Canadian Chat → Deciphering CIBC Investors edge RRSP account

I was going to open an RRSP Investors Edge account with CIBC, but I am confused about the fees/commission costs.

1)If you have under 25k balance, they charge $100/yr.
2)Standard commission rates: equity trades = $28 + 1.5% of principle for shares 0-$2 or $0.3 for each share $2.01+?

»www.investorsedge.cibc.c ··· l#trader

This last bit seems outrageous! Does anyone use Investors Edge RRSP with a balance less than $25,000? Are the fees really this high?

Yes, unless your account balances + debt are over $100,000 with CIBC.

If you have a mortgage or line of credit whose balances add up to $100K then you get $6.95 trades.

Those brokerage fees are outrageous. Open up an account with TD Waterhouse instead. Much more reasonable fees.

Wow, they aren't competitive at all. I have was going to open a questrade account but wanted to use cibc for the rrsp top up loan. (they offered me prime if I opened an investors edge account) Guess the devil is in the details.

TD Waterhouse charges the same fees....

Most of the discount/online brokerages operated by major banks charge very similar fees unless you meet a set amount of assets under management at the bank.

+1.

The smaller brokerages like questtrade, q trade, interactive brokers tend to have cheaper commission rates, but have some disadvantages over ones run my major banks (being able to easily moves funds from brokerage to bank account and vice versa).