Pricing

A pricing schedule tailored to your profile

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Whether you're trading stocks, options, ETFs or mutual funds, NBDB's pricing is transparent, easy to understand and tailored to each client's specific needs.

Commissions

  Active Investor 1 Young Investor 2 Regular Pricing 3
     
Stocks $0.95 per trade $4.95 per trade
+ 10 free trades each year
$6.95 per trade
Options4 $0.95 + $1.25 per contract
(min. $8.20)
$4.95 + $1.25 per contract
(min. $8.20)
$6.95 + $1.25 per contract
Exchange-traded funds (ETFs) All Canadian and U.S. ETFs at $0 commission5
See our commission schedule
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Did you know?

You are an engineer, healthcare or business professional or you are a newcomer in Canada?

Learn about our exclusive offers.

Annual administration fee

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We'll waive the $100 annual fee6 if:

  • You hold assets totalling at least $20,000 as of May 31
  • You carried out at least 5 commission-generating stock, ETF or option trades between June 1 and May 31*
  • You have an InvestCube account
  • you are an Active Investor1
  • you are a Young Investor2
  • You're enrolled in one of our offers for professionals

*The year runs from June 1 to May 31.

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See our general fees

Interest rates

At NBDB, you have the option of buying securities on margin. With a margin account, you can borrow against the loan value attributed to the securities you hold to invest even more.

There are a number of benefits:

  • Take advantage of market opportunities
  • Use leverage to increase your purchasing power
  • Enjoy competitive interest rates

Interest rates for margin accounts

Debit balance

CAD

USD

$0–$9,999

3.85%

      4.50%

$10,000–$99,999

3.75%

      4.50%

$100,000 or more

2.75%

      4.25%

See our interest rates for margin accounts, cash accounts and registered accounts

Debit balance (borrowed funds)

 

Margin account

CAD

Margin account

USD

Cash account

CAD/USD

Registered account

CAD/USD

$0–$9,999

3.85%

4.50%

21.00%

21.00%

$10,000–$99,999

3.75%

4.50%

21.00%

21.00%

$100,000 or more

2.75%

4.25%

21.00%

21.00%

 

Credit balance (uninvested funds)

 

Margin account

Cash Account

Registered account​

 

CAD

USD

CAD

USD

CAD/USD

     $0–$24,999

0.00%

0.00%

0.00%

0.00%

0.00%

    $25,000–$99,999

0.00%

0.00%

0.00%

0.00%

0.00%

    $100,000 or more

0.00%

0.00%

0.00%

0.00%

0.00%

 

The interest rates paid on a credit balance or charged for a debit balance may change without notice.

The interest paid or billed is calculated on the daily balance of the credit or debit balance in your account, from the 16th day of the previous month to the 15th day of the current month, including that day.

For cash and registered accounts, the interest will only be credited or debited if the amount reaches $5.00. For margin accounts, however, it will be credited or debited starting at $0.01. 

Pricing for tools

It pays to be an active investor with NBDB:

  • Benefit from Market-Q for free* when you carry out 10 or more trades per month.**
  • With 15 or more trades per month** you get free access to one of the three Decision-Plus tools.

 

*A minimum of $1 000 of assets under the same account root is required to be eligible for the product.

**On commission-generating stock, option and ETF trades.

Market Q

See Market-Q pricing

 

0 - 9

10 - 39

40 - 99

100 +

Market-Q ─ Level I quotes

$39

Free

Free

Free

Market-Q ─ Level II quotes

$99

$60

Free

Free

Market-Q ─ Level I with TSX-V

$64

$25

$25

Free

Market-Q ─ Level II with TSX-V

$148

$109

$49

Free

 

Market-Q ─ Level I quotes

0 - 9

$39

10 - 39

Free

40 - 99

Free

100 +

Free

 

Market-Q ─ Level II quotes

0 - 9

$99

10 - 39

$60

40 - 99

Free

100 +

Free

 

Market-Q ─ Level I with TSX-V

0 - 9

$64

10 - 39

$25

40 - 99

$25

100 +

Free

 

Market-Q ─ Level II with TSX-V

0 - 9

$148

10 - 39

$109

40 - 99

$49

100 +

Free

See Decision-Plus pricing

Option A (choice of one tool)

 

0 - 14

15 - 29

30 - 49

50 +

MarketGurus.tv

$75

$25

Free

Free

MarketVisionPlus

$50

Free

Free

Free

TraderPlus

$65

Free

Free

Free

 

MarketGurus.tv

0 - 14

$75

15 - 29

$25

30 - 49

Free

50 +

Free

 

MarketVisionPlus

0 - 14

$50

15 - 29

Free

30 - 49

Free

50 +

Free

 

TraderPlus

0 - 14

$65

15 - 29

Free

30 - 49

Free

50 +

Free

 

 

Option B (choice of two tools)

 

0 - 14

15 - 29

30 - 49

50 +

MarketGurus.tv and MarketVisionPlus

$125

$75

$25

Free

MarketGurus.tv and TraderPlus

$140

$65

$25

Free

MarketVisionPlus and TraderPlus

$115

$50

Free

Free

 

MarketGurus.tv and MarketVisionPlus

0 - 14

$125

15 - 29

$75

30 - 49

$25

50 +

Free

 

MarketGurus.tv and TraderPlus

0 - 14

$140

15 - 29

$65

30 - 49

$25

50 +

Free

 

MarketVisionPlus and TraderPlus

0 - 14

$115

15 - 29

$50

30 - 49

Free

50 +

Free

 

 

Option C (all three tools)

 

0 - 14

15 - 29

30 - 49

50 +

MarketGurus.tv
MarketVisionPlus
TraderPlus

$190

$120

$60

Free

MarketGurus.tv
MarketVisionPlus
TraderPlus

0 - 14

$190

15 - 29

$120

30 - 49

$60

50 +

Free

Icône astuce

Did you know?

You can earn À la carte rewards points with your National Bank Mastercard and use them to contribute to your TFSA, RRSP, or a spousal RRSP.

Image trophy J. D. Power

A renown client experience

National Bank Direct Brokerage #1 in Investor Satisfaction with Self-Directed Brokerage Firms according to J.D. Power*.

The fine print

Application of the new pricing schedule

1. To benefit from active investor pricing, one hundred (100) or more transactions in shares, ETFs or commission options must have been made under the same account root in the previous three (3) months (quarter). When these criteria are met, the active investor rate is effective on the first business day of the following month. This criterion must be met on the 1st day of each month to continue to benefit from the commission schedule for active investors. This pricing does not apply to transactions made through a representative, although they are considered in calculating the number of transactions made in the same quarter. Legal entity accounts are eligible for active investor pricing but cannot be combined with an individual account for transaction calculation purposes.

2. You must be 30 years old or younger to benefit from the young investor rate. To be eligible, transactions must be made through our electronic solutions. Free transactions apply to equities and exchange-traded funds. You must be 30 years of age or younger as of May 31 of each year to qualify for the annual administration fee waiver.

The young investor rate includes 10 free transactions annually which will be renewed on the client's birthday. After the age of 31, the client is no longer eligible.

3. Trades must have been made through our electronic solutions.

Commission and General Fee Schedule (brochure)

The commissions shown are for trades carried out online. For more information about commissions and general fees, please refer to our brochure.

Further details about commissions on exchange-traded funds

4. An option contract gives the holder the right, but not the obligation, to buy or sell a given position in an underlying security at a given exercise price. Contracts are for 100 shares.

5. Each trade must involve 100 or more exchange-traded funds (ETFs) units and must be carried out using our electronic solutions. 

Commission-free ETF trades are not counted when calculating:

  • Free access to trading platforms
  • Active Investor pricing
  • Annual administrative fees

Management and other fees may apply to ETF investments. Please read the prospectus before making an investment. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

Regular pricing on equities trade applies if the $0 commission conditions on ETFs are not met.

6. An account root refers to all the accounts held by a client whose first six digits are identical. A client may have several account roots. Annual administration fees and exemptions are calculated on all accounts held by a client under the same account root, rather than on each individual account. If none of the criteria are satisfied, the $100 fee will be divided between all of the client's accounts. For example, a client with an RRSP account and a TFSA account will be charged $50 for each account.

Further details about tools

7. To subscribe to these products, contact one of our representatives by phone before the 15th of the month.

To unsuscribe from these products, contact us via the Message Center or by phone before the 25th of the month.

The prices shown do not include taxes.

Fees for the tools are debited from your brokerage account at the beginning of the month following the month in which you used them.

The number of transactions required to waive fees is calculated per username.

Fees charged in US dollar accounts will be converted at the current exchange rate.

Market-Q cannot be combined with MarketVisionPlus or TraderPlus.

Further details about general commissions

Note: Commissions are billed in the same currency as the transaction.

Each partial execution of a transaction is subject to the full commission, unless the transaction is executed in its entirety on the same business day. Full commission is charged for each separate transaction performed on the same security. Additional fees may be charged by the local securities exchange commission and/or by the stock market and are billed in the same currency as the transaction.

When a transaction is placed through one of our services (e.g., a representative), and then modified via another service (e.g., the website), the commission will be based on the higher of the two commission schedules. Option exercises are subject to the same commission schedule as share transactions made through a representative. A currency conversion is required for any trade involving a security in a currency other than that of the account in which the trade is settled. When carrying out this conversion, National Bank Direct Brokerage acts as principal and can earn, in addition to the commission applicable to the transaction, revenue based on the spread between the bid and ask rates. Borrowing securities for short selling may result in additional fees. These fees vary based on the markets and without prior notice. Contact one of our representatives for more information about these fees.

J.D. Power

*For J.D. Power 2021 award information, visit jdpower.com/awards.

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