*Updated: May 19* Now that spring is in full swing, it looks like the deals and promotions section is getting a little spring cleaning of its own. Like the big puffy Canada Goose jackets, there are a number of deals that are getting shelved for the season (or perhaps for good), however there are some exciting new developments to share as well, so you’ll probably want to have a gander.
With the tail end of spring typically slowing down a notch, it appears that brokerages are getting a bit more creative with the offers in play. In addition to the standard cash-back or free trade promotions, there is also an ETF trading contest (with a real cash prize) from National Bank Direct Brokerage as well as a promotion from Scotia iTRADE linked to movie or dining out points. In addition, the offer from Desjardins Online Brokerage, which was scheduled to expire at the end of April, has been extended through to the end of June.
The good news for DIY investors looking for an online trading account is that there is still lots of selection.
The deals and promotions section currently has 23 advertised offers for DIY investors, and with activity already being telegraphed to start the month off, it’s a good sign that brokerages are still interested in competing for new business. A recent edition of the Weekly Roundup pointed out the competition for assets between US online brokerages is heating up, something that may shape how things play out here in Canada as both banks and brokerages will be racing to gather assets.
Also adding some intrigue into the deals and promotions space is the announcement by Desjardins to fully acquire Qtrade Investor, and what that might mean for the space as a whole.
Another new change readers will note is the appearance of Sparx-branded codes in the current BMO InvestorLine offer. Specifically, users can input the code SPARXCASH or SPARXTRADES when signing up for the current BMO InvestorLine promotion. For full transparency, SparxTrading.com will receive a referral payment from BMO for anyone using these codes to open an account.
We’ve also got another offer in the works so check back for updates to our selection of referral offers soon.
As always if there are any offers that we’ve missed and that would be valuable to share with our readers, please let us know in the comments below.
Virtual Brokers was the most active in terms of deal turnover heading into May. They saw three offers (RSP cash back bonus, 2 months free trading bonus, apple gift card draw) expire officially at the time of publication. While it’s no guarantee, recent history has shown Virtual Brokers to come back to the market with an offer a short time after the expiration of another, so stay tuned.
*Update: May 19 – Qtrade Investor has extended their commission transfer offer to mid-June. See table below for more information.*
Desjardins Online Brokerage’s popular 1% commission rebate offer has been extended until the end of June. Previously scheduled to expire at the end of April, this offer provides up to $1150 in value back to clients (maximum commission credit based on amount transferred is $1000 plus $150 in transfer fees).
Scotia iTRADE’s latest offer was originally telegraphed in the most recent edition of the Weekly Roundup and features a combination of 50 commission free trades plus SCENE points which are good for use either at Cineplex theatres or with partner restaurants or retail outlets. The minimum deposit to qualify for this offer is $25,000 and the highest tier, $1M+ in deposits, lands the highest amount of SCENE points (100,000), which is good for the equivalent of 100 free movies. Commission-free trades are also good for up to 90 days. Read the table below for more information.
National Bank Direct Brokerage is sponsoring the Horizons ETF Biggest Winner contest. This contest enables participants to compete for cash prizes, which are awarded weekly and at the conclusion of the competition. Contestants trade Canadian ETFs to see who can achieve the best performance over the duration of the competition, which runs from May 8th through to June 16th 2017.
Discount Brokerage Deals
- Cash Back/Free Trade/Product Offer Promotions
- Referral Promotions
- Transfer Fee Promotions
- Contests & Other Offers
Cash Back/Free Trade/Product Offer Promotions
|Company||Brief Description||Minimum Deposit Amount||Commission/Cash Offer/Promotion Type||Time Limit to Use Commission/Cash Offer||Details Link||Deadline|
|A Sparx Trading exclusive offer! Use the promo code "Sparx Trading" when signing up for a new account with Jitneytrade and receive access to their preferred pricing package.||n/a||Discounted Commission Rates||none||For more details click here||none|
|Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully.||$1,000||5 commission-free trades||60 days||5 commission-free trade offer||December 31, 2017|
|Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatFlex or email: firstname.lastname@example.org. See details link for more info.||$10,000||1% of assets transferred in the form of commission-credits (max credits: $1,000)||6 months||Disnat 1% Commission Credit Promo||June 30, 2017|
|Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, with at least A) $100,000 or B) $250,000+ in net new assets and you may be eligible to receive A) $200 cash back or 20 commission-free trades; B) $1,000 cash back or 100 commission-free trades. Use promo code SPARXCASH when signing up for cash back offer or SPARXTRADES to be eligible for commission-free equity trade offer. Be sure to read the terms and conditions for more details on the offer.||A) $100,000 - $249,999|
|A) Cash back: $200 OR 20 commission-free trades|
B) Cash back: $1,000 OR 100 commission-free trades.
|Cash back will be deposited the week of January 8, 2018.|
Commission-free equity trades are eligible for use up to August 6, 2017.
|Cash back or Free trade offer||June 5, 2017|
|Open and fund a new account with Scotia iTRADE with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000; E) $500,000 or F) $1,000,000+ and you may be eligible to receive A) 5,000; B) 7,500; C) 20,000; D) 35,000; E) 50,000 or F) 100,000 scene points as well as 50 free trades. In addition, new clients will also be reimbursed up to $150 in transfer fees. Free trades will be valid for 90 days. Use promo code 17SC when signing up to be eligible. Be sure to read terms and conditions for full details.||A) $25,000 - $49,999|
B) $50,000 - $99,999
C) $100,000 - $249,999
D) $250,000 - $499,999
E) $500,000 - $999,999
+ 50 Free Trades
|90 days||Free Movie & Free Trade Promotion||July 31, 2017|
|Last Updated: May 1, 2017 13:00 PT|
|Company||Brief Description||Minimum Deposit Amount||Incentive Structure||Time Limit to Use Commission/Cash Offer Deposit||Details Link||Deadline|
|Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements.||A) $1,000 - $9,999|
B) $10,000 - $24,999
C) $25,000 - $49,999
D) $50,000 -$99,999
|$25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral)|
For referred individuals:
A) $25 cash back
B) $50 cash back
C) $75 cash back
D) $100 cash back
E) $250 cash back
|Cash deposited into Questrade billing account within 7 days after funding period ends (90 days)||Refer a friend terms and conditions Code Number: 476104302388759||none|
|If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members' contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link.||A) $10,000|
|A) You(referrer): $50 or 10 free trades; Your "Friend": $50 or 10 free trades (max total value:$99.90)|
B) You(referrer): $100 cash or 50 free trades; Your "Friend": $100 cash or 50 free trades (max total value: $499.50)
|60 days||Refer A Friend to Scotia iTrade||tbd|
|If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $50,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details.||$50,000||You(referrer): $50; Your Friend(referee): $50||Payout occurs 45 days after minimum 90 day holding period(subject to conditions).||BMO InvestorLine Refer-a-Friend||June 30, 2017|
|Last Updated: May 1, 2017 13:00 PT|
Transfer Fee Promotions
|Company||Brief Description||Maximum Transfer Fee Coverage Amount||Minimum Deposit Amount for Transfer Fee Eligibility||Details Link||Deadline|
|Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees||$135||$15,000||Transfer Fee Rebate Details||none|
|Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees||$135||$20,000||Transfer Fee Rebate||none|
|Transfer $25,000 or more from another brokerage and Credential Direct will cover up to $150 in transfer fees. Use promo code SWITCHME when signing up to qualify for the transfer promotion.||$150||$25,000||Credential Direct Transfer Fee Rebate||none|
|Transfer $10,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details.||$150||$10,000||Transfer Fee Rebate||June 14, 2017|
|Move your brokerage account to Questrade and they'll cover the transfer-out fee up to $150.||$150||$25,000||Transfer Fee Promo||none|
|Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details.||$150||$25,000||Contact client service for more information (1-800-465-5463).||none|
|Transfer $25,000 or more to Virtual Brokers and they may cover up to $150 in transfer fees.||$150||$25,000||Transfer Fee promo||tbd|
|Transfer $25,000 or more into a CIBC Investor's Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made.||$135||$25,000||Confirmed with reps. Contact client service for more information (1-800-567-3343).||none|
|Disnat is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You'll have to call 1-866-873-7103 and mention promo code DisnatFlex. See details link for more info.||$150||$50,000||Disnat 1% Commission Credit Promo||June 30, 2017|
|Last Updated: May 19, 2017 14:00 PT|
|Company||Brief Description||Minimum Deposit Amount Required||Details Link||Deadline|
|Credential Direct has partnered with Trend Micro to offer 50% off Trend Micro Titanium Internet Security. Use code "TrendCF" at checkout.||n/a||Trend Micro Special Offer Code||none|
|Desjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the "Inside Edge" investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information.||n/a||MoneyTalks Inside Edge Discount||none|
|Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details.||$1,000||Broker@ge 18-30 Promotion||none|
|Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details.||$1,000||StartRight Free Trade offer||none|
|Last Updated: May 1, 2017 13:00 PT|