Personal Finance

Transfer RESP to Questrade?

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  • Jul 10th, 2020 3:04 pm
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Dec 14, 2007
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Brossard

Transfer RESP to Questrade?

I have a RESP with HSBC since they are my main bank. I noticed they started charging a $50 admin fee in my RESP InvestDirect account this year, but never before. I didn't get any notice or maybe didn't pay attention for an increase in fee, but now I'm thinking about switching to a no-fee account . It will be at least 15 years before my children will be using this account so saving $750 of admin fees from now until then would seem to be the smart thing to do, right?

I stared looking into Questrade as a RESP, but I noticed in some older threads that withdrawal in Questrade is a pain and also requires paying partial deregistration fees per transaction. Would it be better to just sticking with HSBC or are there better options at other banks with no annual fees?
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