Trading platform Qtrade now offers their own version of an FHSA, and from the get go, it’s clearly aimed at investors who prefer to keep a close eye on their money. It allows you to keep stocks, bonds, and other investment products in your FHSA, as well as cash.
However, it does not offer any interest gains on your cash. Do the rest of its perks offset this downside? Let’s take a look.
Qtrade FHSA features
As an FHSA geared towards self-directed investors, here’s what you can expect from this account:
Why You Want It
Trade over 100 ETFs for free.
Eligibility
- First-time home buyer
- Canadian resident
- 18 years or older
Provinces
ALL
Features
Self-Directed Available
Self-Directed Platform
Qtrade
Self-Directed Base Fee
$8.75
GICs Available
Types of GICs
N/A
Mutual Funds Available
Average Mutual Fund MER
N/A
Investment PortfoliosAvailable
Investment Portfolio Fees
N/A
Savings Account Available
Minimum Savings Account Rate
N/A
Maximum Savings Account Rate
N/A
Promotion
N/A
Promotion End Date
N/A
Qtrade FHSA features product rating: 4.8 stars
As far as FHSAs go, the Qtrade FHSA really feels like a specialized product made with one group of people in mind: active investors. And as such, it really does deliver on the goods.
By letting its owners keep stocks and bonds and other securities, they can potentially appreciate more than an FHSA savings account with an interest rate payout. Of course, this investing method is also a bit more complicated and risky than simply opening a registered savings account.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Qtrade FHSA
Here are some of our favourite features about the Qtrade FHSA.
Pros
Robust self-directed trading and investing platform
As part of the Qtrade trading platform, you're able to easily buy and sell assets that are part of your FHSA account.
Keep a wide variety of investments in your FHSA account
Instead of just cash, you can keep a variety of investment vehicles in your Qtrade FHSA account, including stocks, ETFs, mutual funds, bonds, and more. This can potentially help you max out your FHSA limits faster.
Available everywhere in Canada
Unlike so many other personal finance products, this one is available in Quebec. That fact alone should make many of our readers happy.
The cons of the Qtrade FHSA
As with any other personal finance product out there, the Qtrade FHSA comes with a number of cons to keep in mind.
Cons
No interest rate gain
While this is an FHSA aimed at investors, and any appreciation would come from your non-cash assets, it’s worth noting that your cash will not earn anything, in contrast with many FHSAs in the market.
Mainly aimed at self-directed investors
Not everyone has the risk tolerance to invest in stocks or bonds. For those individuals, it might be best to find an FHSA solution that offers a basic registered savings account to earn interest.
Qtrade FHSA alternatives
If you’re looking for an FHSA for investors, the Qtrade FHSA is a great option. But if you’re looking to have a more hands off approach to your savings and investments, here are a few great options to consider.
 |  |  |  | |
|---|---|---|---|---|
| Account | Qtrade FHSA | EQ Bank FHSA Savings Account | Questrade FHSA | Wealthsimple FHSA |
| Genius Rating | ||||
| Why You Want It | Trade over 100 ETFs for free. | Easily earn 1.5% on your first home savings + Benefit from tax deductions and tax-free growth. | Choose between self-directed or managed investments + ETFs are always free to buy. | Choose between self-directed or robo investing + Low fees and easy to use. |
Non-Cashable
Savings
| See Issuer for Details | See Issuer for Details | ||
| Self-Directed Available | | | | |
| Self-Directed Platform | Qtrade | N/A | Questrade | Wealthsimple |
| Self-Directed Base Fee | $8.75 | N/A | $4.95 | $0 |
| GICs Available | | | | |
| Types of GICs | N/A |
| N/A | See Issuer for Details |
Show More | ||||
| Open an account See more Qtrade products Compare | Open an account See more EQ Bank products Compare | Open an account See more Questrade products Compare | Learn More See more Wealthsimple products Compare |
FAQ
Does the Qtrade FHSA pay interest on cash kept in the account?
No, it doesn’t. However, you are able to keep stocks, bonds, mutual funds, and other investment vehicles.
Are you obligated to buy a home with your Qtrade FHSA?
No. While FHSAs were created to make it easier to purchase a first home within 15 years of opening one up, you can choose not to buy a home. You can transfer your funds to an RRSP or RRIF account. You can also withdraw your cash, but you would be liable to pay taxes on them.
Are there FHSA contribution limits?
Yes. You can contribute up to $40,000 over the entire lifespan of your FHSA, and up to $8,000 a year into it. You could potentially max it out in 5 years if you max out your annual contribution.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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