The Questrade FHSA was the very first First Home Savings Account (FHSA) to be available to Canadians. And for those that are already active investors, this FHSA was a welcomed addition to the Questrade investment platform portfolio. But for hopeful homebuyers that want to save for their down payment, is this their best FHSA option? Or is this FHSA better left to more robust investors?
Let’s analyze the pros and cons of the Questrade FHSA, and see how it compares with its competitors.
Questrade FHSA features
As part of the Questrade platform, there are many features that this FHSA offers that are geared towards both the self-directed investors as well as the managed portfolio lovers. These include:
Why You Want It
Choose between self-directed or managed investments + ETFs are always free to buy.
Eligibility
- First-time home buyer
- Canadian resident
- 18 years or older
Provinces
ALL
Features
Self-Directed Available
Self-Directed Platform
Questrade
Self-Directed Base Fee
$4.95
GICs Available
Types of GICs
N/A
Mutual Funds Available
Average Mutual Fund MER
N/A
Investment PortfoliosAvailable
Investment Portfolio Fees
0.25%
Savings Account Available
Minimum Savings Account Rate
N/A
Maximum Savings Account Rate
N/A
Promotion
$0 fees
Promotion End Date
December 31, 2024
Questrade FHSA product rating: 3.6 stars
The Questrade FHSA is a great option for Canadians with some investing experience who wish to purchase their first home in the future. One of Questrade's biggest perks is that ETFs are always free to buy, plus they have low flat fees for other common investments. You'll also have the option to choose between the self-directed platform or invest in a professionally managed Questwealth portfolio.
However, if you're just looking for a simple savings account to dump money into until you're ready to buy a house, this may not be the best option for you. Both Questrade and Questwealth portfolios host more risk than a standard 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 Questrade FHSA
Here are the main reasons why you would want to consider the Questrade FHSA.
Pros
Robust self-directed trading platform
If you like to take a hands-on approach to investing, and feel you can get a better return on them than what you would get from an FHSA savings account, this can be a great pick. You're able to invest in a variety of investment vehicles, including ETFs, stocks, mutual funds, bonds, and more.
Professionally managed portfolio available
If you like ETF investing but don't want to be making the decisions about which ones to buy, investing in a Questwealth portfolio allows you to put your money in the hands of professionals. You'll automatically get invested into a portfolio of ETFs that are customized to your personal risk level.
Free to buy ETFs
If you love investing in ETFs, you'll be happy to know that they're always free to buy with Questrade.
Low $0 minimum investment required to start trading
To open up this FHSA as a self-directed investing account, there's no minimum intial deposit required.
Available to all Canadians
Unlike many personal finance products, and even some FHSAs, the Questrade FHSA is available in every province, including Quebec.
The cons of the Questrade FHSA
Alongside the good, there are some caveats to consider as well.
Cons
Does not earn any interest on your cash
As you can expect from an investment platform, the Questrade FHSA is mainly aimed at self-directed investors. While you can deposit cash, it will not earn any interest on its own.
Primarily aimed at active investors
Either due to a bad personal experience, or perceived difficulty, some people are wary of investing in stocks, bonds, ETFs, etc. Those people might be more comfortable putting their money in an FHSA that pays interest on their cash balance.
Questrade FHSA alternatives
For people already used to investing, or those that are already using Questrade, this is a great FHSA.
 |  |  |  | |
|---|---|---|---|---|
| Account | Questrade FHSA | EQ Bank FHSA Savings Account | Qtrade FHSA | Wealthsimple FHSA |
| Genius Rating | ||||
| Why You Want It | Choose between self-directed or managed investments + ETFs are always free to buy. | Easily earn 1.5% on your first home savings + Benefit from tax deductions and tax-free growth. | Trade over 100 ETFs for free. | 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 | Questrade | N/A | Qtrade | Wealthsimple |
| Self-Directed Base Fee | $4.95 | N/A | $8.75 | $0 |
| GICs Available | | | | |
| Types of GICs | N/A |
| N/A | See Issuer for Details |
Show More | ||||
| Open an account See more Questrade products Compare | Open an account See more EQ Bank products Compare | Open an account See more Qtrade products Compare | Learn More See more Wealthsimple products Compare |
FAQ
What do you need to open a Questrade FHSA?
To be eligible to open a Questrade FHSA, you need to be a Canadian resident, 18 years or older, and a first-time home buyer. You will also need to fund your FHSA account with at least $250 as a self-directed investing account.
What are the Questrade FHSA contribution limits?
As with all other FHSAs, your annual limit is $8,000, up to a maximum, lifetime contribution limit of $40,000. When it's time to make your home down payment, your FHSA withdrawal will be tax-free.
Can you combine your Questrade FHSA with an RRSP Home Buyer’s plan to buy a home?
Yes, you can. You can use the full cash amount on your FHSA as well as up to $35,000 from your RRSP. But if you do so, you would have to pay back to your RRSP however much you took out within 15 years.
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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