Item Fee | $25 | Free |
| Other | Dedicated phone line | |
| TD Waterhouse Discount Brokerage | ||
|---|---|---|
| Features | Regular Account | President’s Account |
| Minimum Requirement | N/A | $500,000 |
| Trading Commissions | $29 if < $50,000 assets; $9.99 if over $50,000; $7 if over 150 trades/quarter (plus $1.25 per contract) | |
| Account Fees | $25/quarter if under $15,000 assets; Free if over $15,000 | Free |
| Transfer-in Fee Reimbursement | $150 if over $25,000 | |
| CDN Margin Loan Rate | 4.25% | 4.00% |
| USD Margin Loan Rate | 4.50% | 4.25% |
| Reg. Acc. Interest Rate | 0.025% | 0.025% up to $1,000,000; 0.15% over $1,000,000 |
| Non-Reg. Interest Rate | 0.0% | 0.15% over $1,000,000 |
| RRSP Account Fee | $100/year if RRSP Account under $25,000; Free if over $25,000 | |
| Withdrawal Fee | $125 full withdrawal; $25 partial withdrawal | |
| Other | Dedicated phone line; access to investment team 24/7 | |
| BMO Investorline | |||
|---|---|---|---|
| Features | Regular Account | 5 Star Silver | 5 Star Gold |
| Minimum Requirement | N/A | $250,000 | $500,000 |
| Trading Commissions | $29 if under $50,000; $9.95 if over $50,000 | $9.95 | |
| Account Fees | $25/quarter if under $10,000; Free if over $10,000 | Free | |
| Transfer-in Fee Reimbursement | $200 if over $15,000 | ||
| CDN Margin Loan Rate | 4.25% | 4.25% if < $25,000; 3.75% from $25,000-$100,000; 3.25% over $100,000 | 4.00% if < $25,000; 3.75% from $25,000-$100,000; 3.00% over $100,000 |
| USD Margin Loan Rate | 4.70% | 4.5% if < $25,000; 4.25% from $25,000-$100,000; 4% over $100,000 | 4.5% if < $25,000; 4.25% from $25,000-$100,000; 3.75% over $100,000 |
| RRSP Account Fee | $50/year if under $25,000; Free if over $25,000 | Free | |
| RRSP Deregistration | $50 | $25 (50% off 5 star) | |
| Equity Swap | $25 | Free | |
| Service | Dedicated phone line; access to investment team 24/7 | ||
| Tools | Access to real-time trading information with Real Time and Level II Quotes | ||
| Other | Access to BMO Capital Markets Research for Top 60 TSX Stocks | ||
| CIBC Investor’s Edge | ||
|---|---|---|
| Features | Regular Account | Loyalty Benefits |
| Minimum Requirement | N/A | $100,000 |
| Trading Commissions | $28.95 if under $50,000; $9.95 if over $50,000; $6.95 if over 150 trades/quarter | $6.95 |
| Account Fees | $100 if under $10,000; Free if over $10,000 | |
| Transfer-in Fee Reimbursement | ||
| CDN Margin Loan Rate | 4.25% | |
| USD Margin Loan Rate | 4.5% | |
| RRSP Account Fee | $25/quarter if account under $25,000; Free if account over $25,000 | |
| RSP Withdrawls | $100 for full withdrawal; $25 for partial withdrawal | |
| Scotiabank iTrade | |||
|---|---|---|---|
| Features | Regular Account | Over $50,000 Assets | Over $250,000 Assets |
| Minimum Requirement | N/A | $50,000 | $250,000 |
| Trading Commissions | $24.99 | $9.99 or $6.99 if over 150 trades/quarter | |
| Account Fees | Unsure | ||
| Scotia iTRADE Trading Desk | Free | ||
| iTRADE FlightDesk Standard Service | $39.95/month; Free if over 8 trades/quarter | $29.95/month; Free if over 8 trades/quarter | Free |
| iTRADE FlightDesk Premium Service | $79.95/month; Free if over 30 trades/quarter | $69.95/month; Free if over 30 trades/quarter | Free |
References:
http://www.tdwaterhouse.ca/document/PDF/forms/521778.pdf
http://www.rbcdirectinvesting.com/pdf/commission-fees.pdf
http://www.scotiabank.com/itrade/en/files/13/10/SIT_FeeSched.pdf
https://www.bmoinvestorline.com/public/pdf/schedule_en.pdf
https://www.investorsedge.cibc.com/ie/pdf/ie-fee-schedule-en.pdf