The Questrade logo is seen on a smartphone in a photo illustration. Questrade says it has been approved to launch a new bank in Canada. (The Canadian Press)
Questrade Financial Group, one of Canada’s leading online trading platforms, has received federal approval to launch its own bank — marking a major step in the evolution of the country’s financial landscape.
The company announced that the Office of the Superintendent of Financial Institutions (OSFI) has officially authorized it to open Questbank, a Schedule I institution, placing it in the same category as Canada’s major banks such as RBC, Scotiabank, and TD.
A Milestone Years in the Making
The approval represents the culmination of a long effort that began in 2019 when Questrade first applied for a banking licence.
“This is a monumental step in furthering our mission to help Canadians become more financially successful and secure,” said Edward Kholodenko, Questrade’s president and CEO. “We’re thrilled to expand our offerings and bring much-needed competition to the Canadian banking space.”
While Kholodenko has yet to reveal full details about Questbank’s upcoming products and services, he confirmed that a comprehensive suite of banking solutions is in the works. More information is expected in early 2026.
From Trading Platform to Full-Service Bank
Founded 26 years ago, Questrade is widely recognized for helping Canadians invest independently through its low-cost online trading platform. The transition to banking represents a bold expansion — one that could reshape how Canadians manage their money.
As a Schedule I bank, Questbank will be a fully domestic institution, not a subsidiary of a foreign entity. That status gives it the freedom to operate independently and design financial products that directly serve its customers’ needs.
A New Challenger in the Fintech Race
Questrade’s entry into banking follows a wave of fintech companies expanding into traditional financial services. Wealthsimple, for example, has grown from a digital investment app into a broad financial platform offering chequing accounts, credit cards, and even mortgages.
However, experts note that Questrade’s approach is more ambitious. Unlike Wealthsimple, which partners with existing banks to deliver its services, Questrade will hold full banking authority.
“By securing bank status, Questrade can offer greater flexibility and possibly better rates than fintechs that rely on partners,” explained Marius Zoican, associate professor of finance and Canada Research Chair in Financial Technology at the University of Calgary.
That independence, he said, could give Questrade an advantage in designing seamless, integrated financial experiences for its users.
A Boost for Competition — and Consumers
Zoican also emphasized that increased competition in Canada’s banking sector is good news for consumers, especially younger, tech-savvy generations seeking simplicity and digital-first solutions.
“Until now, many customers were stuck between two worlds — their big bank for daily transactions and digital platforms like Questrade for investing,” he said. “Questbank could bring everything under one roof, making it easier to move money between savings, chequing, and investments.”
A New Era for Canadian Banking
With Questbank, Questrade aims to merge its investing expertise with modern banking convenience. If successful, the move could encourage other fintechs to follow suit — potentially redefining how Canadians view and use their financial institutions.
The official launch of Questbank is expected to mark the beginning of a new, more competitive era in Canadian banking — one where innovation, accessibility, and customer experience take centre stage.
