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optionsXpress Canada Launches No-Fee RRSPs, TFSAs

Provides an access to US equities and options without annual fee for Canadians

optionsXpress Canada, a subsidiary of optionsXpress Holdings, will begin offering US Dollar RRSP (Registered Retirement Savings Plan) and TFSA (Tax Free Savings Account) to Canadian customers. These new investment vehicles are expected to give customers access to US equities and options providing more choices to help plan and invest their retirement.

Reportedly, optionsXpress customers in Canada can now take advantage of long options and covered calls in addition to stocks, bonds and ETFs within the scope of a USD RRSP or USD TFSA. They also will have continued access to more options and futures strategies in their regular trading account, with the same login.

optionsXpress has said that it will not charge annual fee for either RRSPs or TFSAs. In addition, funds in these accounts will be US-denominated, allowing traders to avoid any per-transaction foreign exchange fees.

Tom Stern, president and CEO of optionsXpress Canada, said: “As the only completely online broker-dealer in Canada, optionsXpress Canada is committed to providing customers with the most diverse and cost-effective choices for maximizing their returns and reaching their investing goals. In the case of RRSPs, that means electronically empowering our customers to prepare for a comfortable retirement.”