RDSP with TD Direct Investing a Step in the Right Direction

in rdsp

After being tipped to a change on Friday by a Twitter follower, I went to check out, and yes, my RDSP with TD Direct Investing has changed their RDSP (Registered Disability Savings Plan) account, so that an investor (or their proxy) can trade in the account with funds in the account on-line. Previously, you had to call the TD Easyline folks to change or trade securities, index funds or whatever in these accounts on the phone (only) to this is some very heartening news.

RDSP Money Path
Previously the RDSP Money Path (using Easyline over the phone)

While I am very glad and wish to thank TD Direct Investing for taking this (small) step, we still have a few more steps to shorten.

The process before the change on Friday was:

  1. Transfer money from a TD Bank account to a TD Direct trading account
  2. Transfer the money from the TD Direct  Trading account to the RDSP with TD account
  3. Purchase securities with the transferred money

All 3 of those steps were only “do-able” using the phone interface (which right now is under a heavy load due to the fun and games in the stock market 😈 but I digress) only.

The new process looks to be (and I am willing to eat my keyboard on this, if someone can assure me this can be done in one step)

  1. Transfer money from a TD Bank account to a TD Direct trading account on the phone
  2. Transfer the money from the TD Direct Trading account to the RDSP with TD account on the phone
  3. Purchase securities with the transferred money when you wish using the on-line interface using Webbroker

(not sure, step 1 may be redundant, you may be able to transfer from a savings account to an RDSP account over the phone)

While this is a better solution, however, I would much rather see a 2 step solution:

Costanza
Good Start TD Waterhouse
  1. Transfer money from a TD Bank account to a TD Direct Investing RDSP Account Using Easyline (i.e. on line)
  2. Purchase securities with the transferred money when you wish using the on-line interface using Webbroker

However, an even better set up would be an automatic “per pay cheque” purchase in EasyWeb, that would buy TDB8150 the TD Waterhouse “high interest” savings account (or something similar, maybe a T-Bill Index fund, or just transfer cash), so I can then accumulate funds in the RDSP Savings vehicle, which I can then use to buy ETFs, Index Funds, or whatever, on a quarterly basis.

To my friends at TD Direct Investing, Good start! Now please keep working hard to get to a more stream-lined solution.

{ 4 comments }

  • David December 12, 2015, 6:26 PM

    For us it is a two step process with only one phone call. We call up TD Waterhouse at any time and request a transfer from our chequing account. It will be manually processed the next business day. Apparently there are some forms TD has to fill out. Maybe the relatively small number of self directed RDSP accounts means it isn’t worthwhile for automation. Would love to set up automatic monthly transfers. I didn’t ask if they had this option.

    Reply
    • bigcajunman December 12, 2015, 7:38 PM

      The rumors I hear is that there is an issue transferring moneys around in the Registered portion of the trading system, and/or it is a problem with the silos that still exist between TD, TD Waterhouse, and Canada Trust (a wild rumor that one).

      Reply
  • Lloyd October 31, 2014, 7:44 AM

    I just checked my daughters accounts. I can see the RDSP balance in EasyWeb but when I click on the WebBroker it is not accesible (All I see in WebBroker is her TFSA account). Is there something I have to do to get her RDSP accesible in WebBroker?

    Reply
    • bigcajunman October 31, 2014, 8:03 AM

      I believe if you call Easyline, and then go to the TD Waterhouse section on the phone they should be able to make it visible to you? You may have to go into a branch as well (unfortunately), good luck, and be patient.

      Reply

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