Greatest FHSAs in Canada: The place to get the brand new first house financial savings account


Incessantly requested questions on FHSAs

The place you possibly can open an FHSA proper now

A handful of establishments presently supply an FHSA. Account availability improved in August 2023, with Scotiabank, TD and Wealthsimple launching their FHSAs, and the checklist of establishments is predicted to develop within the coming months. The MoneySense editorial workforce will replace this web page as extra accounts grow to be accessible, so you possibly can simply discover the very best FHSA. Listed here are the accounts which might be accessible proper now, within the order they have been launched.


On April 1, 2023, Questrade grew to become the primary firm to supply an FHSA. Prospects can put money into the FHSA via a Questrade self-directed account or via Questwealth Portfolios, its robo-advisor platform. You may open a Questrade or Questwealth FHSA without spending a dime, and there’s no minimal deposit required; nevertheless, with the intention to open the account, prospects will need to have at the very least $250 invested with Questrade or $1,000 invested with Questwealth Portfolios.

Good to notice: MoneySense named Questwealth Portfolios the greatest robo-advisor for frugal buyers in 2023.

Nationwide Financial institution of Canada

There’s no minimal deposit or minimal stability required to open an FHSA with Nationwide Financial institution of Canada. Current prospects can open an FHSA on-line; new prospects and people in want of economic recommendation are requested to make an appointment with a financial institution advisor.


Traders can maintain mutual funds and ETFs in Constancy Investments’ FHSA account, however availability of the account relies on third events.

“Constancy presently offers eligible buyers entry to the FHSA via monetary advisors who supply client-name accounts and eligible on-line buying and selling platforms,” wrote Chris Pepper, vice chairman of company affairs at Constancy Investments Canada, in an e-mail. “We count on extra middleman monetary establishments (sellers, and so forth.) to supply these merchandise within the coming weeks and months.”


RBC provides its FHSA via RBC Direct Investing (its on-line brokerage) and RBC InvestEase (its robo-advisor platform). You may as well open the account via RBC on-line banking, on the financial institution’s cellular app, or by talking with a monetary advisor at a department. There’s no minimal stability required to open an FHSA.

With RBC InvestEase—MoneySense’s 2023 decide for the very best robo-advisor for buyers who like issues easy—funds are routinely invested as soon as the account stability reaches $100. Prospects are charged an annual administration payment of 0.5% on the funding stability, plus relevant gross sales tax and a administration expense ratio on exchange-traded funds (ETFs).

With RBC Direct Investing, there aren’t any FHSA upkeep charges. Prospects can presently put money into shares, choices, bonds, mutual funds, ETFs and GICs. Account holders are charged $9.95 in fee charges for buying and selling shares and ETFs.


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