For Canadians living with a disability, the Registered Disability Savings Plan (RDSP) is one of the most powerful and generous wealth building tools available. However, not every bank or credit union in Canada is equipped to open and administer these accounts. Because the RDSP requires complex reporting to the federal government to trigger grants and bonds, many smaller banks such as Simplii and Tangerine, and online brokerages such as WealthSimple, Webull and Questrade, do not offer these accounts. Additionally, because the RDSP is still relatively new and vastly underutilized, bank staff expertise can vary significantly. Even at participating institutions, many customer facing employees may not be fully versed in the specific rules, government grant and bond contributions, or investment options available for these accounts.
If an individual is looking to open an RDSP in 2026, they must choose an institution that is registered with the Government of Canada to offer the plan. Below is a list of financial institutions that offer RDSPs along with options for investing within the account
| Financial Institution | Investment options | Self directed investing? | Contact options | Notes |
| BMO (Bank of Montreal) | GICs, Mutual funds | No | 1-800-665-7700 | Free chequing and savings options for clients with a valid DTC |
| CIBC | Mutual funds, CIBC Smart Investment Solutions | No | 1-800-465-3863 | Free CIBC Smart Account for clients with a valid DTC |
| RBC Royal Bank | Savings accounts, GICs, mutual funds, portfolio solutions | No | 1-800-668-3663 | Free checking account for clients with a valid DTC |
| Scotiabank | GICs, mutual funds, Scotia Essential Portfolios | No | 1-877-929-4499 | Free Basic Banking Account for clients with a valid DTC |
| TD Canada Trust (TD Direct Investing) | Stocks, ETFs, options, mutual funds, GICs, Bonds, Money market funds | Yes | 1-800-465-5463 | Free chequing accounts for clients with a valid DTC |
| National Bank Direct Brokerage | Stocks, ETFs, options, | Yes | 1-888-835-6281 | Free account options for clients with a valid DTC |
| Mackenzie Investments | Mackenzie mutual funds | No | 1-800-387-0614 | |
| Reegan Financial | Managed mutual funds | No | 1-866-548-3888 | |
| ATB Securities | Managed portfolios | No | 1-800-332-8383 | |
| Desjardins | GICs, Market linked products, savings accounts | No | 1-800-224-7737 | |
| Edward Jones | Managed portfolios, mutual funds | No | Have to contact a financial advisor | |
| Vancity | Mutual funds, term deposits/GICs or a High Interest Savings Account | No | 1-888-826-2489 |
Are TDDI and National Bank Direct Brokerage the only two banks that offer self directed investment options?
Yes, and they are highly recommended among the Do It Yourself (DIY) crowd. The onus would be on the account holder to determine risk tolerance, research investment options and execute trades.
A quick but important caution on Do It Yourself investing
While self directed accounts are highly popular among DIY investors, managing a portfolio involves significant complexity and market risk. It may be beneficial for beginner investors to consult with a reputable financial planner before opening a self directed RDSP.
How much are trades at TDDI and National Bank?
At TDDI, trades of stocks and ETFs are $9.99 for 1 full share or more, less for partial shares. Some ETFs are commission free as of late 2025.
National Bank Direct Brokerage (NBDB) offers $0 commission for online trades of stocks and ETFs.
Do RDSP accounts qualify for promotions?
Over the past few years, banks and financial institutions in Canada have been offering generous cash incentives to lure investment portfolios away from their competitors. Wealthsimple started the trend in 2025 with a 2% cash back match promotions for transferring over investments from another institution. This triggered other banks to also launch their own cash back campaigns to attract customers back into their doors.
Qualifying accounts typically include RRSPs, TFSAs, & non-registered accounts, and sometimes FHSAs, RRIFs & LIRAs. Unfortunately, RDSPs are pretty much always excluded from these matching promotions. Again, the exclusion of RDSPs is likely due to the unfamiliarity and complexity of these accounts which results in higher overhead costs for the banks administering them.
How do I prove eligibility for the DTC?
If the person lacks paper documentation to verify their eligibility for the DTC, then can simply login to their CRA account, click on Benefits and Credits, then scroll down to the bottom of the page. They should see something like the screen below if they do qualify.
