Questrade Financial Group gets the Green Light: Canada’s Next Big Bank is Coming!

Questrade secures approval to launch a bank in Canada

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Questrade Financial Group has officially received approval from the Office of the Superintendent of Financial Institutions (OSFI) to launch Questbank, a Schedule I domestic bank.

After a process that began in 2019, this marks Questrade’s move into Canada’s formal banking sector - placing it alongside the country’s major financial institutions. Questbank is expected to begin offering a full suite of banking services by early 2026, bringing investing and banking under one roof.

Key Highlights

• Regulatory Approval and Scope

  • OSFI’s approval allows Questbank to operate as a Schedule I bank, meaning it can directly offer deposit, lending, and payment services under its own charter.

• Shift Toward Full-Service Banking

  • The move expands Questrade’s role from a leading online trading platform to a full-service financial institution, enabling it to compete directly with traditional banks.

• Operational Autonomy

  • With its own licence, Questrade gains operational autonomy - designing, pricing, and delivering financial products without relying on intermediaries.

Other Players in the Banking Expansion Trend

• ➡️ Wealthsimple

  • Recently launched a chequing account (2.75% interest), a no-fee 2% cashback credit card, and is rolling out an instant line of credit (starting at 4.45%).

  • Operates through partnerships with licensed banks but continues edging closer to full-service banking.

• ➡️ Banco Santander

  • Secured a Canadian banking licence in March 2025, establishing Santander Consumer Bank.

  • Builds on its existing Canadian footprint via the acquisition of Carfinco Financial Group (auto financing).

• ➡️ KOHO Financial

  • Raised $190M CAD in debt and equity to support its push for a Schedule I licence.

  • Currently offers savings, credit-building, and spending tools via partnerships, aiming to operate independently soon.

Why It Matters

Questrade’s approval signals a turning point in Canada’s financial landscape.

With FinTechs moving from partnerships to full regulatory status, competition in retail banking is heating up - promising more choice, innovation, and flexibility for Canadian consumers.